Canadians Using Homes as Piggy Banks - (Mar/18)

Marla McAlpine, MBA - Mortgage Agent, Mortgage and Debt Reduction Expert

Healthy Wallet - The Mortgage Centre

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Canadians Using their Homes as Piggy Banks

 

Canadians are borrowing against their houses at the fastest pace in more than five years, as Home Equity Lines of Credit (HELOCs) emerge as a preferred means of accessing funds.
Borrowers can tap HELOCs for up to 65% of the value of their homes, and the funds are most commonly used for renos, investing and consolidating debt. “Houses are becoming piggy banks,” said Paul Gulberg, a Bloomberg Intelligence analyst. It’s “either greed based or need based.”
HELOCs can also be a red flag for policy makers. About 40% of HELOC borrowers don’t regularly pay down the principal.

Read the Full Article Here...



New Ontario Lease Standard Effective April 30, 2018

 

The Rental Fairness Act, 2017 (RFA) received Royal Assent on May 30, 2017 and part of the implementation is a province-wide standard lease agreement. 

The standard lease form is available at the Ontario Central Forms Repository.

The Ontario government plans to develop a Standard Lease USER GUIDE that will be released on April 30, 2018 when the standard lease comes into effect. This will be available on the Ontario Ministry of Housing website. 

All landlords in Ontario must use this new Standard Lease form with all new or renewing tenancies effective April 30, 2018.



G'Day Mate! Having Fun 'Down Under' for a Day

 

My ladies team participated in a fun competitive curling event last month. I am second from the right in this picture.

Just like the Olympics, each team represented a country, and we chose Australia!

Thanks to the amazing creative skills of teammate and realtor Sharon Ridge (left), she sewed on lettering that said "G'Day Sheila" on the front of brown hooded sweatshirts, and made our Kangaroo ears.

In our sweatshirt pouch, we had kangaroo stuffies with joeys in their pouches. Our shirt backs had our last name and the Australian flag. 

We did not win best costume (there were some amazing outfits that day!), though we got laughs when we hopped around like Kangaroos. 

We lost our two games that day, but we had loads of fun!

What silly things have you done lately?



Bank of Canada Holds Key Interest Rate at 1.25%

 

On Wednesday March 7, a cautious Bank of Canada kept its key interest rate on hold as it bought itself more time to monitor mounting trade-related uncertainties out of the United States.

In sticking with its 1.25% overnight target, the central bank blamed recent trade policy changes for the thickening clouds around the economic outlook.

Read the Full Article Here...



Hot Durham Property for Sale

 

Freehold Townhome, 2 bed 1 bath: $449,888
21 Haverhill Cres, Whitby. Near McKinney Centre. Click for MLS listing
Call Sharon Ridge at 416-605-2820 or email sridge@rogers.com - Visit Sharon Ridge's Website for more info.



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