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Helping Adult Children Buy A Home

With the average price of a home in Canada costing roughly $530,000 in 20201, it's getting harder for first-time buyers to enter the market. This is likely why a growing number of parents are stepping up to help their adult children purchase a home. While it's admirable to offer this level of support in an increasingly expensive world, it's also a complex decision that both parents and their adult children should ponder carefully.

Is Inflation Missing?

Many commentators are expecting increased inflation in the coming months as Central Banks globally have ramped up their money creation efforts in response to the increased market volatility last March. There are different types of inflation, but most people have experienced price inflation, whereby excess demand is met by rising prices. The next round of anticipated inflation could be different than what most people are familiar with.

Holiday Spending Strategies

The holiday season is a time for connection and giving, but it can also be costly. According to PwC Canada's 2019 Holiday Outlook report1, Canadians spent an average of $1593 on holiday shopping last year. As this year's present buying season begins, here are some helpful tips that could help you avoid overspending and taking on consumer debt that could follow you into the new year.

Protect Yourself From Scams

According to the Canadian Anti-Fraud Centre, 45,000 Canadians lost more than $96 million to online and telephone scams in 20191. These stats are rising dramatically in our post-COVID reality. In April 2020 alone, there were 6566 reports and 2317 victims defrauded of over $8.3 million. The isolation and anxiety brought about by the global pandemic have inspired con artists to up their game against unsuspecting victims.

A State of Financial Wellness

Money has long been the number one stressor for many Canadians, and there's no doubt that COVID has magnified this reality. It has upended jobs, security, health and financial stability for people across the country. Millions of Canadians are struggling to cover their bills. In March of 2020, 49% of Canadians were just $200 from financial insolvency1.

Simple Strategies To Save On Your Mortgage

Buying a house is usually the most significant investment decision anyone ever makes. Owning a house also tends to have an outsized impact on a person's overall financial strategy during their lifetime. Buying wisely and choosing the right debt strategy can get you mortgage-free faster. By just following a few simple strategies, you could live in the home of your dreams, shave years off your amortization and save tens of thousands of dollars in interest.

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