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2180 Steeles Avenue West,
Suite 204, Concord,
ON, L4K 2Z5

Phone:     905-761-7001
Toll Free: 1855-761-7001
Fax:          905-761-7005

Email: mortgageadvisor@rogers.com


3 July 2019

Housing affordability showed improvements in Q1

A new report by RBC says Canada improved housing affordability in Q1 of this year for the second quarter in a row. Higher household income drove the affordability, while modest prices were down in Atlantic and Western Canada.

According to the report, such affordability improvement was partially caused by the previous policy changes, which reduced home values in various Canadian markets.

While Toronto and Vancouver remain out of reach for ordinary Canadian households, RBC Senior Economist, Robert Hogue, says policy makers should be glad as we can see the overall progress across the country.

“There are a lot of families who can afford a home in Canada’s most affordable markets: Saint John, St. John’s, Regina, Québec City and Halifax,” – noted Hogue. “Nevertheless, only one in eight families show a high enough income to afford a property in the Vancouver area. In case of the Toronto area and Victoria, it’s one in five.”

2 July 2019

Financial difficulties the Canadians are facing

The recent report by Statistics Canada says many Canadian households were late with their debt payment or missed it in 2016.

According to the agency’s Survey of Financial Security, 11% with some kind of debt reported missing or being late with their non-mortgage payment.

Statistics Canada points to certain categories of people who skip a debt payment more often than others:

  • Borrowers aged 55 to 64 years old (8.1% missed payments vs. 3.9% of 24-to-44-year-olds and 4.2% of 45-to-54-year-olds.)
  • Borrowers with a low income (6.8% vs. 2.1% with a high income)
  • Residents of the Prairies (6.8% vs. 3.2% in Ontario and 3.4% in Quebec)
  • Families with one parent (9.4% vs. 2.4% in families with no children and 4% in the category of couples with children)

Debt-to-asset ratio as an indicator of financial troubles

According to the report, a high debt-to-asset ratio is a better sign of a household’s financial trouble than a traditional debt-to-income ratio (which rose to almost a record high level in the first quarter of 2019).

28 June 2019

Canada shows a 0.3% economic growth in April

 In April, Canada's GDP was up by 0.3%, following a 0.5% hike seen in March, Statistics Canada says.

The main driver of the increase was a 0.5% hike  in oil and gas extraction, as output rose after production cuts in Alberta which started in January. Higher oil prices supported the expansion.

In addition to it, wholesale trade and the construction sector also showed increases. Meanwhile, manufacturing fell by 0.8%, partially because of temporary shutdowns at certain motor vehicle operations.

The stronger growth points to a sharp direction shift since the start of 2019 and end of 2018. Moreover, it was larger than predicted.

The annual growth of Canada's economy reached 0.4% in Q1, which is the lowest back-to-back quarters result since 2015.

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19 July 2019

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18 July 2019

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17 July 2019

Alternative lending becomes more popular In 2018, Canada saw a growing number of borrowers addressing alternative lenders. Meanwhile, new mortgage gr...Read more >>
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