Managing debts with high interest can feel like an uphill battle. If you’re only making the minimum payments, it’s very difficult to get ahead. A simple example… If you have a balance on your credit cards, you could typically be paying 19.99% in interest. If you owed $5,000 on a high-interest credit card, the annual…
It’s important to note that although rates may be higher now than before, we are starting to see them decrease. Additionally, property values have stabilized. If your rate is lower and is maturing in the next year or two, you may want to consider blending the interest rate to capitalize on the lower rate you…
Inflation is a natural part of a healthy economy, but if it rises too quickly, it can become problematic. When inflation increases rapidly, everyone tries to raise their prices to keep up, which can cause the value of the currency to plummet. This can lead to a recession and, in some extreme cases, currencies have…
According to a recent survey, 63% of people said they incurred holiday debt unexpectedly. Many people take 6 months or more to pay off their holiday debt and some never ever pay it off. That’s why planning and budgeting are crucial during the holiday season. As we all know, the holiday season can be a…
Managing your finances does not need to be complicated! It just needs to be simple, consistent and effective. 1- If you’re finding that everything is expensive and you’re having a hard time prioritizing your spending every month, create a budget and a plan. 2- With current interest rates, paying down your debt needs to be a…
Did you know that the average Canadian has a mortgage debt of over $350,000? On top of that, many have other debts such as auto loans and lines of credit, which can add up to over $30,000 and $35,000 respectively. If you’re struggling to keep up with multiple payments and high-interest rates, debt consolidation might…
Introducing the First Home Savings Account (FHSA), a registered savings plan created by the federal government in 2022. The purpose of an FHSA is to assist you in saving for your first home, completely tax-free. Who’s eligible? Are you eligible for an FHSA? Any Canadian who is 18 years or older and has never purchased…
As we head into the fall, I am working with many of my clients on their mortgage renewal. You can begin the mortgage renewal process months before your mortgage renewal date. If you obtained a mortgage when rates were really low and you’re worried about how to prepare your budget and finances for a larger…
The variable vs. fixed mortgage rate decision is one of the biggest a borrower will make when selecting their mortgage. Many of my clients are choosing a 3 – 5 year fixed rate right now, as we suspect the rates will trend downwards after the 3-year period. It’s a decision that will affect a homeowner for…
