Want To Better Understand Debt Consolidation? Check This Out

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With such high unemployment rates, many people have been forced to go into debt. If you are currently paying off a variety of loans, one thing you should consider is debt consolidation. By consolidating all of your debt into a single loan you may be able to save a considerable amount of money. Read on to learn how debt consolidation can help you.

You should order a copy of your credit report before looking into debt consolidation. In order to resolve your debt, you must first know how you got yourself in debt. Assess your debt and document how much you owe and who it is owed to. You're not going to be able to develop a solid plan in which you make different choices in the future if you don't do all of this.

When it comes to debt consolidation, try renegotiating with your creditors. They might require that you incur no extra debt while you try to pay off what you already owe. They're not under obligation to agree to renegotiation, but it can be to their advantage, too. Being a bit flexible can boost their chances of eventually collecting all of the debt.

Debt consolidation works best when applied to credit cards. If you have significant balances on various cards, you're probably paying way too much in interest and could benefit greatly from a debt consolidation loan. See if you can't combine all of the debt into one payment with a favorable interest rate, and limit your credit card spending once that is accomplished.

As mentioned in the opening of this article, if you are struggling with a great deal of debt, debt consolidation may be just what you need. Although debt consolidation can often seem very confusing, it isn't as complicated as you think. By carefully applying the tips from this article you will be able to successfully consolidate your debts.

Home Improvement Suggestions You'll Be Dying To Try

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Home improvement can be very fun, for the novice and professional alike. You shouldn't be persuaded by the home improvement stuff you see on TV. Not all home improvement jobs are massive and entail hiring expensive crews. Look at this article to learn about the home improvement process. There are a few ways to deal with screws that are too tight or too loose in your home. Use clear nail polish to tighten screws that are too loose. To loosen screws that are too tight, try adding peroxide or ammonia, letting them soak for just a few minutes before attempting to unscrew. Patch holes in drywall using mesh. First spread a layer of drywall mud into the hole and around its edges. Then press the patch into the mud so that it adheres evenly to the surface of the wall. Trowel the mud carefully over the patch, allow to dry, and then sand to smooth. When it comes to home improvement, consider adding more fans to your house to help during the warm months. This is important because running fans will cost considerably less than air conditioning, and provide a cooling benefit as well. Remember also that a fan only provides cooling benefit when you are in the room, so turn it off if the room will not be occupied. Having a small kitchen doesn't have to be all bad. Since you have limited surfaces and space to work with, make sure to purchase a sink with a deep bowl. Then add some elegant high- end faucets to match the rest of your kitchen. You can easily create a feeling of space without having to compromise the rest of your home. In conclusion, making home improvements is wonderful for anyone to do. All you need is a little information and you'll be on your way in no time. Keep all of the tips fresh in the front of your mind and start chopping away at the needed jobs once they've had time to soak.

Real estate making us richer

 

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We’re getting richer – and the biggest money maker is our homes, says a new Statistics Canada report.

The median net worth of Canadian families of two or more people was $243,800 in 2012 -- up 44.5 per cent from 2005 and almost 80 per cent more than the 1999 median of $137,000, adjusted for inflation, the Survey of Financial Security shows.

The overview of Canadians’ financial footing, released Tuesday, also showed that overall debt grew at a faster pace than assets. But because assets are far larger than debt, net worth still increased.

“Canadians are clearly choosing to invest in real estate at the expense of mutual funds, stocks and bonds,” says TD economist Leslie Preston.

The increase in the value of principal residences rose 52 per cent from 2005 to 2012 as the average price of a home in Canada increased 45 per cent over the same period and home ownership became more widespread.

And the percentage of Canadian families who list a principal residence as an asset has steadily increased from 59.6 per cent in 1999 to 62.5 per cent in 2012.

For those who owned their homes, the median reported value of the residence was $300,000, up 46.6 per cent from 2005 and 83 per cent from 1999.

“There are doubters and skeptics that say the housing market is not sustainable, but we don’t see a bubble coming,” said BMO senior economist Robert Kavcic.

“But the debt will persist even if asset rates fall,” he cautioned.

Overall, total family assets in Canada rose to $9.4 trillion in 2012, with the value of the principal residence representing one third.

“Interestingly other real estate assets such as cottages and rental properties also posted a sizeable 70 per cent increase from 2005 to 2012,” noted Preston.

