Mortgages By Liz

CAAMP Survey highlights

Thu, 23 May 2013 14:45:09 GMT

The CAAMP survey demonstrates that Canadians with mortgages are managing debt responsibly, negotiating low interest rates and paying down their mortgage faster than required,” said Murphy.

The results for those holding mortgages showed:

- An average 69 per cent have fixed rate mortgages;

- Their average mortgage rate is lower - 3.52 per cent compared to 3.64 per cent last year;

- Some 18 per cent of mortgage holders increased their mortgage payments in the past year. An additional 16 per cent made lump sum payments on their mortgages during the past year;

- About 8 per cent of all homeowners took out equity, averaging $48,000, similar to 2012;

- 80 per cent of mortgages have an original amortization of no more than 25 years;

- Most borrowers plan to repay early – the expected average is 21.6 years;

- 85 per cent of mortgages taken out in the last year were fixed rate.

Bank of Canada

Fri, 19 Apr 2013 11:07:54 GMT

April 17, 2013

No Action from the BoC

There was no rate change to report from the Bank of Canada today, and nobody expected one.

Canada’s base interest rate remains at 1.00%. It has held that level for 952 days, an unprecedented stretch of flat monetary policy.

The Bank of Canada’s Mark Carney continues to maintain that “the next move (in rates) is likely to be up.” That so-called “tightening bias” has been in place for more than a year.

But if the next move is indeed up, it won’t be happening this year—that is, if you believe the forecasts of virtually every economist in Canada.

Here are some highlights from today’s announcement (our comments in italics):

“…the considerable monetary policy stimulus currently in place will likely remain appropriate for a period of time, after which some modest withdrawal will likely be required…”

“…the Bank continues to expect that the household debt-to-income ratio will stabilize near current levels.”

“…annual average (Canadian) growth is now projected to be 1.5 per cent in 2013” [The BoC’s forecast was previously 2.0%. A 1.5% clip would be the slowest pace since the 2009 recession and suggest little threat of a rate hike this year.]

“The economy is then projected to grow by 2.8 per cent in 2014 and 2.7 per cent in 2015, reaching full capacity in mid-2015”

“…declining mortgage interest costs” have helped “restrain” CPI inflation

“Inflation is expected to remain subdued in coming quarters before gradually rising to 2 per cent by mid-2015”

source of article: www.CanadianMortgageTrends.com

CMHC update

Sat, 13 Apr 2013 14:38:17 GMT

This morning I attended CMHC's presentation on the Victoria Housing Market.

Market update:

What are the factors driving housing demands: economy, employment, population growth, migration, cost of borrowing affects interest rates

$8 billion in projects for Victoria. 34 projects. Great for local economy!

Population growth peak 2009. Since then declining. Now well below 10 yr average by 1%. Result of net migration decline

Cost of borrowing:
Rates low and expected to remain low in sort term

Resale market accounts for 80% of real estate transactions.

Single detached homes account for less 35% over last ten years' average

Condos sales stable over last ten yrs

Presently listings for single detached homes are up 52% over historical average

We are experiencing a buyers market (less than 45 sales per 100 listings)

We would expect prices to decline because it is a buyers market, BUT prices have been increasing over 10% per year.

Since 2009 prices have been stable and higher than historical average, but now all pries are decreasing. They are down 3% when compared to the same quarter last year.

New home construction: when compared to the same quarter last year the numbers are the same. Still below historical average. More rental construction.

The number of houses that have been built and not sold have been increasing since 2009. All types - supply elevated

Rental market: Vacancy rate for Victoria 2.7% which is equal to BC average.

Employment growth for youth declining so this group can't afford to rent so they move back in or stay with parents.

Immigrants to BC usually start by renting and because this number has decreased, rentals have decreased as well

Purpose built rental. Accounts for 1/2 of supply being rented out as of fall last year

Summary:

Sales declining. They are lower than historical average
Large supply of properties are available for sale
Prices stable and have not declined except for last few months with condos
New construction stable

Forecast:

First 6 months of 2013 low activity
Last 6 months of 2013 catching up

Expect economy to improve

Stable prices

2014 slightly better

Highlights of the week

Sat, 13 Apr 2013 13:41:09 GMT

• Canadian housing starts edged up to 184,000 units in March from an upwardly revised 183,000 units in February. Despite the slight uptick in overall starts, this week’s reading puts new housing construction at almost 30% below the level recorded in April 2012.

