Page 12 - Sports Energy News, Cornwall, Issue No 133

12 Issue #133 February 2024 www.sportsenergynews.com

Neighbourly
Neighbourly Advice From Our Local Professionals
om Our
Advice Fr
ofessionals
Local Pr

By Brian Johnston Bank of Canada in 2022, borrowers seen their mortgage renew at a higher
Mortgage Specialist faced an additional three quarter- rate.
point hikes in 2023, raising payments The bulk of renewal pain, however, is
2024 INTEREST RATE FORECAST for some variable-rate borrowers and coming up in the next several years.
As we look back at the year that was, those renewing their mortgage. Analysts estimate about $251 billion
we can say 2023 was a year that tested While mortgage delinquency rates in mortgages will come up for renewal
the resilience of Canadian mortgage
have risen slightly from their record in 2024, with another $352 billion
holders. And as we look forward, lows, borrowers have largely proven worth in 2025.
there’s optimism that 2024 will be the
resilient thus far. By the Bank of While the Bank of Canada expects that
year of rate relief. Canada’s own estimation, roughly at least eight in ten mortgage holders
Building on the 400 basis points worth of rate hikes by the 40% of mortgage-holders have already Continued on page 22

By Michael VanderMeer although there are still some that have every two to three months to make sure
Real Estate Agent dug wells. Dug wells are more likely to that your drinking water is free from
take on surface water which can contain bacteria and E. coli. In most cases a
WELL WATER - WHAT YOU bacteria and, in some cases, E. coli. In drilled well will only need to be tested
SHOULD KNOW most cases drilled wells provide safe, once or twice a year.
When buying in an area not serviced clean drinking water but occasionally If you have tested your well water and
by municipal water your water supply can get contaminated as well (pardon it is contaminated, there are a couple of
usually comes from a well. Most the pun). In the case of dug wells you options that are available to make your
of these homes have drilled wells, should test your water a minimum of Continued on page 22

Max Ming P.Eng. CFP ® Many people take a hurried approach receive your benefits, you end up
Financial Planner when accessing their benefits. losing a significant portion back to
WHEN SHOULD RETIREES For some, CPP is something they the Government in income taxes.
BEGIN CPP AND OAS? want to access as soon as possible, It is likely that you have been

The decision on when to start since they have been contributing contributing to CPP on every
your government benefits, namely their entire life and cannot wait paycheck as long as you can
to “get something back from the remember. Inevitably, this has
Canada Pension Plan (CPP), and
government” as soon as possible. become an asset of substantial

Old Age Security (OAS), will likely be one of your CPP/OAS payments are fully lifetime value. We encourage you
biggest decisions in retirement planning. Why? taxable income, meaning if you not to view this as a government
are still working when you start to
Continued on page 22

With our 2024 “Just Homes Listing Program”, Homeowners will never pay more than

3 3/4%+ HST commission which includes full weekly local newspaper

Owned and Operated by M. Jean Cameron Real Estate Limited advertising until sold, internet promotion and even an open house program when needed.
Serving the Community since 1959
613-933-3283 The savings may not stop here. When we sell your home directly to a buyer
check us out on the web at: without another real estate brokerage involved in the sale, we further reduce our
www.soldsmart.ca
sandy@homesnet.ca commission to only 2% + HST
“Not intented to solicit properties already listed for sale”