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Home buyers ga-ga for Oshawa
Oshawa was Canada's most popular city to move to last year with Toronto running a distant second, according to a new Statistics Canada report.
"We are growing by leaps and bounds," Oshawa Mayor John Gray said yesterday.
"The areas west of Toronto had their growth spurt earlier and now it's our turn and it's very welcome."
Mayor Gray said Oshawa has much to offer, including jobs at major companies such as General Motors, beautiful parks and trails, and proximity to both Toronto and cottage country.
But perhaps Oshawa's biggest draw is its stock of relatively inexpensive housing, Gray said.
"We have bargains galore here and people have finally discovered this and are coming here in droves," he said. The average home sells for $202,000.
StatsCan reported Oshawa's population increased by 21 people per 1,000 residents between July 1, 2002 and June 30, 2003.
Toronto finished second, with a net gain of 13 migrants per 1,000 inhabitants. Calgary and Vancouver followed with a gain of 10 people per 1,000 residents.
Toronto's population is about 2.5 million, while Oshawa's is around 150,000.
Economically, Toronto looks headed for gold, according to the fall edition of the Conference Board of Canada's "Metropolitan Outlook" report released yesterday.
The not-for-profit agency, which specializes in economic forecasting, concluded that Toronto is on track to be the fastest-growing metropolitan economy in Canada.
The same report ranked Oshawa 16th of 17 cities with 0.4 per cent growth projected for this year.
"Toronto's economy is back with a vengeance in 2004, with growth expected to reach 5.3 per cent," said Mario Lefebvre, director of Metropolitan Outlook. "Robust manufacturing activity, a strengthening service sector and another banner year in the construction industry are all contributing to Toronto's turnaround from the difficulties it experienced in 2003."
September 30, 2004 in Location, Location ... | Permalink | Comments (1)
What's special about Toronto
Fortune Magazine described Toronto as 'the best international city for work and family.' According to Newsweek: 'Its streets are safe, its downtown core is lively and lived in, and its shopping, theater, sports and art facilities are unrivaled in North America.'
Toronto and its surrounding areas are collectively called the Greater Toronto Area (GTA). The city's population numbers more than 5 million, and its residents come from countries all over the world and from all ethnic backgrounds. On any given day, over 100 different languages can be heard on the streets.
Toronto is also home to:
¤ CN Tower – The tallest free-standing structure in the world. Near the top of this tower sits a restaurant that revolves 360 degrees, allowing patrons to enjoy dinner with an unrivaled view of the city.
¤ Skydome – Home of baseball’s Toronto Blue Jays.
¤ Royal Ontario Museum (ROM) – One of the best museums in North America. It displays over 6 million objects in over 40 galleries.
¤ Art Gallery of Ontario (AGO) – Toronto’s largest and most well-known gallery is also one of North America’s Top 10 Art Museums.
¤ Underground City – An 11km (7mi) subterranean walkway lined with eateries, shops, banks, medical offices and theaters.
What are a newcomer's first impressions of Toronto? Toronto is huge. It's exciting. There are so many people with different lives whose stories need to be heard. There are so many activities and events that you'll probably never get a chance to experience them all. There is such diversity in social status, wealth, health, education and religion.
Are these impressions likely to change? No, even lifelong residents of Toronto remain impressed by this city.
September 29, 2004 in Location, Location ... | Permalink | Comments (0)
'Big box' battle in Markham
The scene has turned as ugly as the barren land on which the big-box stores are set to be built.
A woman accusing Markham's leaders at a recent meeting of being on the take with developers. A councillor warning in reply, "You should be careful, I take that personally." A transportation expert calling the town a "wasteland."
As the number of big boxes in the GTA swells, Markham has found itself in a battle over whether it can stem the tide.
Town planners and lawyers are looking at the legality of a moratorium on new big-box development and the cost of a study to analyze the impact of big-box stores on small businesses.