• The ongoing moderation in new home construction has been widely expected given the strong pace of building that took place last year.

• The Bank of Canada’s Business Outlook reaffirmed the theme of only modest growth this year, but optimism can be taken from the outlook portion of the survey which pointed to a pick up in sales – albeit at a moderate pace – based on improving U.S. demand which is consistent with out forecast.

• Looking ahead to next week, the Bank of Canada will release its Monetary Policy Report on Wednesday, April 17. The Bank is expected to hold its overnight rate unchanged at 1.00%.

info courtesy of TD Economics

Thinking of becoming a landlord?

Fri, 12 Apr 2013 14:05:13 GMT

Great article if you are thinking of becoming a landlord courtesy of Forbes

Purchase plus improvements

Fri, 12 Apr 2013 13:51:24 GMT

Have you ever said "what a beautiful home on a great piece of property, too bad the kitchen is outdated & the orange shag rug clashes with my furniture"?

Well, you are in luck. I have a solution that will not only open the door for you to get into the home with great potential, but it will also save you any inconvenience or hassles of arranging a second loan after the closing. This Genworth or CMHC program can be your answer!

Now you can purchase a home, renovate it the way you like, & pay for it all in one mortgage payment.

All of this can be done by putting down as little as 5% of the "as improved" value.

For example, if you purchased a home for $120,000 & wanted to do $30,000 worth of renovations, Genworth/CMHC will insure your mortgage based on 95% of the "as improved" value. In other words, with a down payment of $7,500 (5%) Genworth/CMHC will insure a mortgage of $142,500.

Call me for more details 250.812.1529

Take a look at our new commercial

Thu, 11 Apr 2013 14:19:00 GMT

click here and let me know what you think...

Is your bank outsourcing Canadian jobs?

Thu, 11 Apr 2013 11:01:33 GMT

You may have heard in the news about the controversial decision by RBC & other Canadian banks to outsource Canadian jobs to foreign workers.

As a mortgage broker I have access to credit unions & specialized mortgage lenders only available through mortgage brokers. These financial institutions fund their mortgages through Canadian Mortgage Bonds & these funds are insured through the Government of Canada.

These are truly Canadian companies who employ and support Canadians. They do not outsource jobs.

There are many aspects to consider when choosing a financial institution for your mortgage.

I can provide clarity in the confusion.

These are some of the biggest financial decisions you will make in your life.

click here to read article about why RBC's outsourcing fiasco matters to Canadians

Greater Victoria real estate sales show spring upswing

Wed, 10 Apr 2013 09:40:56 GMT

Greater Victoria real estate sales picked up in March, but still lag behind last year’s pace, according to figures released Tuesday by the Victoria Real Estate Board. The board reported there were 483 sales last month through its Multiple Listings Service, a 23 per cent increase over February’s sales, but still well behind the 570 properties sold in March last year.

Over the first quarter of last year, there had been 1,439 sales of 3,791 listed properties. Through the first three months of this year, there have been 1,171 sales of the 3,350 listed. The average price per sold unit last month was $455,180, down from $474,656 in 2012. However, the board was focusing more on the spring upswing seen this year.

“The market continues to unfold as predicted,” said president Shelley Mann. “March resulted in the highest number of sales since July 2012 when the lending rules changed.”

Mann said she remains optimistic there will be improvement as the year progresses. “With sales below the historical norm, there is potential pent-up consumer demand developing in the market. We expect quarterly activity to increase over the next two quarters,” she said.

Read entire article here

CMHC Housing Market Information - Victoria

Fri, 29 Mar 2013 14:23:28 GMT

Date Released: March 2013

February 2013 housing starts in the Victoria Census Metropolitan area CMA) were on par with the pace set last year. In line with CMHC’s 2013 forecasts, multiple-family units accounted for the majority of February starts. Single-detached starts added 39 units in February 2013, compared to 33 in February 2012. Multiple-family starts totalled 76 units in February, compared to 83 units reported in February 2012. The District of Saanich recorded 62 of the 115 Victoria CMA starts for the month of February.

read entire report...

5 Debt lessons from Darth Vader

Fri, 29 Mar 2013 14:03:30 GMT

One of the most evil heroes in science fiction history is Anakin Skywalker, aka Darth Vader. He went from being a great man and good friend to betraying everyone he loved and becoming a sinister Sith Lord. Ultimately, the story of Anakin Skywalker is one of redemption. We can learn a few lessons about debt from his tumultuous tale. Anakin's life was full of ups and downs just like your journey to pay off debt. Although things seemed bleak and beyond repair, good forces kept up the fight and triumphed in the end. Here are five lessons about debt we can take away from the Jedi who finally brought balance to the Force.

