Page 30 - Sports Energy News, Cornwall, Issue No 140

30 Issue 140 September 2024 www.sportsenergynews.com

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

quarters of the total debt load. Mortgages, which account for 74%
By Brian Johnston
Mortgage Specialist As Canadians await potential relief from of this debt, have remained relatively
high interest rates, many are feeling stable due to strong credit quality among
CANADA’S MORTGAGE-HEAVY the squeeze, according to TransUnion borrowers, and rising home values.
CONSUMER DEBT HITS $2.41 Canada’s latest Credit Industry Insights However, the burden of non-mortgage
TRILLION Report. It revealed that Canada’s total debt – covering credit cards, personal

Rising consumer debt in Canada is placing credit debt surged to $2.41 trillion in the loans, and lines of credit – continued to
significant pressure on households, with first quarter of 2024, up 3.2% from the grow, reflecting the financial strain many
mortgages now making up nearly three- previous year. Continued on page 31

under the $500,000 than over the $500,000 speculation. Also, when the media reports on
By Michael VanderMeer
Real Estate Agent mark. the housing market it is usually for the markets
The media & social media can have a big effect in which their sources are located and may not
on housing markets. Whether it be doom and apply to your local market. This can influence
THE MEDIA’S EFFECT ON THE gloom or positive reporting, what they print buyers and sellers even though it may not apply
HOUSING MARKET will, in some cases, influence both buyer’s and to their market.
I have been hearing from different people that sellers decisions on buying or selling, even To get accurate information on your local
the real estate market is going down - this may when that information is pure speculation and market you should contact a local Realtor to
be true in some areas, but our market has been whether that information is correct or not. find out what is really going on within your
holding strong, and although the average price For the most part when media is reporting, it market area. Most Realtor’s watch the market
of overall sale’s may have come down, that is based on opinions from various sources that closely and will give you a more realistic view
is only because there are more homes selling may or may not be correct or is based on pure of your local market.

fund, or planning for retirement. SMART coming decade will be filled with just
Max Ming P.Eng. CFP ®
Financial Planner goals will guide your learning and keep as many surprises. Learning to deal with
you on track. them is more important than being able
BACK TO SCHOOL: IMPROVING Saving can be more important than to predict them. Because no one — no
YOUR FINANCIAL LITERACY
investing: You can make a lifetime of one — will be able to predict them all.
THIS FALL smart, savvy investment moves, but if Tune out the majority of news: A 24-
As schools are back in and fall creeps you haven’t saved enough to begin with, hour news cycle is built for people who
up on us, it’s a great time to focus on
you’re not going to hit your goals. As the can’t see more than 24 hours ahead. Most
improving our financial literacy. Here’s saying goes, “Save a little bit of money people’s relationship with daily business
are a few important things to remember
each month, and at the end of the year, news should be either (A) nonexistent, or
along the way. you’ll be surprised at how little you still (B) something that incrementally helps
Set Financial Goal: Start by defining clear, achievable goals— have.” you understand how the world works but
whether it’s saving for a down payment, building an emergency Don’t try to predict the future: The
Continued on page 36

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”