Tag Archives: budget

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Lack of Space?

This is a chronic problem for a number of homeowners: lack of space. If your budget doesn’t allow any expansion or room extension under normal conditions, what is there to do? Here are a few great ideas.

A well-structured attic, no matter how small, is an interesting option. It’s the perfect space to set up a home office. The space under the roof offers a quiet place. The natural light from outside is easy on the eyes. The staircase serves as a psychological border between work and family life. The feeling of working in complete isolation is similar to that of working in the basement or backyard shed.

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A living room in the attic has multiple advantages. You’ll enjoy tranquility; if you install skylights, you will have more sunlight than in the basement; if the beamed ceilings and traditional dormer windows have been preserved, you’ll achieve an invigorating design; not to mention a beautiful birds-eye view of the exterior landscape, especially during the fall and winter. Again, here, the staircase isolates you from the rest of the world. Continue reading

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How to Absorb the Interest Rate Hike

It was bound to happen one day. The Bank of Canada decided to raise its interest rates on July 12th for the first time in years. Every large bank followed suit the next day. It is now time to revise your budget accordingly.

This first hike does not mean there will be a second one on September 6th of this year, and that the interest rates will keep rising afterward. But, better be safe than sorry, especially given the fact that the total Canadian household debt has reached a record high.

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The Bank of Canada is anticipating an increase in the inflation rate. CIBC Bank economists, who issued the “Canadian Inflation: What’s Gone Wrong?” report, also believe the inflation rate will hike soon. Mortgage holders living on a tight budget should prepare accordingly. Continue reading

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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