1. Debt Often Entices You Bit by Bit

Anakin didn't turn to the dark side all at once. No, he was enticed a little bit at a time. Debt is the same way. You consider buying something small with your credit card, telling yourself that you can pay it off soon. Then you buy something else. Soon you are making increasingly large purchases. You tell yourself that you will pay it off in two or three months, but you don't. One day, you wake up and realize that you are so deep in debt that you're not sure you can get out. This is just like when you realize that you're so deep into the dark side that your only option is to kill off nearly all of the remaining Jedi.

Can you afford to buy a home?

Wed, 27 Mar 2013 14:48:37 GMT

By Genworth Financial Canada

The first thing any prospective home buyer needs to do is determine whether they can afford to buy the home they want.

Many people believe they have to save a large down payment, but thanks to mortgage insurance,there are various programs that enable home ownership with a 5% down payment.

A down payment of 20 per cent or more will qualify you for a conventional mortgage. If you have less than that,
mortgage must be insured with a mortgage insurance company, such as Genworth Financial Canada.

Mortgage insurance works by transferring the homeowner’s risk of default from the lender to the mortgage insurer.
This benefits home buyers by allowing them to obtain loans at lower interest rates than would have otherwise be
charged if the lender retained the risk of default.

Once you’ve determined how much you can put toward a down payment, it’s time to approach a qualified
mortgage planner to discuss mortgage options available to you, and create a mortgage strategy that meets your specific needs and goals.

Most mortgage lenders look at five factors when determining whether you qualify for a mortgage loan: your
income, debts, employment and credit history and value of the property you want to buy.

One of the first criteria a lender will consider is how much of your total income you’ll be spening on housing. This
helps the lender decide whether you can comfortably afford to buy a home.

Then the lender will look at your debts, which generally include house payments as well as other monthly
obligations — such as loan payments, charge cards, and child support.

A history of steady employment, usually within the same job for several years, helps you to qualify. But a short
history in your current job shouldn’t prevent you from getting a loan, as long as there have been no significant
gaps in income over the last two years.

Good credit is very important in qualifying for a loan. It's important that you have maintained all your obligations
in a timely manner. The lender will also want to know what the house is worth the price you plan to pay.

A smaller down payment means your monthly mortgage payments will be higher, but it may allow you to purchase sooner rather than later.

Mortgage payments for principal, interest and taxes should not generally exceed 35% of your gross income.
Simply multiply your gross monthly household income by 0.35 to determine your maximum monthly payment.
If your gross monthly income is $4,000, the maximum you can qualify for is $4,000 x 0.35 = $1,4000 each month to cover mortgage payments, condo fees (if applicable), heat and property taxes.

You should also remember that there are other expenses over and above your mortgage payments. These include
land transfer tax and legal fees to close the purchase of your home, as well as other monthly related expenses
such as hydro, water, property tax, moving costs, insurance and household maintenance.
Generally lenders require you have 1.5% of the purchase price set aside for closing costs.

For more information contact Genworth Financial

What are the risks involved with writing an unconditional offer?

Sun, 24 Mar 2013 13:22:08 GMT

MANY!

In today’s competitive housing market, where you may be competing against multiple buyers in a bidding war, you may be tempted or even encouraged to write a “clean” offer to purchase, without including any conditions. This is a binding sales contract once the sellers accept your offer. The most common conditions placed in offers allow buyers time to obtain their financing commitment from their mortgage lender, and may also include a satisfactory home inspection.

The clauses often read “This offer to purchase is conditional upon the buyer obtaining satisfactory mortgage financing by (date) and (time)... failing of which this offer will become null and void and the buyers deposit will be returned in full, etc.”

Once all conditions are met, your Realtor will have you sign a waiver form, as the conditions must be removed within the time period allotted for the sale to become firm.

But what are the risks of writing an offer to purchase without a financing clause? Many.