"We'd like to say, `Go away, we've got enough (big-box stores).' But we can't say that and stand any kind of appeal" to the Ontario Municipal Board, said Valerie Shuttleworth, a city planner for Markham.
Residents of Markham's old neighbourhoods and many small-business owners on Main St. are terrified at the prospect of a big-box "power centre" with its gigantic outlets — home improvement and electronic warehouses — on a site just north of them on Highway 48 (the extension of Main St.), between 16th Ave. and Major Mackenzie Dr.
"It's going to kill everything around it," said a leather-smocked Gary Bomshakian, 45, a shoe seller who has just restored a 19th-century boot shop on Main St. "I'm no competition to anything like that. They're too huge."
The local business association maintains that shopkeepers are already struggling.
With a population of more than 215,000 today, projections for Markham now reach 281,000 by 2011. Much of the growth will be around the power centre.
The town started planning shopping for new residents 10 years ago. Big boxes were the rage then, and they still are.
So the town redesignated a giant swath of land in the area as "major commercial," setting the stage for a power centre. Zoning was approved last year.
Few spoke out at the time. Now that the process is under way, some businesses and residents want it scrapped.
It was Elizabeth Plashkes, of the Markham Village Conservancy, who demanded the development moratorium and impact study. "I'm not the kind of person who says that just because this is the way it is, this is the way it has to be," she said. "Things can be better."
Some view it as a step backward for transit, which York Region is trying to improve.
Among them is GO Transit managing director Gary McNeil. He was clearly not amused at the meeting, which he attended as a Markham resident. GO has built the Mount Joy station near this proposed development and for it to be viable, areas nearby should be rich with homes, not parking lots.
"Before me now is a reflection of a 1970s and 1980s mentality, an automobile-oriented mentality," he said.
In an interview, he added, "As a resident, I hate what's happening to Markham. It's like a bloody commercial wasteland."
But interviews with residents in a nearby new neighbourhood suggest support is high.
"I don't think they look bad," said 31-year-old Genia Mantella.
"I think it comes down to convenience, and it's the way people want to shop now."
September 29, 2004 in Location, Location ... | Permalink | Comments (0)
Outdoor fires not allowed in Ajax
Ajax Fire and Emergency Services advises residents that outdoor-style fireplaces are not allowed in Ajax. The department has been receiving a high number of inquiries about these items.
Numerous outdoor fireplaces are currently sold in the Ajax area. They include items such as the "Back Yard Max," a steel firebox with a screened opening and short vent stack, and the "Chiminea", a large clay fire pot with an opening for wood and a short vent stack, similar in appearance to a large flower vase.
"These units are not designed for cooking purposes but for use as open-air burning appliances," says Thom Evered, Chief Fire Prevention Officer. "Open air burning is not permitted within the Town and the prohibition is enforceable under the Ontario Fire Code."
The units are considered dangerous because of the potential for injury from the hot surface or sparks and embers. Flying sparks can also damage both the users and neighbour's property and nearby trees/grass/weeds. In addition, there is a concern that use of these units for outdoor fires will generate needless false alarms for neighbourhood firefighters.
Since outdoor burning is a provincial regulation, Ajax Fire and Emergency Services advises consumers in any municipality to check restrictions on the use of outdoor fireplaces with their local fire department before buying.
"Their use may be prohibited, but we cannot prevent local stores from selling them," says Officer Evered.
Homeowners who choose to disregard the law about open-air burning could face fines under the Ontario Fire Code.
September 29, 2004 in Location, Location ... | Permalink | Comments (0)
Pets can "soil" chances of selling
Pets are often so loved by their owners that they are allowed the run of the house. At their worst, doggie and kitty dictators mark their territory with pungent odors and unsightly stains.
When you love these little furry friends, it's hard to realize how much these pets may be hurting your marketing efforts in selling your home. If you are like most pet lovers, you may be a little on the sensitive side.
