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Industry News

The Bank of Canada announced today it will maintain its overnight rate at 1% – while also hinting at the future withdrawal of that stimulus.


“In Canada, while global headwinds continue to restrain economic activity, underlying momentum remains at a pace roughly in line with the economy’s production potential,” writes the Central Bank in its rate review statement. “Economic growth is expected to pick up through 2013, with consumption and business investment continuing to be its principal drivers, reflecting very stimulative financial conditions.”


The current conditions, at least globally, don’t paint quite so rosy a picture. The bank points to “widespread slowing of activity across advanced and emerging economies,” a plodding US economy and a recession-rife Europe.


On the whole, those factors will continue to act as a drag on any growth in the domestic economy, argues the review statement. It’s also pointing to positive slowing in consumer debt levels.


Click here to read the article.


While much of the world is seeing home prices depreciate, there are a few countries where home prices are on the rise. Canada ranked among Germany, Switzerland and Hong Kong in the top seven housing markets.


Global Property Guide’s (GPG) latest report shows, however, that even the strongest housing markets are losing momentum as the economy falters.


Of the 39 countries tracked by GPG, quarterly house prices fell in 25 countries and climbed in just 13.


Click here for more in the Financial Post.


When you’re buying your first house, negotiating for the mortgage can seem like the least fun and most complicated part of the process.


But having no experience making one of life’s biggest purchases doesn’t mean you’re destined to pay the bank’s listed rate.


Click here to follow five expert-approved tips to make you a better negotiator courtesy of The Star.


Few people would walk even a 10-foot-high tightrope without a net. Even with a reward, the fall wouldn’t be worth it if something went wrong.


Yet people who buy homes without access to emergency funds are walking a figurative tightrope every day.


When you get a mortgage with no savings, the unforeseen is your enemy. Things such as a job loss, drop in income, home expense, divorce or medical problem can come out of nowhere. No one expects misfortune but it pays to be prepared with at least three months of living expenses set aside.


But not everyone heeds this advice: A recent CIBC survey on contingency funds found that 40% of Canadians with mortgages have no emergency savings.


Click here for the full Globe and Mail article.


The spring before their oldest daughter started her second year of studies at Wilfrid Laurier University, Joe and Ileen Capone decided to buy a four-bedroom townhouse in Waterloo – the southwestern Ontario town where the university is located.


Their plan? Instead of paying for off-campus residence, the Capones intended to have their daughter live in the townhouse and rent the remaining bedrooms to other students. They’d save on their daughter’s rent, make enough rental income to cover the mortgage and other house-related costs, and turn a profit when they sold the property after their daughter graduated.


The plan worked beautifully.


“Overall, it was a very profitable experience,” says Mr Capone, who lives in Kleinburg, just north of Toronto. “We had enough rental income coming in to offset the monthly costs of the house, and at the same time we were building equity.”


Click here to read more from the Globe and Mail.


Over the past 18 months Moneyville has followed my early retirement journey, which started as a dream to retire when I was 45.


I’ve been working hard over the past few years to make the dream come true and I’ve managed to bring the target down to Freedom 42 – just eight years from now.


I’m a 34-year-old engineer living in Regina with my wife, Rhea, and our two boys. By my birthday in October, I will be completely debt free: No mortgage, no credit card debt nor any balance on a line of credit.


If I was to sum up how I’ve been able to do it, it would be a well-defined plan, a strong focus on reducing my debts and the discipline to stick to the plan as much as possible, while coping with what life throws our way.


Click here for the full article in The Star.


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