Surveying Canadians About Debt

Debt is on Canadian’s minds according to a survey conducted by Manulife which, rather alarmingly, is called “Is Household Debt Cracking Canada’s Financial Foundation?” The survey claims two in five of their respondents are worried they will not get out of debt in their lifetime.

However, it goes on to stipulate that most Canadians are comfortable with their mortgage obligations; 73 per cent stating they feel “somewhat or very” comfortable with the amount they owe on their mortgage, and 22 per cent saying they feel “very” comfortable.

How many Canadians currently have a mortgage? 42 per cent own a house or condo and are paying a mortgage. Breaking it down by demographic, 58 per cent of the Gen-Xers, 46 per cent of the Millennials and 30 per cent of the Boomers. They lower number of Boomers with a mortgage is partly because more of them managed to pay it off.

Greater Victoria Neighbourhood: View Royal

View Royal is an attractive, largely residential community in the centre-west part of the Capital Region traversed by Highway 1 (Trans-Canada Highway) and the Island Highway. View Royal contains a rich variety of ecosystems including the salt-water environment of Esquimalt Harbour and Portage Inlet, the blending of salt and fresh waters in Craigflower and Millstream Creeks and their estuaries, and the freshwater ecosystems of Thetis, Prior and McKenzie Lakes. The terrestrial environments are equally interesting and varied, ranging from the moist Douglas Fir forest habitat to the drier, rockier areas that produce the unique Garry Oak meadows.

View Royal is divided into eight neighbourhoods which include Atkins, Burnside, Craigflower, Harbour, Helmcken, Hospital, Thetis and Wilfert. The Victoria General Hospital is centrally located and is one of the largest employers on Vancouver Island accounting for at least one third of the approximately 4,000 jobs in View Royal. Elements Casino on the Island Highway is another large employer and a fun, high energy venue for evening entertainment.

There are many things to enjoy in View Royal. It contains numerous municipal parks and 25 kilometres of trails. The well-known Thetis Lake is along with McKenzie and Pike Lake are contained within the municipality. Beautiful ocean shorelines include sandy beaches with fun-to-explore small caves, large driftwood piles and rocks, starfish, crabs, seals and an abundance of marine life.

Two historic “road houses” or pubs include the Four Mile Pub & Six Mile Pub. both have existed for approximately 150 years.

Craigflower Manor & Schoolhouse Is National Historic Site of Canada as one of four original farms set up by the Hudson's Bay Company which housed the McKenzie family in the Manor, a saw mill, a flour mill, a blacksmith's shop, a brick kiln, slaughterhouse and a general store.
Schools in View Royal include View Royal Preschool and Elementary school, Eagle View Elementary School and Shoreline Community Middle School.

View Royal is a centrally located community gem well worth considering as your next place to live.

FortisBC on Upgrades to Older Apartment Buildings

A new study by FortisBC found that upgrading older apartment buildings and making them sustainable will not only contribute to the reduction of carbon emissions, but also help owners reduce maintenance costs.

Based on the estimates of the study, simple energy-efficiency upgrades have the potential to reduce carbon emissions in British Columbia by about 200,000 tonnes annually, which is equivalent to removing 43,000 gasoline-powered cars from the road.

Around four in five rental apartments in BC were built more than three decades ago to lower efficiency standards, said FortisBC director of conservation and energy management Danielle Wensink.

In 2015, FortisBC began its Rental Apartment Program to help owners in the province upgrade their apartment buildings. The program helps replace ageing and less-efficient boiler systems. Since its launch, it has helped more than 800 buildings across the province receive upgrades like energy-efficient taps, faucets and showerheads that reduce water consumption and energy usage.

One of the achievements of the program is the reduction of domestic hot water-energy use by an average of about 12% per year. The water savings reached the equivalent of filling close to 110 Olympic-sized swimming pools or running a garden hose non-stop for over 20 years. It has also lowered carbon emissions by almost 15,000 tonnes.