If your listing agent is having a hard time communicating with you about your pets and their effect on buyers and other agents, perhaps a look at this neutral third-party list of suggestions may help you understand the problem better:
1. If it smells, it won't sell. Your pet may be perfectly well mannered, but that doesn't mean your home is odor-free. Most pet odor comes from fur and dander. Pets mark their territory by rubbing their fur on objects. That's why your kitty rubs your ankles with her sides. Minimize pet odors by not allowing your pets to sleep on couches and carpets. Provide them with a cuddly bed of their own and reward them lavishly whenever they use it. Deodorize often with Febreze, a product found on most grocery store shelves. Keep pets bathed and groomed more often than usual, so as not to add to existing pet odor.
2. Stains don't have to be permanent. There are many good products to clean pet stains. Just visit your local pet store or key "pet stains" into your favorite search engines. What you will find are companies with advice and products, such as Planet Urine, featured on The Tonight Show with Jay Leno. Pet stores sell a product called Nature's Miracle which also works beautifully. Hospital supply companies are also a great source for heavy duty stain and odor control products.
3. Vacuum daily. While your home is being marketed, vacuum the carpets daily with an odor deodorizer. You can find them in the cleaning supplies section of the grocery store. Remember to change bags more frequently than usual. Treat your home to a professional carpet cleaning. Also, open the windows and let some fresh air in. Pull back the drapes. Open vents. A closed in home will hold more odor than it should.
4. Keep pets from showings. Many buyers are suggestible. If they don't see a pet, they'll look at the home more objectively. If they spot your dog or cat, they will be alerted to look for stains and odors. Arrange to have your pet off the property for showings, and put their food dishes and toys out of sight, too. Keep cat boxes and backyard doggie loos scooped daily. If you have to board your pet to it from doing further damage or soiling new replacement fixtures, do so. You will be rewarded with a higher selling price for your home. When you are in your new home, you can welcome your pet back from its "holiday" with a favorite treat and lots of snuggles.
5. Perception is everything. If your home doesn't pass the sniff or stain test, it will adversely affect the way agents and their buyers perceive your home. Your agent is depending upon other Realtors to show your home to their buyers. Many Realtors insist on showing only pristine homes to their clients. Once word gets around, you may find yourself with few showings which will cause the value of your home to drop.
6. Be realistic about your home's value. A home is only really worth what a buyer is willing to pay. If your home has suffered damage due to your pets, it may be devalued in the marketplace. The only cure is taking action to eliminate the problem before your home goes on the market. Listen to your Realtor and follow his/her advice about the most cost-effective ways to manage your pet's damage to the home. She or he will have suggestions and solutions that will put you right back on the marketing track.
September 28, 2004 in Selling a Home | Permalink | Comments (0)
Toronto Economic Development
Development Chair Offers to Champion TREB Cause
The Toronto Real Estate Board's Government Relations Committee recently held a roundtable meeting with City of Toronto Councillor Brian Ashton. The Committee took the opportunity to inform Councillor Ashton of TREB's views on various public policy issues affecting Realtors and the real estate market, especially as they pertain to his role as Chair of the City's Economic Development Committee.
At the top of the Committee's agenda was the unfair property taxes paid by Toronto businesses. The City of Toronto Finance Department is currently reviewing the impact of the City's property tax policies on business competitiveness and will be making recommendations to City Council later in the fall. The Committee emphasized to Councillor Ashton that Toronto's businesses have paid more than their fair share of property taxes for years and that these unfair tax levels impact Toronto's economic growth. Councillor Ashton expressed his support for TREB's views on this issue.
With regard to business property taxes, Councillor Ashton also indicated that the provincial government must address inequities in business education property taxes. The provincial government sets the tax rate for the education portion of property taxes, and has set the rate for Toronto businesses at a level that is 28 per cent higher than that for business properties in surrounding GTA municipalities. TREB has voiced concern over this situation to the provincial government on numerous occasions. Councillor Ashton requested TREB's continued support on this issue.
