Tag Archive for: mortgage excellence

It's getting Hot

It’s getting Hot

Now that we are past the Canada day weekend it seems that summer is now in full swing. This has also brought the onset of the higher temperatures and high humidity. So I thought it would be only fitting to write up a few tips to help getting through those hot days a little more bearable.

  • Stay inside ( hopefully air conditioned ) during the peak times of the day from 10-4.
  • Drink plenty of fluids, buy this I mean water as coffee is a diuretic which means it takes water from your system.
  • Wear lightweight light coloured loose fitting clothing
  • Don’t overdo it when it’s really hot and humid. Take lots of breaks and pace yourself.
  • Make sure that your pets have plenty of fluids available as they get hot too
  • Check on family members, neighbour and seniors who
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Population Booming

Population Booming

Unless you have been living under a rock, you should know that Canada’s population is booming. In fact for the first time ever Canada’s population hit 40 million people as of June 16th. We are growing at a rate of 2.7% which matches the rate of some of the developing nations, and last year alone we added a million people to our population. This makes us the fastest growing industrialized nation, and a place that I am proud to call home.

All this growth has improved the labour pool helping fill the labour shortages but it also puts pressure on consumption and the already hot housing market. All these new people have helped us diversify or economy from mostly finical services and energy to boosting growth in technology and industries.

Diversification is our strength, with 95.6% of the growth coming … Read more

Credit building tips

Credit building tips

I am often asked for ways to build your credit if you are new to Canada or just starting out and would like to soon purchase a home of your own. These tips also apply to those who have had some credit issues in the past and need to focus on improving their credit. So here are some tips that I give my clients.

  • Apply for a credit card with at least a $1,500 limit. Use it and make that it is paid on time and in full.
  • Apply for a small personal loan of a similar amount and make sure that your payments are made on time and in full
  • Keep the balances of your existing cards well below their limits.
  • Fixing mistakes on your credit report. Sign up for one of the free credit monitoring services out there
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Clickbait Headline

Clickbait headlines

You see these headlines all the time on tabloids in the checkout line, on entertainment websites and most recently on a national newspaper talking about mortgages. The article in question has the headline of “lenders now seeing 60,70 or even up to 90 year mortgages as Canadian’s struggle with rocketing interest rates”. If you have only read the headline like a certain political leader then you are missing the whole story behind this.

The thing is that many Canadians opted for a variable or adjustable rate mortgage ( based on prime rate) when they either purchased their new home recently or renewed or refinanced their mortgage. Those on a variable rather than an adjustable rate mortgage and have their mortgage with one of major Canadian banks, then they have had their payment set for the term of the mortgage at … Read more

CPI Update for June

CPI update for June 23

Well the CPI ( Consumer price index) numbers are out for the month and it has been reported that inflation for May has gone down a full percentage point from 4.4% to 3.4%. This has been the biggest monthly change since the inflation hit the peak of 8.1% in June of 2022, and the lowest rate since June of 2021. So it now give me some confidence that we will soon hit that 2% target.

The slowing of inflation in May, led by a significant drop in gasoline prices, according to Statistics Canada. The deceleration was down from 4.4% last month, with gasoline prices being the key factor in the data. Removing gasoline, the inflation rate was 4.4%. Despite the slowdown, many facets of living costs are still increasing sharply, such as grocery prices, which rose almost 9% in May, … Read more

Stormy Weather

Stormy Weather

Canadians with variable rate mortgages are anxiously awaiting a week of data that could determine whether the Bank of Canada will raise interest rates. The latest inflation numbers, consumer mood and economic performance data should set policy decisions that dictate the rest of the year. Analysts expect inflation numbers to show a sharp deceleration, but economists say the bank needs to see economic growth slow further as evidence of the kind of progress the bank is looking for.

All this talk means that economists are predicting another 25 basis points increase when the Bank of Canada meets next on July 12th. While the amount and the size of the increases have slowed recently, we really need the economic data to show sharp declines in inflation and economic growth before these are going to stop.

We all need to do our … Read more

More rate hikes

More rate hikes???

We find out next week if our stubbornly high inflation which went against consensus and actually increased by .1% last month did finally come back down again. As a result of inflation still being so sticky the Bank of Canada decided in their infinite wisdom to increase the overall lending rate by 25 basis points or .25% at their last meeting.

I don’t know how much more of this people can actually take before they comprehend that they have to cut back on their spending. Just to illustrate the point about this regarding non necessary spending effecting overall inflationary numbers. There was recently a concert by Beyonce in Stockholm Sweden over the 10th and 11th of May. So concert goers paid for tickets, meals out on the town and accommodation for those who traveled to see her show. This resulted … Read more

Pay Dividends

Pay Dividends

Many people don’t realize it as you go about your day but it’s the little things that you do sometimes that pay dividends over the long haul of your life.

Taking the stairs instead of the elevator will pay dividends

Choosing to relax to a good book instead of tv will pay dividends

Staying organized will pay dividends

Paying your bills on time will pay dividends

Being kind will pay dividends

Getting enough sleep with pay dividends

Being good with your money will pay dividends

The proper mindset will pay dividends

Being there to listen to friends and loved ones will pay dividends

Doing your homework and being prepared will pay dividends

Showing up on time as promised will pay dividends

Dressing for success will pay dividends

Answering your phone when you work for yourself will pay dividends

In this … Read more

Take it to 11

Take it to 11

As Spinal Tap famously said, turn it up to 11. When you think that you are giving it all, putting in all your effort but still not getting the results that you wanted. However most people find that they still have some left in the tank. We only get one go at this thing called life so sometimes it is necessary to take it to 11 to get what you truly want.

Saving up a downpayment is tough, especially in these days of high inflation where everything costs us more. However it is necessary if you are ever to become a homeowner. It is also challenging to improve your credit if you sometimes don’t have enough to meet your monthly obligations.

The good news is that companies are still hiring. The economy is always looking for people who hustle. Don’t … Read more

Follow the recipe

Follow the recipe

Recipe is a set of instructions which is likely to lead to a particular outcome. Just like leaving 3 kids unattended with jars of open paint lying around is a recipe for disaster. The same can be said that if you are looking to succeed then follow in the footsteps of those who have gone before you, as success leaves clues.

My cousin the Tech Support and computer wiz would always say if someone had a technical issue then RTFM. Read the freeking manual. While there is no manual for this thing called life there are certainly many recipes or guides to help us get to where we want to go.

People often use the excuse that they have tried everything when they are getting very poor results. When in fact that they haven’t. Library’s, book stores and the internet … Read more