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There are a number of multi-family projects in Alberta that have stalled, primarily due to a lack of funding caused by cost overruns, lenders backing out and other causes related to a struggling economy. Such incomplete MF projects can be saved if the Developer is prepared to convert the use of their stalled out project […]
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Canada’s oil industry is fighting for its life. In 2014, a barrel of crude sold for US$100-plus. This week, supply and demand got so distorted that people literally had to be paid to take a barrel of oil. Oil’s decline is a mega-trend that will directly or indirectly affect Canadians for decades to come. It […]
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During this time of financial disruption people are and should be seeking to shore up their financial position, just as businesses are looking for ways to strengthen their Balance Sheet. A popular option in the past has been to refinance homes to either take advantage of lower interest rates or to pull out equity as […]
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I have followed CIBC World Markets Managing Director and Deputy Chief Economist Benjamin Tal for nearly 20 years. He has a solid track record. He’s what he’s saying about what to expect going forward in 2020 and beyond. On the Economy: Multifamily, office and industrial real estate will emerge from the COVID-19 crisis as winners, […]
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Note- this was a small random survey of 1,335 Canadians taken April 16th by The Forum Poll™ – but the indicators are large enough to warrant this blog post. Don’t let this be you! Always find a way to make your mortgage payment. Always. Miss a payment on any other debt or debts before you […]
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A good article here in The Globe and Mail here by Rob Carrick But first, some required prior reading from my blog: Is Your Mortgage Pre-Approval Really a Pre-Approval? And now that you’ve read my blog post above (you did read it, right?) back to the article: Your personal finance to-do list for this week: […]
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It is important to understand the difference between a fully underwritten ‘Pre-approval’ and one that is truly only a ‘Rate Hold’. A basic Pre-approval that is not underwritten, and that often does not even include a requirement for all the documents that will be needed to underwrite an actual purchase. What you have is a […]
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EXISTING VARIABLE RATE BORROWERS Sit tight – your rate likely includes a large discount to the Prime rate. Banks & Mortgage Lenders have dropped their Prime Rate to 2.45%. If you are considering converting to a fixed rate (aka ‘locking in’), enjoy your newfound savings for a while fixed rates settle down, which they have […]
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How You Can Access Online all your Interactions with your CRA and Service Canada Accounts…Online…Anytime My Service Canada Account (MSCA) is a secure online portal that lets you apply, view and update your information for: Employment Insurance (EI) Canada Pension Plan (CPP) Old Age Security (OAS). And now also any of the many COVID-19 benefit […]
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It is very common for people to believe that the rate is the most important consideration when selecting a mortgage product. In many cases, this is a reasonable assumption, many times customer are deciding between mortgage products that are very similar in rate. In this case, as in most, understanding the terms of the mortgage […]
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