Let’s say you have a team of professionals who have worked with you to get you as ready as you can be to make that offer to purchase. Your team should consist of an Accredited Mortgage Professional and an experienced Realtor – a Realtor who knows how to present your offer to purchase in the best light and sell the vendors on why they should accept your offer. Your Accredited Mortgage Professional will have pre-approved you to purchase, pulled a credit bureau, provided you with parameters for affordability, assembled your income and down payment verification and provided you with a mortgage pre-approval subject only to CMHC or a satisfactory appraisal of the property. You may be tempted to write an unconditional offer to purchase because your Mortgage Professional has indicated that you look strong and you have passed the test on affordability and credit, right?

But your mortgage financing approval is not based on you alone. The lender and the insurer (CMHC, Genworth Financial or AIG) also need to pass their approval on the property too. The property is the physical collateral for the loan, and your covenant (personal strength credit wise and ability to repay the loan) and the property itself both become part of the approval process. In high ratio mortgage approvals, the insurer (CMHC, AIG or Genworth) have the final say. In conventional properties, the approval will be subject to an appraisal to confirm value.

Here’s what could go wrong:

For example, let’s say you have 5% down payment, plus your closing costs. It is a bidding war, so you come in with your strongest offer, and bid well over the asking price. It is within the price range that your Accredited Mortgage Professional has advised you on the affordability test. The deal is submitted by the lender to CMHC for their approval. CMHC compares the property value against recent and comparable sales in the area, and determines that they will not support the value you offered. They may request a full appraisal of the property. If, for example, you bid $240,000 on the property and CMHC assesses the maximum value of $230,000, they will only allow a maximum mortgage of 95% of $230,000. You would be responsible for the shortfall in the down payment. If the offer to purchase was not subject to financing, and you could not cover the shortfall in the extra down payment, you could be subject to losing your deposit and risk being sued for damages. In reality, you have paid too much for this property and because the offer to purchase was unconditional, the contract would be binding.

Another scenario is that CMHC requests a full appraisal on the property. The appraiser comes back with a report that there is a foundation problem, and they are not willing to insure at all. Or in conventional financing, the value may again effect the purchasers in the amount the purchasers have to provide as down payment.

My recommendation is that if you are requiring mortgage financing, you should always put in a financing condition - for your own protection. If you've written an offer subject to financing and CMHC doesn’t approve the property, you'll be disappointed, but protected. If you've written an offer unconditional and you don't get your mortgage financing, you'll lose your deposit and risk being sued for damages.

I will do a thorough job of getting you as ready as I can for your purchase. All your documentation will be on file before you write your offer, so the financing condition can be completed in just a few days. If you have an experienced Realtor to negotiate with the vendors, writing a financing condition should not prohibit you from getting the home of your dreams. There are many Realtors who are very successful at winning bidding wars that always include a financing condition.

Going shopping? Is it a want or a need?

Sat, 23 Mar 2013 15:02:46 GMT

Stay Away from Temptation

If you find yourself browsing online shopping sites, aimlessly walking through the mall, or your favorite department store when you’re bored there is a good chance you’re going to buy something you don’t really need. Only go to a store or visit online retailers when you are armed with a list of items you actually need to purchase, and never just for research or to pass the time.

Use Cash Only

There are benefits to using credit cards but if you find yourself buying things you don’t need on impulse, you may find switching to a cash-only is a good way to keep your spending in check. If you don’t have the cash available – you can’t buy it. Buying things with cash has an immediate impact on your personal finances where buying on credit lets you delay concern until the statement comes. Plus, nothing feels more real than handing over that real-live money. It’s so easy to separate yourself from (what can feel like) abstract money on the card.

Delay Purchases

If there is something you absolutely feel you must have, delay the purchase for at least 24 to 48 hours. I like to call this “Putting a pause between you and the purchase”. While you are waiting, take a close look at your finances and current debts, read quality personal finance blogs and articles that support your values. There’s a good chance that after your waiting period has passed you will no longer feel the strong impulse to buy the item.

visit this GREAT SITE for more money saving ideas

2013 Budget Highlights

Sat, 23 Mar 2013 10:21:23 GMT

So Flaherty with yet another new pair of shoes and nothing really that amazing (In my opinion), 2013 Budget announced yesterday. What are your thoughts?

Spending restraint

Finance Minister Jim Flaherty proudly noted the budget “contains the smallest increase in discretionary spending in nearly 20 years.” He also said, however, that money transferred to provinces and individuals will not be reduced.

Job training

The key feature of the Conservatives’ budget is the Canada Job Grant. According the budget, the grant “could provide $15,000 or more per person” for short-term training. Only $5,000 would be contributed by the federal government, with matching contributions coming from provinces and employers.

