The housing slowdown in Toronto means Canadians, overall, aren’t getting any richer.
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The average Canadian mortgage is now almost $200,000, up 5 per cent in a year.
Nearly half of Canadians are worried about what interest rate hikes will do to their mortgage payments.
That nice house that you saw and qualify for today may be out of reach when – not if, but when – interest rates go up.
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If you're getting offers for people with damaged credit, you may be in trouble.
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Nearly as many regret the debt they've taken on.
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There have been government committees, discussions with the private sector and even a national strategy to teach Canadians basic personal finance. But when Statistics Canada data showed late last year that Canada's household debt is now larger than its GDP, it became painfully apparent that we're failing.
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The Ontario government just announced a pilot project to test a basic income for low-income earners in Hamilton, Brantford, Lindsay and Thunder Bay. Will the program be successful? I have no idea. The answer will, in large part, depend on what will be measured.
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The entire economy - including government revenues and thereby the services offered by these governments - depends on wild property speculation. And everyone is praying that it can somehow be maintained.
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Parents, I know you may be a little anxious leading up to your child's big day in September. But if you take the necessary steps now to prepare your child for school, the whole transition will be less taxing on everyone.
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Why is it that very few of us actually take the time to sit down and actually assess our savings, spending and banking options until we want to buy a home or we begin to think about our retirement savings? Are companies profiting from our ignorance? Are they "banking" on it?
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We have $1.67 in debt for every dollar of disposable income in this country.
I know no one wants to think they could ever be a victim of fraud however the reality is thousands of Canadians lost more than 10 million dollars to identity fraud in 2014 and authorities say this figure is on the rise year after year. The sad thing is some Canadians do not even know they are the victim of fraud until something extreme happens.
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If last year's provincial budget could be described as "petty" after Finance Minister Mike de Jong doled out an increase in assistance rates for those living with disabilities -- only to claw most of it back by ending the subsidized bus pass program -- this year's budget could best be described as "petulant."
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Payday loans are a problem, because as all astute readers will have already surmised, "$18 on a hundred" isn't as good as it sounds. If you borrow and repay every two weeks, it is the equivalent of an annual interest rate of 468%. How does that impact borrowers?
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I don't want a four per cent raise. I want better learning conditions for our students and better working conditions for us. Most of all, I want to work on regaining the trust of the public again. Ontario has the greatest sub sovereign debt in the world. I don't want to leave that legacy for my own children or for my students.
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Let's be real -- Valentine's Day used to be about showing love and affection to the love of your life, now it has grown to a billion dollar holiday.
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If I gave you $500 a month to put towards your debt, what's the best way to use it? Should you chisel away at the debts with highest interest rate? Or knock off the smaller ones first? The answer might surprise you.
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Debt is necessary for households to build assets and improve human capital while for the government, it facilitates government investment in the society. Debt helps companies to grow and develop. However, excessive debt held by households, companies or the government may create potential financial or economic instability.
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As we start a new year, we have yet another new poll about how Canadians are once again listing paying down debt as their top financial priority for 2017. This survey, from the CIBC, says that for the seventh straight year concerns about debt were a top concern for most Canadians.
Overspending is becoming a major problem.
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Holiday gift giving can be really stressful, so now it's time to take a different approach. Let's take a step back this year and take a frugal approach to the holidays. I know when it comes to gift-gi...
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The federal deficit is rising, far beyond the $10 billion projected in the Liberal's election platform. The stated purpose of running $130 billion of deficits over five years is to stimulate the Canadian economy, whose prospects for growth are deteriorating.
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Under new mortgage rules just announced by Finance Minister Bill Morneau, all insured mortgage borrowers must now pass a "stress test" proving that they can carry a mortgage at a realistic rate (the Bank of Canada's conventional five-year fixed posted rate), and not simply the "teaser" rate offered for a short period by the mortgage lender.
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And people are worried about it.
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Instead of drawing a forgone conclusion that you'll spend hundreds to thousands of dollars just because it's the holidays -- let's find another way. No one likes the impending debt emergency in the new year. To avoid spending beyond your means, now is the perfect time to get your financial house in order and save for the holidays.
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Sherry's financial needs were not met through payday loans, but made worse by them -- and, as a result, she and her family were caught in a long-term cycle of debt from which they could not escape. Unfortunately, Sherry's form of repeat payday loan borrowing is common and it can sink families into poverty.
Households owe about $1.68 for every dollar of disposable income.
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How long can super-low interest rates last?
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B.C. has become the first foreign government to issue a Masala bond in India. Essentially, B.C. took on $97.5 million in debt and immediately reinvested that money not in B.C. infrastructure or something that would help B.C. taxpayers, but in the Housing Development Finance Corporation (HDFC) Limited of India.
And 39 per cent are "overwhelmed" by debt.