The Committee also discussed Toronto's sign by-laws with Councillor Ashton. Signs, including real estate signs, in the City of Toronto are still regulated by the six different by-laws of the former Metro Toronto municipalities. TREB has been working with the City in recent years towards a harmonized by-law but this process has been stalled a number of times. Councillor Ashton agreed with the Committee that real estate signs should not be overly regulated and offered to champion TREB's cause on this issue. TREB will be following-up with Councillor Ashton on this matter.
Various other issues including infrastructure funding, a "new deal" with the provincial and federal governments, and the City's plans for waste management were discussed.
September 28, 2004 in Agency Matters | Permalink | Comments (0)
Canadian home buyer is younger
18-34 year old homebuyers have tripled
The percentage of homebuyers between the ages of 18 to 34 has more than tripled since the year 2000, according to the results of a CIBC mortgage poll conducted by Decima Research. This age group represented just 10 per cent of homebuyers a decade ago, but the survey says they made up 36 per cent of home buyers in the past four years.
"More young people are getting into the housing market because financing is much more affordable," said Paul Mims, Vice President, CIBC Mortgages and Lending. "Homeownership has become a reality for many 18 to 34 year olds because their mortgage payment can often be the same amount as their rent."
The average age of a Canadian homeowner has fallen from just over 48 years old in the 1990s to 41 years old since 2000. Regionally, younger buyers have increased the most in Manitoba and Quebec, while the percentage of younger buyers has increased only 2 per cent in Atlantic Canada.
In comparing homeowners who purchased since 2000 with those who bought their home in the previous decade, the average mortgage size has risen 26 per cent to $120,000, from $95,000 in the 1990s, likely reflecting the rise in home prices during that time period. Home buyers in Alberta carry, on average, the largest mortgage at $170,000.
The poll results also show that condominium purchases have nearly doubled since the 1990s, representing 11 per cent of home purchases in the past four years, compared to 6 per cent in the previous decade. Meanwhile, the percentage of single- family detached homes among home purchases fell, accounting for 66 per cent of home purchases since 2000, compared to 74 per cent in the 1990s.
September 27, 2004 in Buying a Home | Permalink | Comments (0)
Battle of the tower titans
A local upstart takes on New York's most famous real-estate mogul. But Harry Stinson has always loved a challenge.
When Harry Stinson needs a workout, he heads to Toronto's tallest money tower and runs all the way up to the 72nd floor.
The Bank of Montreal building seems like an odd place to exercise; stranger still for an iconoclastic developer such as Mr. Stinson, 51, whose big ideas and brown wardrobe have been turned away by the big banks more than once.
Still, if anyone has learned the value of resistance training, it's Mr. Stinson. And there's no better symbol than his nearly finished condo/hotel tower now rising from the corner of King and Yonge Streets, shoulder to shoulder with the same banks that spurned him.
"Canada is a culture with its parking brake on," Mr. Stinson said this week at the offices of his de facto banker, theatre impresario David Mirvish, the key investor behind the $100-million tower. "It utterly infuriates me when I think I have a brilliant idea and there's resistance to it, just for the sake of resistance."
Without Mr. Mirvish's finances, not to mention his faith, Mr. Stinson might still be fuming from the sidelines. Instead, he now stands toe to toe with Donald Trump, his closest competitor in Toronto's condo/hotel battle.
When Mr. Trump announced that he would erect Canada's tallest building at Bay and Adelaide Streets by 2008, Mr. Stinson, fuelled by the momentum of his tower at One King West, one-upped him by revising plans for his second tower on the same stretch of Bay from 54 floors to 88. Mr. Trump answered by pencilling in 16 more metres atop his high-ceilinged, 70-storey Trump International Hotel and Tower to ensure it would be taller.
On the surface, they appear unlikely combatants: Mr. Trump is a celebrity uber-capitalist with a long history of high-profile projects; Mr. Stinson a successfully eccentric ex-restaurateur, birthday-party planner, condo broker and relative newcomer to hands-on development.
But as he stood tall atop the 51-storey One King West this week, Mr. Stinson could at least boast a real building, 95 per cent sold, while Mr. Trump has yet to put a shovel in the ground in the city.