No more CIDA

In what the government calls “international synergy,” the Canadian International Development Agency, which performs essential aid work in developing countries, will be swallowed up by the Department of Foreign Affairs and International Trade. The new entity will be called the Department of Foreign Affairs, Trade and Development. The government says it “will continue to serve the same functions as the old departments.

Help for manufacturers

Manufacturers are among the winners in the budget, with tax relief of $1.4 billion over four years for buying new machinery and equipment.

Cheaper skates?

Tariffs will be reduced on items including baby clothing and sports equipment such as ice skates and golf clubs. It remains to be seen whether the cuts will translate to lower prices for consumers.

Closing tax loopholes

The government will eliminate “unintended tax benefits” that allow some to avoid tax by doing such things as moving money offshore. The measures include paying people who provide information about tax avoiders.

More highlights from the 2013 federal budget:

Ottawa is axing deduction that allows Canadians to claim the cost of renting a safety deposit box. Taxpayers who have investment income have typically been allowed to deduct the cost of safety deposit boxes used to store and protect papers related to that portfolio. But that deduction ends with the 2013 budget.

Commercial parking supplied by municipality, hospital, university, college or school will be subject to the Goods and Services Tax.

Rideau Hall will begin paying the GST and HST on purchases for use by the Governor General. While Governor General David Johnston voluntarily pays the tax on his personal purchases, Rideau Hall has been exempt.

Other key figures from the budget include:

$253 million over five years for affordable housing.

$44 million over two years to improve processing of citizenship applications and another $42 million over two years to enhance processing of temporary resident applications.

$8 million towards the restoration of Toronto’s Massey Hall.

$920 million over five years to renew the federal economic development agency for southern Ontario. Formed in 2009, the agency has funded 341 projects in the region. As well, the budget commits another $200 million for a new “advanced manufacturing fund” to be managed by the agency, to encourage corporate investments in new products or production methods.

$248 million over five years for better weather forecasting. The cash will enable Environment Canada to invest in radars and climate monitoring stations to produce “more timely, accurate weather warnings and forecasts.”

$100,000 Reasons why this Mortgage Alliance customer is smiling

Wed, 20 Mar 2013 10:11:56 GMT

On Monday March 19th, Michael Beckette, President & CEO from Mortgage Alliance presented Maria Teresa Martinez from Toronto with a cheque for $100,000. She had won the company’s 2012 Minimize Your Mortgage Sweepstakes. Since the promotion began in 2007, Mortgage Alliance has awarded $600,000 in prizes…the highest promotional give-away in Canadian mortgage broker history.

Maria’s is a unique and beautiful story that began in a not-so-beautiful fashion. In April 2012 she and her husband separated. As part of the agreement made, Maria would take on an additional mortgage to settle the terms of the couple’s separation. Her first step was to approach her bank branch…where she was immediately rejected but was referred to Eduarda Pita – one of Mortgage Alliance’s top-producing mortgage professionals. Eduarda (Eddie) was able to get Maria the mortgage she so desperately needed. Last month, Maria’s name was selected and today, she was presented her $100,000 Winnings.

In tears, Maria thanked Mortgage Alliance for this blessing after facing such adversity in her personal life.

Plans are already made for part of the winnings including, paying down her mortgage and taking her daughters Kayla & Kathy for a vacation in Portugal.

Mortgage shopping has never been so easy - so what is stopping you?

Tue, 19 Mar 2013 14:17:26 GMT

Is there any reason to take the posted rate today, if you have an Internet connection?

Canadians may finally be grasping the obvious when it comes to how to get the best mortgage rate.

Shop around, or better yet, have your mortgage broker do the work for you!

Savings are basic once you are armed with information about the best rate and the best product. It has never been easier thanks to the Internet.

Google says it saw a 50% jump in the number of people using the term mortgage after one of the major banks announced it was cutting its five-year posted rate 10 basis point to 2.99%.

David Resnick, head of industry and financial services for Google Canada, says consumers actually start ramping up their search engines in January when they begin thinking about buying.

“We are seeing relatively similar volumes in mortgages that we saw last January,” said Mr. Resnick. “Whether it translates into home sales will depend on market forces but there is pent-up demand for housing based on what consumers are searching.”

The searching can yield some considerable savings, based on a recent study of the Canadian Association of Accredited Mortgage Professionals. It found the average consumer was saving 1.85 percentage points on a five-year mortgage in 2012.

read entire Financial Post article

25 Ways to lower your grocery bill

Sat, 16 Mar 2013 11:03:34 GMT

1. Set a Budget, and Stick to It

These are the first and last words in cutting your grocery bill. It's all about goal-setting. You will never succeed unless you define what you are trying to do.

