Page 6 - Sports Energy News, Cornwall, Issue No 134

6 Issue #134 March 2024 www.sportsenergynews.com

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

By Brian Johnston options. The three-year fixed option remained
Mortgage Specialist Lower interest rates on the variable side the most popular mortgage type among
at some point in 2024 appear inevitable clients in the opening months of the year,
DO MORTGAGE BORROWERS WANT as the Bank of Canada eyes a likely cut allowing them to lock in fixed rates while
SHORT-TERM FIXED RATES? in the middle of the year. Still, the current anticipating much lower rates at refinance
The popularity of fixed-rate mortgages spread between fixed and variable remains time in three years. “What clients are
with terms shorter than five years surged sizeable enough to convince mortgage doing is they’re kind of comparing three-
in 2023 – and that’s a trend that appears shoppers that the former remains the best year fixed in the low-5% range to variable
to have stretched into this year, with option, according to a leading Ottawa- rates in the low-to-mid sixes, and that
borrowers still gravitating towards these based broker. spread is pretty hefty.”

By Michael VanderMeer Representation - the office is the agent, Representation which I will address in
Real Estate Agent so everyone within that office is deemed Part Two of this series.
to be working with anyone who has Buyers and sellers must understand and
BUYERS AND SELLERS - MULTIPLE signed a listing or buyers’ representation acknowledge that the brokerage must
REPRESENTATION agreement. Multiple Representation can be impartial when representing both the
When a Real Estate company has also occur if an office has more than one buyer and the seller and equally protect the
representation contracts with both the buyer client offering on the same home - interests of both parties in the transaction.
buyer and the seller, it usually becomes even if that home is listed with another The brokerage shall have a duty of full
Multiple Representation. Even though company. There are some instances where disclosure to both the buyer and seller,
it is two separate realtors in the same you can have a buyer and seller from
office, it is still considered Multiple the same office, but it is not Multiple Continued on page 50

Stanley’s book goes on to show Wealth: It is not about how much
Max Ming P.Eng. CFP ®
Financial Planner that many people in high income you spend but what you accumulate.
occupations (i.e. doctors, lawyers, Surprisingly, even high-income
THE MILLIONAIRE’S
dentists) have an especially hard earners often struggle to accumulate
MIND(SET) time accumulating wealth, as they wealth as they succumb to societal
There’s an old book we’ve had in our are expected to project a high-status expectations of projecting a high-
office for over 20 years titled “The
lifestyle which in turn eats up most status lifestyle. However, the secret
Millionaire Next Door”, which was of their earnings. Said another way… lies in spending less than you earn,
published in 1996 by Dr. Tom Stanley
many spend almost all their income! regardless of your income level.
and his colleague Bill Danko. One of the first lines in the Here are some key lessons and 2): The Path to Building Wealth:
text is, “Wealth is what you accumulate, not what you principles for building wealth: Contrary to popular belief, most
spend.” 1) Spending vs. Accumulating
Continued on page 50

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