Tag Archives: budget

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A Guide to Group Buying

Has the thought of buying a property with someone else or with a few people ever crossed your mind? It’s actually possible, but the experience requires discipline.

Buying a property collectively with a relative, either a friend or a family member, is often the ideal solution, especially since access to a property appears to be getting sparse these days. The constraints are numerous: a tightening of mortgage rules, a record high in household debts and difficulties in establishing a budget.

It’s a simple matter of mathematics. The more people are paying for a property, the lesser the amount each one has to pay for it. However, as any other joint enterprise, there are risks. Several things must be taken care of, such as contribution amounts, task distribution as well as the temperament of each and every one.

Hence, the importance of sticking to a protocol, not only to achieve the ultimate goal, which is buying a property, but also to prevent the relationships between the co-owners from going sour.

Erica Nielson, from the RBC Bank, offers advice to help you make your group purchase a success and not a source of problems.

Here is precisely her advice: Continue reading

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Peacefulness through eco-friendly housing

Earth Day, celebrated each year in the month of April, reminds us that the fight against climate change, and as fallout of that the survival of humankind, is far from won. There is still hope, however. A growing number of companies are converting to environmental responsibility.

In terms of building, the focus is on eco-friendly housing. It’s far from being a burden, as not only is eco-friendly housing healthy, it also provides a strong dose of peace. It’s somewhat like a peace home.  

Eco-friendly housing is a lifestyle, as it covers all aspects of life in your home: construction, decoration, renovation, indoor and outdoor life. You get up green, you go to bed green, you live green.

The positive effects of eco-friendly housing on health are well-known. Scientific studies tend to prove that using healthy materials, i.e. transformed as little as possible, improves the health of residents. There are less allergies, prolonged irritations and respiratory problems.  Continue reading

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Are you making the most of your mortgage?

Not sure? Take some time to revisit your financial goals. If your mortgage is coming up for renewal, now may be the time to switch to BMO.

How do I go about switching my mortgage?

The process is simple. Three months before your mortgage matures, contact a BMO Mortgage Specialist to review your mortgage options. A BMO Mortgage Specialist will help you reassess your financial goals and find ways to better manage your total household debt, taking advantage of the accessibility and flexibility of BMO mortgage financing.

Before you consider the available options…

The one thing we can be sure of in our lives is change. Before switching, it’s wise to re-evaluate your financial situation so that your decisions are based on your current circumstances. For example, are you making more money now than when you initially purchased your home? Or are you on a tighter budget? Continue reading

Keeping a balanced budget

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For three years now journalists and economists have been warning us: “Watch out, interest rates are going to go up!” And then the rates stay down. Because they keep crying wolf, we don’t listen anymore—and that’s where the danger lies. One fine day, the rates are going to start rising and for some of us, it’ll be too late.

That’s the message from the Financial Consumer Agency of Canada (FCAC).

“While interest rates are now at all-time lows in Canada, it is likely that they will rise sometime in the future. Canadians need to look at how much debt they are carrying, particularly in the amount of their mortgages, home equity lines of credit, personal lines of credit and variable-rate personal loans,” says FCAC Commissioner Ursula Menke. “By doing a debt check-up, consumers can take a close look at their present debt burden and think about whether they would be able to handle it if their payments increase.” Continue reading