MORTGAGE SOLUTIONS

My Financial New Year's Resolutions

Unlike some of the other experts on this blog, I’m no financial guru. Far from it. But as a freelance writer who has tackled the subjects of mortgages and real estate over the past few years, I’ve learned a thing or two about what I should be doing with my finances. Have I put this knowledge into action? No. But I guess that’s what New Year’s resolutions are for, right?

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Should you move closer to work?

It’s not always a great idea to buy a home closer to work – especially if you’re the type that jumps jobs every few years. That being said, with today’s gas prices and average commute times, one can’t help but wonder how much time, money and aggravation you’d save by working just a little closer to home.

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Is it time to buy?

Making the decision to buy a property can be a difficult – and intimidating – experience. For one thing, nothing spells “responsibility” more than owning your own piece of property. Secondly, in today’s market – where many areas across the country are said to be overheating – it can be difficult to decipher whether buying is really the smartest financial move.

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Saving for a down payment: TFSA vs RRSP

The Federal government has taken great strides to make financial savings easier for Canadians over the last few years, by expanding the amount of money first-time buyers can withdraw from their RRSPs under the Home Buyers Plan ($25,000 from $20,000) and introducing the Tax Free Savings Account (TFSA), which allows individuals to invest their savings without paying taxes on their earnings.

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What is a healthy household debt level?

For the past two years Bank of Canada governor, Mark Carney, has been warning Canadians to keep an eye on their mortgage debt and avoid overextending themselves. In this age of low interest rates and increasing housing prices, it’s easy to take on more than you can afford – which is why, at a recent Vancouver Board of Trade event, he expressed some frustration that his warnings have been falling on deaf ears.

“(Canadians need to) ensure that they can continue to service their debts comfortably in a higher-rate environment,” he said.

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