CanEquity Blog on Financial Planning

The latest consumer price index report from Canada Statistics found consumer prices climbed 2.5 percent over the past year ending in January, spurred by increases in food and energy.

Food prices rose 4.2 percent and energy costs increased 6.5 percent in January in a year-over-year comparison. In mortgage news, the report said home loan interest cost decreased 0.4 percent for the month after dropping 0.7 percent the month before. Also, shelter costs were up 2.1 percent on a year-over-year basis.

MCAN Mortgage Corporation of Canada recently reported its earnings for the fourth quarter of 2011, and found a strong showing with $5.2 million in earnings, up from the $2 million reported net income for the year before. Continue reading »

The Real Estate Book, the top publisher of real estate-related information both online and in print in the United States and Canada, recently announced it is offering a mobile starter kit that will be powered by Mobile Real Estate and will be available for all its advertisers in the U.S. and Canada at no added cost.

The mobile starter kit provides homebuyers and sellers with the ability to access all of an agent's active listings on RealEstateBook.com, as well as a mortgage calculator, click to call, one-click links to social networking sites and agent details – e.g. photos and contact information. including a photo and contact info.
"We've made it easy for agents to create their own personal mobile website and add mobile to their marketing mix," said Scott Dixon, president of Network Communication's Real Estate Division. "The Mobile Starter Kit is the latest addition to our ever-growing suite of mobile marketing tools that we offer our customers to increase their traffic, generate leads, and reach consumers right when they are actively engaged in their search process." Continue reading »

The Greater Toronto Realtors recently reported there were 4,567 sales listed through the TorontoMLS system in January, which was an 8.8 percent increase compared with the 4,199 sales reported in January last year.

Also, sales growth posted the strongest showing for low-rise home styles in the areas surrounding the city.

"A favorable affordability picture bolstered by very low posted fixed mortgage rates has kept home buyers confident in their ability to achieve the Canadian goal of home ownership," said Richard Silver, president of the Toronto Real Estate Board. "The buyer pool remains diverse in the GTA with strong interest in home types across the pricing spectrum." Continue reading »

Canadians need to do a better job of saving for the future, says Will Van't Veld, an economist with ATB Financial.

In a contributing piece to the Edmonton Journal, Van't Veld wrote that continuing growth in household spending could help drive the country's economy through another unpredictable year. However, Canadians used to have a better reputation for saving over spending.

"In the 1980s, households saved up to 15 percent of their income, but by the early 1990s this dropped below 10 percent and finally bottomed out at 2.1 percent in 2005," Van't Veld wrote. "Since 2005, the savings rate has rebounded slightly – it was 4.8 percent in 2010 – but it still appears Canadians are now spenders first and savers second." Continue reading »

A recent report from the Journal of Commerce reveals that Canadians want to own homes and not products.

With a majority of Canadians' debt connected to purchasing homes, Integrity Mortgage Services is offering advice and responses to concerned Canadian citizens on the journal's findings, which reflect a war with the country's banks.

"Our mission is to provide each and every customer with unique mortgage solutions, servicing each situation ethically, responsibly and in a timely manner," said a company representative. Continue reading »

Unstable global stock markets, a domestic household debt crisis and new pension rules have made saving for retirement a popular financial topic, and one recent study reveals Canadians' views regarding retirement funds are shifting.

According to a BMO Retirement Institute report, Canadians now believe salary and job flexibility are more important than having a strong pension plan, and more than half don't know what an ideal pension plan would look like.

"The employer pension used to be a lot simpler because, in the past, Canadians would generally stay with one employer throughout their working career," said Tina Di Vito, head of BMO Retirement Institute. "Now, because employees switch jobs so often, many have to deal with multiple pension plans during their career." Continue reading »

Saving for retirement has become a more complicated task due to unstable stock markets and global economic uncertainty, but Canadians can still achieve their financial goals through careful planning.

BMO Financial Group recently published a detailed financial strategy for Canadians in all stages of life, from their young 20s to retirement and beyond.

"For Canadians to get the most from their money, their investments must be properly aligned with their current life stage," said Serge Pepin, head of investments at BMO Investments. "In today's volatile market, it's especially important not to lose sight of individual needs and to recognize the importance of a comprehensive, well-considered financial plan." Continue reading »

The Canadian economy gained jobs in December after two months of reductions, but overall the employment market has faltered during the past 12 months, according to a CIBC World Markets study.

The report said Canada's job market contains less employment opportunities overall and fewer quality positions. While employment expanded by more than 180,000 positions in 2011, the economy actually lost 55,000 jobs during the final quarter.

"The impact of a softening pace of job creation is exacerbated by a worsening level of job quality in the Canadian labour market," Benjamin Tal, CIBC World Markets' deputy chief economist, said in the report. "From a quality perspective, the surge in self-employment reduces the overall quality of employment, largely due to the fact that, on average, a self-employed person earns 10 percent to 15 percent less than a regular employee." Continue reading »

More than half of Canadians don't feel financially prepared for retirement and only one-third have a detailed retirement plan, according to a recent study by ING Direct.

Fifty-eight percent of survey respondents deemed themselves unprepared for post-work life, while only 33 percent said they have a financial strategy for meeting their specific retirement goals. Meanwhile, saving for retirement is unimportant to many Canadians, as 31 percent said they don't include it when thinking about their personal finances, the survey revealed. Continue reading »

Recent college graduates and other young Canadians are struggling to secure employment and pay off student debt, but many economic experts say there are several ways citizens can begin their post-university life with financial success.

Lise Andreana, an Ontario-based financial planner, recently published a book about how 20-somethings can better manage money and decrease debt. Andreana spoke to U.S. News and World Report regarding her book, the common financial errors young Canadians are making and how the economic landscape is changing for young generations.

"I think a lot of twentysomethings are out there looking for the dream job when really, they need to buckle down and just take a job, get some work, and get started," Andreana told the source. "Use that opportunity while you're living at home to set a timeline for how long you're going to stay, how long you're going to look for the dream job." Continue reading »