The easiest way to start out with a grocery budget is to save a couple weeks' worth of receipts, calculate how much you usually spend on average, then subtract 10% from that amount. If you easily achieve that, you can go ahead and lower your budget even more.

2. Don't Shop the Same Store Every Week

Shopping multiple stores is key to paying less for groceries, but it's a strategy that many people balk at because it sounds time consuming. Here's the workaround — you don't have to shop at three stores every week, wasting gas and time running from store to store. Instead, be strategic. When your circulars arrive, find the best deals in the stores nearest you, then choose which store will help you save the most this week.

3. Use Coupons

From personal experience, I can tell you that coupons are worth the time they take to clip, print out, or, increasingly, load to a store card. Safeway's Just for U digital coupon program alone promises about 20% savings, and after using the program regularly I have found that it usually saves me more than 20%. Think of it this way — if you use just five $1 coupons per week on items you would have bought anyway, you'll save more than $250 per year.

4. Buy Clearance Items

Some grocery stores regularly put soon-to-expire meat in a special clearance bin, marked 30% or 50% off. Other good items to find marked down are deli items, dairy products, and at some lower-end stores, produce. Personally, I have never had a quality problem with such foods, since I always use them or freeze them immediately. But remember, if you buy something that does not taste good, any decent grocery store will give you a refund or replace it, even if the product was on clearance.

Bolder shoppers don't just look for products marked "clearance" — they ask the butcher or other employees if they can have a discount on something that's soon to expire.

5. Look for Alternative Grocery Stores

Don't walk past a small neighborhood grocery, ethnic store, or dented-can store without checking it out. Ethnic and neighborhood groceries often have excellent deals on meat and produce, while the dented-can outlets and even drugstores can offer deep discounts on canned and boxed goods.

6. Try Amazon

Sometimes Amazon's prices for canned foods, cereal, and other pantry items are sky-high, but sometimes they offer steep price drops and coupon codes. Wantnot.net is a good blog for getting alerts on great Amazon deals.

7. Participate in Meatless Monday

Meat is often the most expensive component of a meal. If you are used to serving meat at every dinner, try going meatless just once a week and see how much you save. You may find you want to add Tofu Tuesday or Steak-Free Saturday to your schedule as well!

8. Stop Wasting Food

You may not be able to control the amount of food that is thrown away at the farm and grocery store, but in your home, you can put a stop to the waste by making sure to use ingredients before they go bad, and by not putting too much food on your plate. One handy tip is to make a weekly meal of a soup or stew that can serve as a catch-all for any bits and ends of ingredients used throughout the week — you may end up with some surprisingly delicious concoctions.

9. Make Economical Substitutions

Make pesto with sunflower seeds instead of pine nuts. Replace expensive or out-of-season vegetables in recipes with the always-cheap carrots or cabbage. Substitute frozen berries for fresh. One substitution that doesn't usually save money anymore is swapping powdered milk for fluid milk — nowadays the powdered stuff usually costs more!

10. Stretch the Meat

Instead of serving whole pieces of meat like steaks or chops, serve casseroles, stews, and other dishes with chopped, crumbled, or shredded meat. That way you can make it stretch and use it more as a flavoring than as a main source of nutrition.

11. Stop Over-Eating

Do you ever make a double batch at dinner so you'll have leftovers to pack in lunches, only to realize that the family all had seconds and there's nothing left? If you're tempted to eat more than you need, try packing away half the food before you put it on the table or putting half servings on your plate. If you're trying to lose weight, this strategy can kill two birds with one stone.

12. Look for Buy One, Get One Free Sales

These are often the best deals in the supermarket, offering a 50% discount on two products. Most other discounts are only 10 to 20%. If your store allows you to use two coupons on BOGO pairs, you can save even more. The ultimate savings is when they let you pair a BOGO coupon with a BOGO sale and take home two items for free!

13. Use the Cash Envelope System

If you find you're spending more than you want at the grocery store, many budget gurus recommend the envelope system. At the beginning of the week or month, put the amount of cash you plan to spend on groceries in the envelope, and ONLY take that cash to the store. No credit or debit cards. If you can, include a little extra in your budget to allow you to take advantage of great, unexpected deals like clearance items.

