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Canada Mortgage Market Trends: Rate Expectations, Variable Makes a Comeback, and RIP First-Time Homebuyers Incentive

Discover the latest trends shaping Canada’s mortgage market in this insightful article. Explore the significant rate declines and the resurgence of variable-rate mortgages, driven by anticipated Bank of Canada rate cuts. Bid farewell to the First-Time Homebuyers Incentive (FTHBI) and embrace the tax-friendly benefits of the First Home Savings Account (FHSA), designed to empower aspiring homeowners. Stay informed, make strategic decisions, and navigate the path to homeownership effectively with these invaluable insights.

Canadian Housing Market Trends: Prices Stabilize, Expectations of Rate Cuts Grow—and the Government Makes Promises

Canadian housing market trends show signs of stabilization as prices flatten and sales increase. The Canadian Real Estate Association reports that benchmark nationwide prices halted their decline in February, marking a 0.8% year-over-year increase. While sales dipped slightly from January, they remained significantly higher compared to the previous year. Anticipation grows for potential Bank of Canada rate cuts, with lower-than-expected inflation fueling hopes for easing monetary policy. Additionally, the federal government pledges significant investments in housing infrastructure and apartment construction loans, aiming to address affordability concerns. However, the near-term outlook for Canadian house prices remains closely tied to monetary policy decisions. Stay informed for further updates.

How to Get an Installment Loan with Bad Credit

Discover the accessibility of installment loans for individuals with bad credit. AimFinance provides quick access to funds, often within one business day. As an alternative for those ineligible for personal loans, installment loans offer manageable payments and swift approvals.

Considering Breaking Your Mortgage? Keep These Things in Mind

Breaking a mortgage involves altering the terms of your mortgage contract or not fulfilling the entire term. Common reasons for doing so include falling interest rates, changing financial circumstances, or the need to sell your home. Mortgages can be open or closed, with open mortgages allowing penalty-free contract changes but usually having higher rates. Closed mortgages involve fees for breaking the contract, and it’s essential to evaluate potential savings from lower interest rates against associated costs, which differ based on whether you stick with your current lender or switch to a new one.

What is an Installment Loan?

An installment loan is a type of loan where you borrow a fixed amount of money and repay it, along with interest, over a specified period. The interest rate is determined based on your creditworthiness. Installment loans provide predictability with fixed monthly payments until the loan is fully repaid. These loans can be secured, with collateral like a car, or unsecured, relying on your creditworthiness. Borrowers are advised to borrow only what they need, calculate affordability, and compare loan terms to make informed borrowing decisions.

AimFinance aims for installment loans in 3 new provinces in 2024

AimFinance, a digital installment lender, is set to expand its loan offerings to borrowers outside of Ontario in 2024, aiming to enter Alberta, British Columbia, and Quebec. The company provides installment loans ranging from $1,000 to $5,000, primarily serving the “underbanked or unbanked” market segment.

How Credit Scores Affect Installment Loans

Installment loans are closely tied to credit scores. Your credit score will determine your options when it comes to borrowing money, and borrowing money will also impact your actual credit score based on how you handle the loan and its terms.

Canadians think inflation is twice as high as it actually is, new BoC survey finds

Canadians perceive inflation to be double the actual rate, with young consumers estimating it even higher. Rising mortgage payments and increased food prices contribute to this perception, impacting consumer choices and leading to reduced spending as many anticipate a potential recession in the near future.

Trudeau Liberals deepen push into housing relief with 2023 Fall Economic Statement

The article discusses the Canadian federal government’s efforts, as outlined in the 2023 Fall Economic Statement, to address the ongoing housing affordability crisis in the country. Measures include incentivizing builders to increase housing supply, offering loans for rental housing construction, adjustments to vacant housing taxes, and changes to short-term rental regulations. These initiatives aim to tackle high housing prices and rents, though many are expected to take several years to yield significant results.

Fixed or Variable? What to Consider as Your Mortgage Comes Up for Renewal

When deciding between fixed or variable mortgages upon renewal, Canadians facing this decision should consider two key factors: the outlook for interest rates and their own risk tolerance. Historically, variable rates were favorable during low-rate periods, but with current economic uncertainties, locking in a fixed rate could provide stability and predictability in monthly payments. However, the path of short-term interest rates suggests that variable rates may see a decline in the coming months, making them an attractive choice for those who can tolerate some uncertainty. Ultimately, the decision should be based on individual financial circumstances and the willingness to embrace potential rate fluctuations.