If you’re like most Albertans you’ve probably been feeling pretty pessimistic about our economy for the last few years. Thousands of people in the oil field have lost their jobs, the cost of gas has been attached to a yo-yo, and small business owners have struggled.
But at last week’s annual economic outlook meeting of Calgary Economic Development (CED), the reality of our many recent successes was made evident.
When many new homeowners think about their mortgage payment they often cringe to think they’ll be making them for the next 25 years. Most of us like to get out of debt sooner rather than later and save on as much interest as possible. So knowing a few tricks to get your mortgage paid off faster always comes as welcome advice!
Character, Capacity, Capital, Collateral and Conditions. Knowing how these five characteristics apply to your quest to buy a home will make you a better, smarter, and more prepared first-time home buyer!
In May it was pretty certain that the Bank of Canada would not be making any changes to the overnight rate any time soon and the same remains true this month after their recent announcement. In fact, economists are projecting that it may be 2021 before we see rates rise again and more and more speculators agree that we’re going to start seeing cuts to the overnight rate.
You might know what it takes to run your own home; paying the bills, doing the shopping, cooking the meals and cleaning up. If you pay rent you may also be pretty good at making a budget and living within your means. However, do you really know what it costs to own your own home? Before you decide to buy your first home spend some time “playing house” and find out if you have what it takes.
Credit cards. Love em. Hate em. Probably both. In any case, most Canadians hoping to start building their credit need to use one. Lenders have made credit card usage more and more attractive with the invention of spending perks like travel rewards and cash back. If you have the self-control to use a credit card as a tool you’ll get the most out of it.
If you haven’t been able to pass the stress test on your own, you’re not alone. About 10% of buyers who could qualify for a mortgage before the stress test no longer qualify. In fact, many existing home owners can’t even qualify for a lateral move into a new home and are having to downsize. Here are some tricks to help you get the qualification you’re looking for.
After a long winter many Canadians feel like they’re coming out of a deep freeze. As soon as the weather warms up you’ll see Albertans out of doors as much as possible. Whether they’re soaking up the sun, getting started on their spring cleaning, or just taking the opportunity to be outside without the risk of their eyelashes freezing together, they all have one thing in common: a sense of a new beginning.
The Bank of Canada released their statement today and it’s not surprise that they have not changed the overnight rate. The rate which currently rests at 1.75% has remained unchanged since October. The Bank had been gradually increasing interest rates but stopped when they saw that the economy was not performing as expected.