14. Cut Your Shopping Trips to Once a Month

Some people find they spend less if they limit their "big" shopping to once a month because they're less tempted by impulse buys. If you do this, you'll need to monitor your fresh produce carefully or possibly schedule "milk, bread, and fruit" stock-up trips.

15. Sign Up for a Regular Produce Delivery

This may seem counter-intuitive since many of the community-supported agriculture produce boxes are organic and more costly. But you may find that receiving a regular delivery of produce forces you to cook more veggie-based meals and cuts your spending on meat.

16. Chop Your Own Veggies

If it takes you four minutes to chop an onion, is it really worth it to pay for a tub of pre-chopped veggies? Only if you make a really great hourly wage.

17. Don't Depend on Your Groceries for Your Self Image

Are you shopping at Whole Foods because you really feel it offers the most nutritious and delicious food, or because you feel like you've achieved the status of someone who shops there? Guess what? Just like smart millionaires drive cars with lots of miles on them, smart upper-income families clip coupons (they're the highest-using group!) and buy nutritious, inexpensive foods.

18. Find Out Which Organic Items Really Matter

If you're concerned about pesticide residue on your produce, it pays to check out the Environmental Working Group's list of which foods are most likely to be contaminated. Thanks to this list, I know that springing for organic potatoes and apples is worthwhile, but I don't pay more for organic onions.

19. Investigate Buying Clubs

Does your neighborhood or church have a bulk buying club you can join? This is sometimes a good option, especially for people who want to shop for organic food or non-toxic household products.

20. Make Your Own Bread

One of the easiest things to make from scratch is bread, especially if you have a bread machine. Not only do the ingredients cost less than a store-bought loaf, but a fresh, homemade loaf of bread also brings more enjoyment to a meal than a bag of factory-produced slices.

But what about the cost of the bread machine? No problem. I have picked up several perfectly functional models over the years for less than $5 each at thrift stores. Not convinced? With a "no-knead" recipe, you don't even need a bread machine.

21. Try Costco — With Caution

Costco can be a boon to your budget or a major stumbling block, depending on how you work it. It's a great place to get budget wines, if that's on your list. Personally, I don't have a Costco membership at the moment, but I do appreciate it when a friend with a membership picks up something for me like a large package of flour or baking soda.

22. Drink Water

Not only is it almost free and healthy, but, unlike a certain popular carbonated beverage, two gallons a day won't kill you.

23. Look at What the Rest of the World Eats

Next time you're heading to the grocery store, first look at these pictures of a week's worth of food for families around the world, taken by Oxfam. It just might help you realize you don't need to pile the cart high to enjoy nutritious meals.

24. Layer Your Discounts

It's not just about finding sale prices and coupons. These days, grocery stores also offer occasional basket coupons in their ads or by email, allowing customers to save $50 off a $50 purchase, or so. Then there are the benefits that come after you buy, like Catalina coupons, which print out after you pay and can take $1, $5, or more off your next purchase when you buy select items.

25. Skim the Best Deals Off the Top

Every store offers a limited number of "loss leaders" each week. "Loss leaders" are the deals so good the store may be losing money on them. Their plan is to use these discounts to draw you into the store, where you will proceed to pay full price for lots of other stuff. You can thwart their plan by stocking up on the loss leaders without buying the full-priced stuff. The key is to stock up on whatever's on sale each week, and then next week you can draw on your stockpile in the freezer and pantry to avoid having to buy those things at full price.

article courtesy of www.wisebread.com

25 Painless Ways to Save $50 This Year

Fri, 15 Mar 2013 11:02:58 GMT

1. Frequent Your Local Library

Skip the downloads & bookstores; the library is still free. Your patronage keeps your library healthy & supports the local community.

2. Raise Your Deductible

If you’re a safe driver & are willing to gamble a bit, consider raising your auto insurance deductible. Higher deductibles typically mean lower premiums.

3. Pay for Your Gas at the Pump

Paying at the pump saves you from the carnival of fast food & sugary wonders that await most customers inside every convenience store. Skip the temptation & save a few bucks while you’re at it.

4. Brew Your Own Coffee

5. Skip the Drive-Thru

Nothing suspends good judgment like hunger. Avoid hitting the road on an empty stomach & being tempted at the drive-thru. Those glossy photos of combo meals combined with super-sized options won’t do your waistline or

6. Renegotiate Your Cell Phone Plan

Cell phone companies restructure their plans all the time to stay competitive. Call your provider to see if there’s a plan that will give you similar services with a lower price tag. If you’re near the end of a contract period, use it as leverage as you negotiate a new contract or move to a month-to-month rate.

