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(NC) Whether you’re running a small business or a household, high inflation and rising interest rates are causing many of us to feel concerned about our finances. While we can’t control inflation or interest rates, there are some steps we can take to help balance our books. Here are three. Monitor your money Whether you’re tracking your personal finances or those of your business, it’s essential to create a budget to monitor your income and outgoing costs.

Buying a new construction home? 4 key steps before you buy

in pre-construction

Sep 24, 2023

(NC) Buying a home is the start of a new chapter, and for many homebuyers the idea of living in a brand-new home that reflects their personal style is very appealing. But buying a pre-construction home is different than buying on the resale market, and it takes some upfront research. Here are four steps to help you go from window-shopper to serious homebuyer. 1. Decide what suits your lifestyle Pre-construction homes have two main categories: condos, which include shared amenities, and freehold homes, which are detached or semi-detached.

Policy interest rate hikes: how will they impact my finances?

in mortgage

Nov 11, 2022

The Bank of Canada has raised its policy interest. If you’re wondering why—and how the increase will affect your financial plans—read on for the answers. What is the policy interest rate? The policy interest rate is the fixed interest rate set by a financial institution for a country or group of countries. This determines how much it will cost to borrow money from a central bank. In our case, the Bank of Canada is the one that is regulating, among other things, the country’s economic activity.

Buying a new condo? 5 things to know

in real-estate

Jun 18, 2021

(NC) If you’re looking at purchasing a pre-construction condo, you’ll soon encounter strange new words that may make you feel like you’ve just set foot in a foreign country. Since it’s never too early to talk the talk, here are some terms to learn that can help you make smart decisions: Occupancy date This is the date your unit is ready for you to move in. It’s also the date your seven-year warranty takes effect.

Protecting your financial information

in lifestyle

Mar 6, 2020

(NC) No one wants to wake up and find out that money has disappeared from their bank account, or that their credit card has been used for purchases they did not make. But, this is a reality that many Canadians have experienced. An ill-intentioned person can steal your identity and access your personal finances. There are a variety of ways they might do this, whether by accessing your information online, by phone, by mail or other means.

Young homeowners could face challenges with home equity lines of credit

in mortgage

Jul 22, 2019

(NC) In Canada, there are over three million home equity lines of credit (HELOCs). Banks sell these products under different names, and often combine them with a regular mortgage. The average unpaid balance for HELOCs is around $65,000. According to the Financial Consumer Agency of Canada and Bank of Canada, HELOCs are the main contributor to non-mortgage consumer debt, more than twice the level of credit cards or car loans.

Buying a home as a family

in mortgage

Jul 15, 2019

(NC) Canadians who purchase a home with family or parental involvement continues to gain popularity while purchasing a home with a spouse or partner has shown a steady decline over the past few years. According to the 2019 RBC home ownership poll, a family purchase is now nearly as popular sole ownership. The family purchase approach to buying a home is especially popular with the millennial set. While funding as a family provides an opportunity for those who may not be in the financial position to buy on their own or with a partner, it has the potential of being complicated when multiple parties come together to finance such a large purchase.

Canada — Setting the Autumn table

in mortgage

Jul 8, 2019

The Bank of Canada will have the opportunity to set a course of action or, more likely, inaction for some time at least into the Fall when it delivers its latest policy communications on Wednesday July 10. Key may be how the BoC views external risks that it warned had increased in May. Further, watch for key guidance toward Q3 GDP. Recall that the BoC only forecasts out a quarter at a time and the April MPR published quarterly GDP growth up to 2019Q2.

Free online financial tools for soon-to-be homeowners

in mortgage

Jul 6, 2019

(NC) If you plan to buy a house, you are surely asking yourself a lot of questions. In particular, how much will you be able to borrow given your situation, and what options are available for paying less interest? The Financial Consumer Agency of Canada (FCAC) has developed interactive online tools and calculators to help answer your questions. The mortgage qualifier tool helps you determine whether you qualify for a mortgage based on your income and expenses.

Is financial stress affecting your physical and mental health?

in lifestyle

Jun 28, 2019

(NC) For many of us, financial worries are the greatest source of stress – greater than health, work or family obligations. In fact, according to a recent study, 40 per cent of Canadians say they are overwhelmed by debt, while 48 per cent say they’ve lost sleep due to financial worries. And financial stress can have a negative impact on your physical and mental health. The sources of this stress are many, and may include high debt levels, living paycheque to paycheque, managing household expenses and struggling to save money for short- and long-term goals.

Natasha Rogano

3 tips to get your finances in order this fall

Buying a new construction home? 4 key steps before you buy

Policy interest rate hikes: how will they impact my finances?

Buying a new condo? 5 things to know

Protecting your financial information

Young homeowners could face challenges with home equity lines of credit

Buying a home as a family

Canada — Setting the Autumn table

Free online financial tools for soon-to-be homeowners

Is financial stress affecting your physical and mental health?

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