Read more at: https://www.fortisbc.com/news-events/media-centre-details/2019/11/12/new-data-from-fortisbc-reveal-the-impact-of-making-older-apartments-more-sustainable

Growing population, declining mortgage rates speed up B.C. housing recovery

Bryan Yu is the Deputy Chief Economist for Central 1 Credit Union. Speaking on a report recently released by Central 1, he predicts a stabilization in the pricing along with some upward momentum in the housing market throughout the province.

A tight labour market, immigration and population growth and low mortgage rates are working together to build momentum.

Read the full article here: https://www.timescolonist.com/growing-population-declining-mortgage-rates-speed-up-b-c-housing-recovery-1.24017939?fbclid=IwAR0K41yxGzvyGV7aMoWbsFsoBIEr7Tm5Ho70wlARuvPzST7zASu6pQaMas8

Gingerbread for Christmas Event

Love gingerbread houses?

Check out The Habitat for Humanity Gingerbread Showcase, presented by Revera. It’s the ultimate holiday treat full of sensational edible creations which you can donate to vote for your favourite.

All the proceeds support Habitat’s affordable homeownership program. The Gingerbread House Showcase is at the Parkside Hotel and Spa – 810 Humboldt Street.

More info at https://www.habitatvictoria.com

Looking at Timeshares Outside of Canada? Three Things to Consider

When you want to travel and spend some time in warmer places, but you can’t get away for an extended period, purchasing a timeshare may seem like the perfect solution. However, many people may not be aware of the potential complications associated with purchasing and/or selling a timeshare located outside of Canada. Here are the three main challenges:

1. Obtaining a legal opinion is the most significant issue. Lawyers in Canada are not permitted to provide advice on the law in other jurisdictions. If you’re looking at a timeshare in Mexico, you need a lawyer licensed in Mexico to provide a legal opinion. Unfortunately, it can be difficult to know which law firms in other countries will be able to best assist you if you’re unfamiliar with the area. You might also face a sizeable retainer fee up front to ensure the legal bills are paid, given that you reside in another jurisdiction.
2. The decision to purchase a timeshare is often based on the belief you can save money in the long run. That might be true but remember timeshares might be overpriced due to the sales commission inherent in the charge. Don’t sign until you’re satisfied with your own research.
3. Selling your timeshare and/or terminating the contract early will depend on the documentation you signed when you purchased the timeshare. There are often clauses included in the contract that either do not allow for early termination of a contract, or require you pay a hefty penalty.

My purpose isn’t to dissuade you. A time share might be a good idea for you and your family. The best advice I can give, as always, is do your research – especially when you’re facing high-pressure sales tactics.

Reference: http://www.rbc.com/economics/economic-reports/canadian-housing-forecast.html

RBC Economist Predicts the 2019 Canadian Housing Market is a “Turning Point”

RBC Economist Predicts the 2019 Canadian Housing Market is a “Turning Point”
A report from senior economist Robert Hogue, reflects on a year where the Canadian Housing Market faced challenges but also saw a return to more normal conditions with inventory tightening, buyer demand and prices rising.

He notes that sales in October were 7.3% above the 10-year average and prices increased 1.8% year-over-year as the pace increased over the past four months.

He highlighted the scant housing inventories in Ottawa, Montreal, and Halifax and tightening inventory in Toronto and Vancouver.

However, he stated the market is in better shape than it was at the start of 2019 due to low mortgage rates, solid labour markets, and strong population growth in Canada, with the exception of the prairies where sales and prices continue to lag.

His 2020 Predictions:

• Outside of the Prairies, demand and prices will rise at a moderate pace.
• Affordability in Toronto and Vancouver will continue to be a concern even after improvement in 2019.
• The housing market should be further supported by any expansion of the first-time homebuyer incentive.

Reference: http://www.rbc.com/economics/economic-reports/canadian-housing-forecast.html