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Shawn Mooney
Bayfield Mortgage Professionals Ltd.
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How will the Liberal win affect your mortgage?
With a new government in power, a new mandate will no doubt have some affect on the Canadian economy. While election platforms are typically adjusted over time, key planks in the Liberals’ platform suggest significant new directions for Canada over the next few years.
Some common issues emerged during the campaign, such as a renewed emphasis on skilled trades to address labour market mismatches across the country. Another concern is escalating home prices in high-demand markets such as Toronto and Vancouver, with the Liberals promising a review.
Here are some highlights from the Liberal’s platform and how you might be affected in you are in the market for a new home or are about to renew your mortgage.
- The Liberals will modernize the existing Home Buyers’ Plan to allow Canadians impacted by sudden and significant life changes to buy a house without tax penalty. This will ease the burden on Canadians facing job relocation, the death of a spouse, marital breakdown, or a decision to accommodate an elderly family member.
- The Liberals will direct the CMHC and the new Canada Infrastructure Bank to provide financing to support the construction of new, affordable rental housing for middle- and low-income Canadians.
- The Liberals are expected to increase government spending to support the economy. More spending means more debt and more debt might result in an increase in interest rates. This will have an affect on both fixed mortgage rates and variable mortgage rates but any increases are not expected to be drastic.
- For Tax-Free Savings Accounts, the rise in the ceiling for annual contributions from $5,500 to $10,000 as of 2015 will be reversed.
- Personal Income Tax (PIT) brackets will be adjusted. For the middle bracket, covering taxable incomes $44,700 to $89,400 in 2015, the rate will fall from 22% to 20.5% as a new top bracket is created for taxable incomes over $200,000, raising the highest federal rate from 29% to 33%. With this new federal bracket, the combined federal-provincial top PIT rate in six provinces will be 50% or higher.
To find out more about the best mortgage options for you, talk to me! I’m a mortgage expert and I would be happy to help you navigate the process of financing a home or renewing your mortgage.
Source: Scotiabank and CMT
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Bolster your savings and the economy with energy efficiency
(NC) Did you know that keeping a home's temperature comfortable year-round makes up as much as two-thirds of the average family's energy bill? Your costs could be reduced with one savvy step.
Insulation manufacturer Roxul points out that installing a stone wool insulation product will keep temperatures stable. In fact, by properly insulating, a building's energy use could be reduced by as much as half. It's one of the easiest and most cost-effective ways to improve energy efficiency.
Yet, being energy conscious goes beyond monthly savings, it can actually stimulate economic growth. When energy-conscious consumers invest in their homes by upgrading windows, doors or insulation, this creates demand for goods and services, sparking job creation and leading to increased consumer confidence and spending.
According to a recent study conducted by Natural Resources Canada, every $1 dollar spent on energy-efficiency programs contributes between $4 and $8 to GDP, while every $1 million invested in energy-efficiency programs generates up to 57 job years (that's one job, for one year, for 57 years).
In 2011, Canadian consumers saved over $20 billion and businesses over $14 billion in energy costs from all energy efficiency improvements since 1990. Considerable savings like this can unquestionably propel investment and job growth. According to the Environmental Careers Organization, there were over 100,000 active energy-efficiency-related occupations, totaling $7.7 billion in wages. Natural Resources Canada estimates that the energy efficiency industry accounted for approximately three per cent of GDP in 2013 or $54 billion.
Another recent study by The International Energy Agency (IEA) ranked Canada a world leader in energy efficiency. Out of 15 countries, Canada was ranked second for its energy efficiency improvement from 1990 to 2010.
Currently, 12 provinces and territories have adopted or are in the process of adopting more stringent building codes. The expected result is that building owners across the country will see approximately $70 million in cost savings in 2016 alone, as a result of more energy-conscious building practices.
Ultimately, we all benefit from greater energy efficiency. When homeowners takes steps toward more energy-efficient homes, they're making a tangible contribution to job creation, economic development, and environmental sustainability in Canada.
Source: newscanada.com |
Have mortgage questions? I'm here to help you!
Please feel free to contact me with any questions you may have. It would be a pleasure to assist you or any one of your friends or family members! |
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