The study also found nearly 20 per cent of Canadian families own real estate other than their primary residence, up two per cent since 1999.

The largest dollar increase in assets outside real estate is in private pensions, including employer pension plans, RRSPs and RRIFs, says StatsCan, noting this is due to the aging population.

The in-depth survey also gives the first glimpse of investments in Tax-Free Savings Accounts (TFSAs), introduced in 2009. While they make up a very small share of total assets (0.7 per cent), they are widespread, with one third of families holding TFSAs with a median value of $10,000.

The study found that net worth varied greatly depending on age, province and the makeup of the family.

It was highest for families where the person with the highest income was 55 to 64 years old ($533,600) in 2012, which is almost three times higher than for families where the highest income recipient was 35 to 44 ($182,500).

For senior families, or those where the highest income recipient was 65 or older, net worth was lower ($460,000) as they begin to draw on their assets in their transition out of the workforce, the report says.

Among families of two or more people, lone parent families had the lowest in 2012 ($37,000) and senior families had the highest at $650,400. Among unattached people, seniors ($246,000) had a substantially higher net worth compared with non-seniors ($22,700).

British Columbia families reported the highest at $344,000, more than double the median of those living in Newfoundland and Labrador ($167,900) and Prince Edward Island ($150,300).

After B.C., families living in Saskatchewan had the next highest at $271,400, followed closely by Alberta ($267,500) and Ontario ($265,700). However families in Ontario had the largest share of total net worth in Canada, holding $3.1 trillion, or 39 per cent of Canada’s net worth in 2012.

Selling Real Estate Can Be Easy, If You Follow These Tips

When it comes to selling real estate, your results are only as good as the amount of effort that you put forth. The seller who is most informed and educated will often reap the highest profits. Keep reading for a diversity of tips that will educate you about the complex world of real estate.

When your property is inspected, you should be present. If you have an inspector that tells you that you need not be present, a red flag should go up. The advantages to being present are that you know the inspection is thorough and it is a good time to learn about your investment.

Windows are an important part of selling your house. Make sure they're nice and clean both inside and out. If they're old, try to fix them up with paint or replace them. You'll also want to make sure the drapes are wide open to allow natural light into the room.

If you are selling your home, make a plan before listing it. Find a listing price but also find a price that you are willing to let your home go for. Set some dates to hold open houses, prior to listing so that you can be sure to be ready for the day when it comes.

Buyers will appreciate any information you can give them when they are purchasing a home. For example, maintain a listing of the jobs that contractors have done on the property, along with the contact information for the contractors. Your buyers should get a good idea of the kind of maintenance needed.

Getting a good education about real estate will ensure you make as much profit as possible. This article serves as a great start for you, but keep in mind that there is always more to learn. There is a ton of information to those committed to maximizing their selling efforts.

Canada’s New Home Prices See Moderate Gains In December

New home prices in Canada climbed 0.1 percent in December from November, as expected, for an average annual increase in 2013 of 1.8 percent, the slowest since 1999, according to Statistics Canada data released on Thursday.

The monthly advance matched the median forecast in a Reuters poll of analysts and reinforces the view that the country’s housing market is stabilizing after a recent boom.

The closely-watched Toronto-Oshawa region was the top contributor to the monthly advance in the new housing price index with a gain of 0.2 percent in December and of 1.4 percent year-on-year.

Vancouver, another hot market for real estate, saw a 0.1 percent monthly decline in prices and a 1.1 percent decline from a year earlier.

Nationwide, prices rose 1.3 percent in the 12 months to December, down from 1.4 percent in November and the fifth straight month of slowing growth.

Overall, prices were unchanged in 11 metropolitan regions, down in five and up in five.

The Canadian government has intervened in the mortgage market several times since 2008 to cool the sector, and most economists expect a gradual softening rather than a U.S.-style crash.

The new housing price index excludes condominiums, which the government says are a particular cause for concern.

Visit Dominion Lending Centres Mortgage Village to consult a mortgage professional.

Canada Scraps 'Millionaire Visa,' Sends B.C. Property Market Reeling

Real estate agents in Vancouver say property prices could take a hit, after Canada scrapped a program which allowed wealthy immigrants to fast-track the visa process.

