Showing posts with label Mortgage Insurance. Show all posts
Showing posts with label Mortgage Insurance. Show all posts

Thursday, 20 October 2011

Fifteen years of economic growth means little in everyday lives


OTTAWA - A generation of solid economic growth has meant little in the everyday lives of most Canadians, according to a new index of wellbeing.The finding is a yellow light for decision-makers that social unrest is just around the corner unless deep changes are made, warns Roy Romanow, the advisory board chairman of the University of Waterloo group that created the index.
The index suggests the middle class, in particular, is eroding."There are some very, very troubling signs," Romanow said in an interview.
"I think if we continue on this trajectory we're going to have bigger and bigger disparities. You can never build a solid political, social and economic community with wide disparities."
The Canadian Index of Wellbeing is meant to be GDP's alter ego, measuring the quality of life in society in ways gross domestic product does not.
The index has been years in the making, pulling together 64 indicators to track progress in areas such as community spirit, education, health, environment, leisure and democratic engagement. While GDP measures what companies and government produce, the wellbeing index measures how Canada and its people are faring.
It shows that between 1994 and 2008, wellbeing improved by just 11 per cent. The economy over that period grew by 31 per cent. So while investment and corporate activity were ticking along at a decent pace, Canadian households saw only minor improvements in their lifestyle. "The divergence in the (index of wellbeing) and GDP tells us emphatically that we have not been making the right investments in our people and in our communities. And we have not been doing it for a long time," the report on the index says. The index's subcomponents show that quality of life actually deteriorated over that time frame in areas such as the environment, leisure and culture, and time use.  Researchers noted that metal reserves are at rock-bottom, species abundance has declined, greenhouse-gas emissions have soared, and ground ozone has risen.
When it comes to leisure, Canadians are working out more and taking longer vacations, but they spend less time engaged in arts and culture. Health care saw a slight gain — we're smoking less and getting our flu shots, but diabetes and depression were on the rise. Wealthier people had better health status.  Living standards rose 26.4 per cent, but at the expense of income inequality. The rich took the lion's share.  While parents are reading more to their young children and signing them up for all sorts of classes, kids are also spending more time in front of screens. And seniors are seeing less of their families.  In other words, a typical household is now working harder and longer to keep on track financially, at the expense of having free time with family and friends, enjoying arts and culture, and volunteering.  "Many Canadians are simply too caught up in a time crunch to enjoy leisure and culture activities in the company of friends and family. The question raised by the results of this domain: Is that progress?" the study asks.
On the positive side, the index also revealed that Canadians feel safer than in the 1990s, and feel a stronger sense of belonging to their community. The "community vitality" index rose 20.7 per cent over the 15 years. Education has improved, especially with university graduation rates soaring. But our international rating has declined in literacy, math and science.  While Romanow, the former NDP premier of Saskatchewan, is the face of the new index, he says the work put into the index is far from political or ideological. Rather, the data is taken from Statistics Canada and elsewhere, collected and crunched by a wide variety experts in their field. The work is recognized by the Organization for Economic Co-operation as leading edge.  The policy prescriptions, however, point to failures at every level of government over the past couple of decades, Romanow says — adding that he, too, carries some of the blame. "We all wear some of this."  Instead of focusing on redistributing wealth and building programs that improve quality of life for Canadians, governments are obsessed with juicing GDP, he said. The result has been to whittle away at the vibrancy of the middle class, and undermine core Canadian values that encourage individual effort, in part, through redistribution of wealth, Romanow said. "I think this is a yellow light. A cautionary light," he added. "We want to be able to make sure that ... our societal values are not diminished here."


Heather Scoffield, The Canadian Press, On Thursday October 20, 2011, 6:40 am
By Heather Scoffield, The Canadian Press

Thursday, 13 October 2011

Class action lawsuit filed against one of the 'Big 6" banks

A class action lawsuit has been filed against one of the largest banks in Canada in regards to calculations of prepayment penalties. The lawsuit alleges that this bank has been improperly calculating prepayment penalties since 2005.


The lawyer heading the suit has stated that "Starting in 2005, [the bank] started using language in its standard charge terms that was extremely vague regarding how its prepayment penalties would be calculated," says Kieran Bridge, lead counsel on the case, in partnership with Siskinds LLP.


The vagueness of the above mentioned language is said to make this bank's prepayment penalty unenforceable. The case was started with a single mother getting divorced had to sell their family home and ended up with a $47,000 prepayment penalty. Prepayment penalties have always been one of the main complaints amongst consumers and without some kind of change to our system that is likely to remain the same. 


While most do look at Canada's banking rules and regulations regarding mortgage to be superior to many other nations, it's possible we may be lacking in progress in this area. In recent years we've seen other countries bring in legislation attempting to unify the process and calculation for these penalties, instead of letting each individual lender have full range of how they interpret an Interest Rate Differential penalty. Maybe this lawsuit will be the beginning of a change in the right direction. 


By working with a Sharie Marie Mortgage Team professional, we'll keep you informed on the penalty calculation with your lender. Visit www.SharieMarieMortgageTeam.com today to set up an appointment.

Thursday, 8 September 2011

Mortgage Insurance

There are a ton of options when it comes to insuring yourself and your mortgage against unwanted surprises. Its always best to get a second opinion or the advice of someone you trust when you are offered an option. At TMG The Mortgage Group Canada Inc. we will always offer you Life, Disability, and Critical Illness Insurance. Here are some scary facts:

  • A life threatening cancer is diagnosed every four minutes
  • Someone dies of heart disease or stroke every seven minutes
  • Every day 144 people suffer a stroke - 21 of them will die and 110 will be left with some form of permanent damage
Take the necessary steps to protect yourself against these unexpected tragedies. If you've decided a Mortgage Insurance product is your best option, speak to a Sharie Marie Mortgage Team Professional today. Make sure you understand the advantages and restrictions of any insurance or mortgage product you purchase. For instance, if you purchase mortgage insurance through your LENDER and decide to refinance with a different lender, you will likely lose your coverage. If during the period of time before your switch something had happened with your health making you "Un-insurable" you may not be able to get any insurance in place. TMG's insurance products are fully portable, house to house as well as lender to lender.

Speak to a SharieMarieMortgageTeam Professional today about protecting yourself.