"We're sort of the local upstart versus the international icon," says the gaunt and gawky Mr. Stinson, the visual antithesis of his slick rival, "but the local upstarts have built a building here, and the international icon is still trying to explain why his casino isn't making money."
Bold words for an upstart, but for all his quirks -- from a love of 1960s sedans to a disdain for socializing to an obvious indifference to fashion -- Mr. Stinson exudes the same confidence and obsessiveness so often ascribed to the brash American interloper.
The sliver-thin One King West, which incorporates the elegant former head office of the TD Bank next door, may seem a startling achievement for a first project. But those who know Mr. Stinson have long been aware of his visionary drive, resistance notwithstanding.
"He just enjoys the game of physically creating something that doesn't exist anywhere else in the world," says Raymond Aaron, a business coach and real-estate guru who was first to buy a unit at One King West almost a decade ago. "And his toys just keep getting bigger and bigger."
Toys were in abundance at their first meeting 20 years ago, at Mr. Stinson's birthday-party business, The Mad Hatter's Tea Party, where kids could celebrate free of parental interference. Party rooms are everywhere now, but Mr. Stinson was well ahead of the curve when his opened in 1972, complete with a bright red hearse to pick up the kids.
The idea grew out of an earlier venture, The Groaning Board restaurant, radical for its non-smoking status and health-food menu when it opened in 1970. Parents would bring their children, often for birthdays, so he hatched Mad Hatter's to sell parents an escape from the chaos.
By the time similar businesses caught on, Mr. Stinson had shifted to the more lucrative world of real-estate sales, where he could indulge a long-held interest in buildings.
"The real issue was that, 'Yes, I like the real estate' but I didn't necessarily like the people," he said. "I prefer to create the real estate."
Working for a broker, Mr. Stinson noticed a surging interest in condos and suggested that his boss open a specialty agency. When he didn't bite, Mr. Stinson agonized, then started his own firm. He was soon known as the Condo King.
Faced with ever more buyers looking for "that New York loft," he hatched yet another idea in 1995 -- to turn an empty old candy factory on Queen Street West into condos. Mr. Stinson sold the plan to the building's owners, Metrontario Group, and set out to secure financing, but no bank would pony up.
Meanwhile, the local development industry bubbled with doubts about the concept and Mr. Stinson's ability to carry it off.
A year later, Metrontario reduced his role, then locked him out of the project entirely, handing all marketing over to Brad Lamb, a former partner of Mr. Stinson's in the condo brokerage.
Mr. Stinson, who says his ouster was "financially devastating," eventually received a settlement. And though the project went forward, helped revive a depressed neighbourhood and spurred a flurry of other conversions, he's still stung by those old doubts.
Not that he moped for long.
In 1997, Mr. Stinson spied a slice of land at 5 King St. W., just shy of 10 metres wide and hemmed in by the old TD building on Yonge, listed at $2.9-million. Curious about the sky-high price, he discovered it had been approved for a high-rise project that had fallen through.
He would be free to build 50 storeys, though doubters said it would be impossible on such a narrow lot.
He forged on, selling his plan to Mr. Mirvish, who greased the wheels to secure the adjacent TD building, but declined to be interviewed. For his persistence, Mr. Stinson stands to win a legacy of his own -- vindication for an approach heavy on instinct and light on rigid business plans.
"I think I'm finally reaching the level where the ideas will get the benefit of the doubt," he says, "and where I can get the financing to push them forward without having to beg, borrow or steal."
Mr. Stinson, meanwhile, will keep working out at the bank. And if his knees get sore, at least he'll know it's from the stairs, and not from having to kneel before the naysayers.
Tale of the tape
Toronto developer Harry Stinson is going head-to-head with New York real-estate mogul Donald Trump in the race to build the tallest condo in the city. Here's how they measure up in other areas
Donald Trump
Net Worth: $2.5-billion (U.S.)