The Immigrant Investor Program, launched in 1986, offered visas to business people with a net worth of at least $1.6 million who were willing to lend $800,000 to the Canadian government — for investment across Canada — for a term of five years.

By 2012, the scheme had to be temporarily frozen due to a huge backlog of applications from wealthy mainland Chinese hoping to come to B.C. Now, the government has announced it will end the program for good and scrap all 59,000 applications backlogged worldwide.

The decision came less than a week after the South China Morning Post published a series of exclusive investigative reports into the controversial scheme.

Property prices could take a hit

In West Vancouver, real estate agent Clarence Debelle is still receiving offers from mainland China for luxury property, but she’s concerned the end of the investor program will have an impact on the local economy and the high-end housing market.

“I deal directly with these people who bring a lot of wealth, who are creating lots of jobs for local Canadians — builders, trades, architects, realtors like myself,” said Debelle.

“Most of the buying is coming from Chinese immigrants who are wealthy, so if we make it difficult for them to come into this country, we have killed 80 to 90 per cent of the buying in West Vancouver.”
Immigration lawyer Richard Kurland agrees.

“When you suddenly stave off the intake of literally hundreds of millionaires in the Vancouver property market, prices can only go one way and that’s down,” said Kurland.

Market impacted by more than investors

Others aren’t so sure. Even with the investor program frozen, housing prices continued to rise.
Tom Davidoff with UBC’s Sauder School of Business says the market is driven by other things like low interest rates and the local and global economies.

“Given that in the last couple of years, we haven’t seen the market cool off, it’s hard to believe that freezing the investor market is going to kill even the high-end in Vancouver,” said Davidoff.

The government has also announced the end of the Entrepreneur Program, a smaller scheme for business people who plan to own and manage a business in Canada.

However, wealthy investors can still come to Canada through the Start-up Visa Program, which encourages immigrant entrepreneurs to partner with private sector organizations to invest in local start-ups.

Visit Dominion Lending Centres Mortgage Village to consult a mortgage professional.

Foreign Worker Program Works Fine, If Properly Done, Unions Say

EDMONTON - While the federal government’s temporary foreign worker program has been criticized for allowing some firms to undercut Canadian wages and lay off staff, two unions support the program in principle.

“Some trades cannot supply the manpower needed during peak periods, and for us that is spring and fall when energy firms do their turnarounds and close for several weeks,” said Joseph Maloney, an international vice-president of the Boilermakers union.

His union trains boilermakers and works closely with “quality contractors” to ensure properly trained staff are available. And when they are short, they use the TFW program.

“We bring in about 400 journeymen in the spring and fall from our pools in the U.S. and Ireland, where they are trained to the same standards as Alberta boilermakers and welders. When they come they are paid the same as Canadians and are treated the same,” he said.

“When properly used, this program is able to assist contractors and unions to get these jobs completed on time and on budget, and safely.”

The Ironworkers union, which saw 65 of its members laid off last week and replaced by Croatian TFWs, still supports the program, says Harry Tostawaryk, business manager of Local 720.

“We assist contractors, we go to trade fairs, and we work with them to ensure workers meet the criteria,” he said.

But the problem with the Pacer-Promec Joint Venture (PPJV) at Imperial’s Kearl oilsands project goes back several months when Tostawaryk said his union “told (PPJV) that the Croatians did not meet the standards, but they brought them anyways.”

The federal government has promised to investigate this incident and Tostawaryk said that will impact other companies.

“The other contractors who are doing the program correctly, the PCLs, KBRs and Horton CBIs, will have a harder time bringing people in here because the government is going to scrutinize more.”

Tostawaryk said none of the ironworkers who were laid off last week have been called back, and the Croatian workers are still on the site.

“Some of the guys want to go back to the (PPJV) project, but others have taken other jobs. I told them that if (PPJV) called we would work with them and get them back, but other contractors have also put in extra calls to pick up these (laid off) ironworkers.”

Meanwhile, Alberta Federation of Labour president Gil McGowan said Monday that the actions of PPJV are “a perfect example of how this (TFW) program is being used to drive down wages. And this situation is not unique. This is happening at work sites all over the country because this is how the TFW program is designed to operate,” he said in a statement.

Visit Dominion Lending Centres Mortgage Village to consult a mortgage professional.