Page 12 - Sports Energy News, Cornwall, Issue No 131

12 Issue #131 December 2023 www.sportsenergynews.com

Neighbourly
Neighbourly Advice From Our Local Professionals
Advice Fr
om Our
Local Pr
ofessionals
of whom are set to renegotiate loans at mortgage renewals in the next eighteen
By Brian Johnston
Mortgage Specialist potentially higher rates. months. Many can expect significantly
“The thing that I hear the most right now is higher monthly payments as a result. That’s
With millions of mortgages coming due, people are concerned about interest rates, causing anxiety among homeowners, some
of whom told CBC News they expect to make
finance minister expects banks ‘to work especially people who have mortgages and significant lifestyle changes to accommodate
with’ Canadians are concerned about the renewal of their the higher cost.
mortgages,” Freeland said in an interview.
New mortgage charter isn’t binding, but “And I think that is very understandable,” Bikramdeep Singh told CBC News in
Freeland believes lenders will follow it.
she told CBC’s chief political correspondent Vancouver that he expects his mortgage
Finance Minister Chrystia Freeland expects Rosemary Barton. payments to rise by 30 to 40 percent when
banks will follow a new series of rules and it is renewed next year. “That’s going to
A report released by Royal Lepage suggests
guidelines designed to protect Canadian homeowners, millions over three million Canadians are facing Continued on page 18

By Michael VanderMeer you must either self-represent yourself or other buyers such as price, conditions,
Real Estate Agent sign a Buyers Representation Agreement. inclusions etc. The only thing the seller
If you missed my commentary in cannot disclose is any information that
CHANGES IN REAL ESTATE
October’s issue, you should contact your could identify the buyer. The choice to
On December 1st, 2023, some major agent to find out how these changes could share this information is totally up to the
changes occurred in how agents interact affect you. seller and the seller can decide to do this
with consumers when they are buying or
Another major change is the disclosure at any time during the listing or any offer
selling real estate. I commented on the of certain items in an offer from the presentations. This apparently has been
removal of customer service to buyers in
seller. Now sellers can disclose certain done so that no crazy bidding wars will
October’s issue. Now if you want to use a realtor to buy a home things in offers they have received to Continued on page 18

is that if you don’t have enough money John - In Year 1, John begins making
Max Ming P.Eng. CFP ®
Financial Planner to start investing now, it’s better to annual contributions of $5,000 for
contribute more later and catch up on ten years. He stops investing after ten
TIME IS MONEY
We understand its not easy to view what you’ve missed. In fact, one of the years and holds on to the investment
small contributions to an RRSP, best ways to build your wealth is to start for a further ten years. His end value at
TFSA, or company pension as life as soon as you can – even if it’s only a year twenty is around $135,000.
changing, our job as financial advisors small amount. Take into consideration Jane - In Year 10, Jane worries about
this hypothetical example. We have
is to educate clients on how they can retirement so she starts making annual
two investors, John, and Jane, who contributions of $10,000 for ten years.
achieve financial independence. both hope to retire in twenty years and She ends up with the same as John
It’s very easy to put off investing. The common perception both of their investment plans generate at year twenty, but she had to invest
the same 7% return. Continued on page 18

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