The Saturday Weekend Review #34: Canadian mortgage rates on the rise

Mortgage Rates Going Up Again They say nothing lasts forever but it should come as no surprise to Canadians when they read that mortgage rates are on the rise. This rise apparently may have a negative impact on the Canadian housing market but I’m going to sit back and see how far they are willing to take this and how many Canadians are still ready to buy. Still, I believe many Canadians are on the fence about whether they should rent vs buy because of their debt load and inability to save up as much as they want or need for a down payment. I know we have friends who aren’t sure what to do because they are still saving up for their down-payment. Owning a home is great but with it comes along plenty of work and upkeep that a new homeowner must be prepared for with time and finances. I see more Canadians reaching out for help when it comes to setting up a budget, grocery shopping and just generally want to get out of debt so they can buy a home or life a debt-free lifestyle. My hope is that with all the information available to people […]

Buying my first property: Was I too young?

Minimum Pay For Maximum Workload I bought my first property at the age of twenty-one even though some of my friends thought I was too young and crazy. I loved to work hard and equally play hard afterwards. It would have been comparable if I were to buy my first condo here in Canada or flat for those of a British background. I wanted to buy vs rent because with my down-payment I knew that my mortgage would be less than rent. My parents already had a few homes on the go and were renting them out so the mortgage would pay for themselves. It was the best decision they ever made, investing in real estate. They are still enjoying the benefits today of those mortgage-free homes and rental income. Somehow I wanted in on the action early so off I went and I found my first home fresh out of University. How much do you need to buy a home? More than I bargained for and many people suffer because they fail to plan. I was almost one of those people. Living pay to pay Contrary to popular belief, I know what waiting for the next chunk of hard-earned money […]

June 2013 net worth update: Everything is not lost (+0.09%)

There’s not much we can do about how this months net worth turned out except to say we are thankful that we have saved money in our projected expenses account for any unexpected expenses. Believe it or not, but I do sit down with a coffee and use a pencil and paper to work out our net worth each month, before I take to the computer. Call me old-fashioned but I enjoy seeing numbers on paper. With our investments taking a bit of a nose dive in June as well as paying for the new landscaping and our dogs surgery there’s not much of an increase in our net worth for June I’m afraid. Everything is not lost, but with our net worth taking the biggest hit all year this past month it really has shown us that we are creating a path that is working for us, now we need to get ahead of it. Reaching goals We have surpassed the $500,000 mark which is not a high net worth compared to some people but for us it’s a sign that we are moving in the right direction. Sometimes I have people searching for the average net worth of Canadians […]

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