All young adults who think they’re getting a raw deal in today’s economy, let me tell you about how it was back in my day. In 1984, my final undergraduate year of university, tuition cost more or less $1,000. I earned that much in a summer without breaking a sweat. When I went looking for a new car in 1986, the average cost was roughly half of what it is now. It was totally affordable. The average price of a house in Toronto back in 1984 was just over $96,000. I wasn’t buying just then, but it’s worth noting that the average family after-tax income back then was close to $50,000. Buy a first...

Read this interesting article about how the Canadian government is working to cool off the hot housing market without directly raising interest...

The federal Financial Consumer Agency of Canada has produced this guide to help students and their parents plan financially to cover the cost of university or college. Paying for post-secondary education Post-secondary education is a major expense, whether you choose to study at a university, a college or learn a specialized trade.  Coming up with the money to pay for school can be a big challenge for both students and parents saving for their children’s future. FOR STUDENTS For the majority of students, personal savings alone will not be enough to cover the cost of a post-secondary education. ...

Allison Woollard managed to fund two degrees, travel to Europe, buy a car, and invest in a condo before turning 24. Ms. Woollard, now a teacher in the Greater Toronto Area, says she learned most of her basic financial knowledge from reading personal finance magazines and books, and watching TV shows like Til Debt Do Us Part. She says early on she developed a strategy to prioritize, save, track her spending, and to find and make more dough. Her top priority was to graduate debt-free, but it was also a dream to travel and spend three months in Europe prior to starting teachers college. Her dream trip...

This week I put on a jacket that I haven’t worn for quite a while, and when I reached into the pocket I found a $20 bill. What a great feeling. You gotta love found money. A tax refund is a lot like that. If you’re getting a refund, the money was always yours, but you’re now being reacquainted with those dollars – and I know it feels pretty good. Setting aside the fact that you were actually lending the government your hard earned money, free of charge, have you given thought to what you’re going to do with your tax refund this year? Consider these 10 possibilities. 1. Pay down bad debt. Bad...

Greater Toronto REALTORS® reported 10,350 transactions through the TorontoMLS system in April 2012. This level of sales was 18 per cent higher than the 8,778 firm deals reported in April 2011. The strongest sales growth was reported in the single-detached market segment, with transactions of this home type up by 22 per cent compared to a year ago. “Interest in single-detached homes has been very high, both in the City of Toronto and surrounding regions. Growth in single-detached listings has not kept up with demand, which means competition between buyers in this market segment increased. With this...

With the largest number of buyers actively searching for a new home during the months of April, May and June, staging your house will help you stand out above the flood of listings in the real estate market. Homes.com provides you tips to help make your house look bigger, brighter, cleaner, warmer, and most importantly, it makes homebuyers want to buy it. Click here for video to help you stage:

All loan details should always be in writing. A mortgage is usually the largest financial commitment a person will make. The interest is far more than any other debt, yet it is troubling that many of the details involved in mortgage applications are poorly explained — if at all — to those applying for the loan. Many people buying their first home do not have 20 per cent of the purchase price to use as the down payment and must take out an insured mortgage in order to get the loan. You can obtain this insurance through CMHC or Genworth Financial. This will typically add 2 to 3 per cent to the loan....

Be careful with basement apartments and homes rented to students. Although these units can provide additional income, you must make sure that they are legal, comply with the fire code and have any required licenses to operate. Many people think being a landlord and investing in real estate is a way to make easy money. It can be financially rewarding if you do your homework and reduce your risks. But easy, it isn’t and it can lead to financial ruin if not done properly. Moneyville columnist Alison Griffiths wrote about her adventure as a landlord earlier this year. It’s a humorous look at what can...

Your home is your single biggest purchase and the things inside it, probably number two. So when it comes to insurance, making sure your home and possessions are protected is important. Here are ten things you need to know. 1. What if my house burns down? The cost to rebuild your home plays a big role in determining the amount you pay for home insurance. Insurance companies use a formula to figure that out, but since there are several industry approved calculation methods the cost may differ from one insurer to the next. Ask your broker or agent to explain which method they use and the assumptions. 2....

Ask a Realtor: Should I Buy a Condo or Co-op? Perhaps you’re thinking of downsizing since you don’t need the four-bedroom house anymore. Sick of shoveling the snow? Want more time to travel? A hassle-free condo lifestyle might be what you’re looking for. Condos and co-ops are both good alternatives to owning a house, but there are pros and cons to both. Condominium apartments A Condominium apartment (condo) is the most common type of apartment ownership and is governed by the Condominium Act, a piece of legislation brought into effect in the 1960s and updated in 1998. Each unit is...

The decade’s most ignorable piece of financial advice: Pay down your debts before interest rates rise. You’ve heard this warning a hundred times, you ignored it and rates held steady at historic lows. Now, the Bank of Canada is signalling that borrowing costs could rise if economic conditions keeps improving. Here are 10 reasons not to tune out this time around: 1. Rates will eventually rise – it’s inevitable Financial stress now seems a permanent feature of the global economy. Will China’s economy stall? Will Europe’s debt problems worsen? Can the United States address its debt problems...