7. Travel Light

Checked baggage fees aren’t going away any time soon. When you fly, skip the extra charges by packing strategically using only a carry-on.

8. Skype

9. Shop Second Hand

Check out your local thrift store & discover the bargains that await in nearly every department. In most cases, your business will help local charities & keep your consumer dollars at home.

10. Let Your Garden Grow

Growing a bit of your own food can save some serious cash. Take a look at the fruits, veggies, & herbs you eat most often. Do you have room to grow some yourself?

11. Un-Bottle Your Water

Bottled water is a bummer for budgets and for the environment. Pick up a simple filtering system (or go rogue with tap water) & "make" your own.

12. Turn Off the TV

A great person once said "What television proposed, the mall disposed." Commercials & even regular programming are designed to make us want. Flipping off the TV is a revolutionary (& ultimately, a money saving) act. Flip open a good book instead.

13. Cancel That Gym Membership

Have a lingering health club membership that you don’t use but never get around to canceling? Redirect that cash to a TFSA & build your money muscle.

14. Carpool

Ridesharing of any kind helps save money on fuel & wear-and-tear. Set up a carpool program at work or with friends who have similar schedules and save some serious cash by year’s end.

15. Go to Matinees

Want to rekindle the exhilaration of playing hooky as a kid? See a matinee in the middle of the week. Matinees are a great way to reclaim part of your day — at a much lower admission price.

16. Celebrate Small

Does it seem like holidays have gotten out of control? From Valentine’s Day to Halloween and Christmas, folks are spending like crazy on decorations, supplies, or gifts. Scale back, set a budget, & give the gift of less stress.

17. Mow Your Own Lawn

Industrious school kids may hate me for suggesting it, but mowing our own lawns & shoveling our own sidewalks is great exercise. Cut back on expenditures by adopting a do-it-yourself attitude this year.

18. Stay In

Make one date night a month a night to stay in together. Rent a movie & cook up some romance in the kitchen.

19. Go Generic

The labels might be ugly, but the savings are beautiful. If you haven’t already, compare your favorite brands to their generic equivalents. Is there a noticeable difference that’s worth the brand name up charge?

20. Dry Clean Less

Dry cleaning taxes our wallets and the environment. As you replenish your wardrobe throughout the year, gravitate toward clothes that don’t require dry cleaning.

21. Pack a Lunch

It’s common to pack to a lunch for school, work, or a picnic. But why not consider brown-bagging it for a road trip, long commute, or any other time when you’d normally have to eat out? It can save time, calories, & a few bucks, too.

22. Reevaluate Your Cable Service

Believe it or not, a few cable companies are actually customer focused. Making a simple phone call to explore discounts, bundling deals, or promotional offers can sometimes save you cash. Often, just the threat of losing a customer will prompt some companies to give you a temporary deal on rates.

23. Use Cruise Control

If long commutes are part of your routine, depend on cruise control to keep you safely within posted speed limits. These days, one ticket avoided is hundreds saved!

24. Empty That Storage Space

Extra space is great when we’re in transition due to a big move or downsizing, but many of us keep paying rent to storage facilities long after we need to. Resolve to clear out your storage space, move to a smaller unit, or reorganize your home to get that monthly hit off the books.

25. Watch Your ATM Fees

ATM fees can add up quickly & are really just a convenience tax. Draw a line in the sand & make 2013 the year you say "no" to these charges. Organize your withdrawals so you’re using an in-network ATM or withdraw larger sums after each pay cycle so you always have cash on-hand.

Brokers pursue mortgage break for first-time home buyers

Tue, 12 Mar 2013 14:29:43 GMT

Mortgage brokers are pressing the federal government to make it easier for young people to buy their first homes, just as the spring sales season descends and Ottawa prepares its next budget.

Jim Murphy, the head of the Canadian Association of Accredited Mortgage Professionals, recently met with finance department officials in a bid to convince them that their efforts to cool the housing market have gone too far, especially when it comes to the impact on first-time buyers.

Mr. Murphy is asking the government to resume its backing for insurance on 30-year mortgages, as long as the buyer can prove they could qualify for a 25-year mortgage. He is also pushing for an increase to the $750 tax break that first-time buyers receive.

Read entire Globe and Mail article