Age: 58
Significant Other: Engaged to Slovenian model Melania Knaus
Divorces: 2
Children: 4
Nickname: The Donald
Hairstyle: Massive combover
TV show: The Apprentice, a reality game show Thursdays on NBC
Tallest building: The Trump Building in new York at 70 floors, 283 metres
Residence: Lives and works in a sprawling apartment on the 26th floor of Trump Tower on Fifth Avenue, but also owns a mansion in Bedford, N.Y. and a compound in Palm Beach, Fla.
Car: 1962 Mercedes Maybach
Education: BA, University of Pennsylania
First Venture: Refinancing the middle-income apartment houses his father owned in Brooklyn, Queens and Staten Island
Phobia: Avoids handshaking over fear germs
Harry Stinson
Net Worth: Not $2.5-billion (U.S.)
Age: 51
Significant Other: Married to Linda Panning, a figure-skating coach
Divorces: 0
Children: 1
Nickname: The Condo King
Hairstyle: Mousy brown moptop
TV show: The Condo Show, an infomercial showing late nights and early mornings on The New VR and Shop TV
Tallest building: One King Street West, Toronto, 51 floors, 176 m. (Sapphire Tower, proposed for Richmond and Bay streets, would soar 88 floors to 320 metres)
Residence: Lives in a 600-square-foot condo at 7 King St. E., Toronto, but also has a cottage on Kerr Island in Muskoka
Car: 1960 Cadillac de Ville
Education: One year of general arts at York University
First Venture: Selling homemade bread, brownies and cold drinks from a rowboat on Muldrew Lake at age 10 with his cousin Jamie
Phobia: Traffic accidents, after a car smashed through the window of his condo brokerage office and landed on his desk
SOURCES: TORONTO GLOBE AND MAIL, FORBES, WHO'S WHO IN AMERICA, DISCOVER.COM, EMPORIS.COM, THE NEW YORK TIMES, CURRENT BIOGRAPHY
September 26, 2004 in Buying a Home | Permalink | Comments (1)
New housing may top 2003 totals
Each summer, there's a slump in new home sales, and 2004 was no exception. August sales in the Greater Toronto Area fell to their lowest level in over five years. The market, however, is still on pace to top last year's sales total, the second highest on record.
While interest rates have remained at historic lows, prices have crept up and supply is down in numerous cities.
As a result we are faced with a market in transition, with builders being forced to be more creative.
The fundamental shift in 2004 has been toward higher-density low-rise projects and smaller condominium high-rise suites in populated regions. There has also been an escalation in the level of sales in lower-priced areas outside the GTA.
In recent months, the low-rise market in Toronto has also been dominated by the more affordable stacked townhomes. The higher-density product is not solely a Toronto phenomenon. Esquire Homes has introduced it to the Whitby market, as has Sundance Homes, the Wynn Group and Rosebud Homes in Thornhill.
In terms of traditional detached homes, the market has picked up dramatically in areas, such as Barrie and Milton, where lots are lower priced and readily available.
Richmond Hill and Mississauga, which historically have been hot selling markets, are not well positioned now in terms of lot supply.
That, coupled with bigger, more expensive houses in those areas, have produced sales declines in recent months.
As the baby boomers begin to retire and more of the new immigrant population joins the ranks of home ownership, both the trade-down and first-time buyers markets will remain robust. If builders can cater better to those sectors, sales levels will show gains.
Thirty-five per cent of 2003 sales were made in the final four months of the year; and with more than 60 new sites scheduled to open before year's end, consumers can expect a similarly high percentage for the last four months of this year. We project total low-rise sales for 2004 to reach 33,966, up 2 per cent from 2003.
At the right price, the pool of potential buyers is vast. With the cost of mortgage money remaining cheap, continued value-targeted marketing by builders and increased choice with the addition of many new sites, the GTA should reach a strong sales finish this year and remain robust through 2005.
