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  • Paying off your mortgage faster can pay huge dividends

    Paying down your mortgage faster. It's one of those boilerplate suggestions that financial advisers love to make to their clients. After all, throwing extra money at the biggest debt most Canadians have can result in big interest savings and being mortgage-free years sooner.

    So why isn't everyone doing that?

    According to a spring analysis by the chief economist at the Canadian Association of Accredited Mortgage Professionals, only 35 per cent of Canadians with mortgages took some kind of action in the past year to speed up the date of their "burn the mortgage" party. That suggests that almost two-thirds of those mortgage holders paid off their mortgages as the contract dictated, at least over the previous year.


  • #2
    Sell the house? 4 ways Canadians can prepare for an interest rate hike

    The Bank of Canada is expected at some point in the year to hike interest rates, and even a small and gradual hike would affect millions of Canadians with car loans, mortgages and lines of credit.
    "Definitely not going to take much of a hike to make a difference and impact your payments," says Toronto-based financial planner Jason Heath.

    "As soon as there's a quarter-point increase in interest rates, I think it's going to have an immediate impact on people's psychology."



    • #3
      House-hunting in Canada: Why $500K may not be enough money

      Today, 05:30 AM

      Half a million dollars is a lot of money. But that's what a starter home in Toronto costs these days.

      As first-time house hunters Ivette and Arturo (who wanted to withhold their last names) tour homes close to the city's downtown, they have discovered that the pickings are slim, even with a budget of $500,000. The most they can likely afford is a tiny bungalow.

      Ivette and Arturo are in their early thirties and have been scrimping and saving for years to be able to afford an entry-level detached house in Toronto.



      • #4
        Real estate commissions could fall as new competition heats up

        For years, real estate agents have enjoyed a strong market where high housing prices have translated into fat commissions.

        But the landscape is getting crowded. More and more agents are vying for your business. And the traditional industry may be in for a shake-up. A cooling housing market, legal battles and a powerful federal agency are all circling.

        It could all lead to cheaper deals when duelling agents and services drop their prices to win your business.



        • #5
          Real estate fees getting knocked down by homebuyers going mostly solo

          The role of realtors is changing, as Canadians are no longer relying on them to find the right homes.

          High-tech real estate websites are now empowering consumers to shop for their dream homes on their own.

          As the internet transforms their industry, where does the real estate agent fit in?