September 25, 2004 in Watching the Market | Permalink | Comments (0)
FCAC helps save on interest costs
Years of favourable interest rates may have lulled Canadians into thinking that low rates are all it takes to ensure they spend less on mortgage interest. Threats of rising rates may cause some home buyers and property owners to focus on rates when there are ways to save hundreds and thousands on mortgage interest.
Mortgage holders or mortgagors can reduce the total amount of interest paid over the mortgage term through a number of strategies when they sign on or renew, including:
- Decrease the amortization period
- Increase the size of your mortgage payment
- Switch to an accelerated bi-weekly mortgage payment.
Bi-weekly payments are equivalent to making an extra monthly payment each year. Using this approach, a C$100,000 mortgage held at 6 per cent interest with a 25-year amortization period, would be paid off approximately four years faster. With a shorter amortization period -- 20 years instead of 25 – even with regular monthly payments, interest savings would almost reach C$21,000. When negotiating for a new mortgage or a renewal, solid knowledge of the ins and outs of mortgages may help knock one per cent or more off the posted rate.
When you apply for a mortgage, Federal Cost of Borrowing Regulations require that a federally-regulated mortgage lender must indicate in your mortgage agreement or contract how much will be paid in interest charges over the term of the mortgage. Consequently, borrowers can determine how much impact variations in terms and conditions of the agreement could have on total interest before signing.
Want help getting the best financial deals possible when shopping for a mortgage or credit card, or making other financial decisions that can affect your real estate buying power?
"Consumers need to know and understand the real costs of mortgages before they can make an informed decision on the type of mortgage they need," says Bill Knight, Commissioner of the Financial Consumer Agency of Canada (FCAC). "What they don't know now could cost them thousands of dollars in unanticipated interest and penalty charges down the road."
The FCAC, a federal regulatory agency responsible for enforcing many of the federal laws that protect consumers dealing with financial institutions, operates through co-operation with other organizations, information programs, a toll-free consumer help line (1-866-461-3222) and its website, to promote greater awareness of the financial system and the rights and responsibilities of consumers.
To save as much on mortgage interest and related costs as possible, Knight suggests that consumers should start by asking themselves three questions:
- How long will I stay in this house/condominium?
- How quickly do I want to pay off my mortgage?
- How much can I afford to pay each month?
FCAC, funded through assessments on the financial institutions that it regulates, works to strengthen supervision of consumer issues and expand consumer education in the financial sector which, according to the FCAC mandate, includes:
- All banks.
- Insurance companies that are federally incorporated or registered.
-Trust and loan companies that are federally incorporated or registered.
- Co-operative credit associations that are federally incorporated or registered.
The agency, which has received more than 1,600 consumer inquiries and complaints about mortgages since it began operating in 2001, took common consumer concerns and questions into consideration when developing its mortgage toolkit. The kit includes explanations of mortgage terms, contract conditions and consumer rights as well as tips on how to pay off a mortgage faster. The "mortgage qualifier calculator" reveals whether you'd qualify for a mortgage loan, given your current financial circumstances.
FCAC may also help you reduce some of the consumer debt that can limit the size of mortgage you'd qualify for.
At the end of 2003, an estimated 74.3 million credit cards were in circulation in Canada which represents 3.1 cards for every Canadian over the age of 18. FCAC's online guide, "Credit Cards and You," incorporates recent changes to interest rates, service fees and other important credit card features such as credit balance insurance, provides current information for reducing credit card costs. Sections like "Managing Your Money" explain how to save with a credit card while the comparison shopping guide outlines key cost-saving features of more than 200 cards offered by 26 Canadian credit card issuers.
Start your comparison shopping with FCAC when you want answers to these and other financial questions:
- What should I know when opening a bank account?
- How can I find the best banking service package for my needs?
- What should I know when considering an investment product tied to the stock market's performance like index-linked deposits?
- What is the latest update on fees imposed by financial institutions for use of their ABMs?
- If I have a complaint about a financial institution, can FCAC help?
September 24, 2004 in Mortgage Financing | Permalink | Comments (0)
