Enriched Academy was launched back in 2013 after a successful appearance on the TV show Dragons’ Den by co-founders Kevin Cochran and Jay Seabrook. Although they would have loved to appear on the hit TV show MythBusters as well, fact-checking financial advice just didn’t have the mass appeal of learning whether one could survive on a desert island with only a pallet of duct tape.

Undeterred, Kevin and Jay set out to investigate the issue and educate the Canadian public about the most common financial myths out there. After many years on the case, here are their top four.

Myth #1: You need money to make money.
Careful investing is the secret to building wealth and you do need an income to get started, so this myth is not entirely untrue. However, what most people don’t realize is that the amount of money you need to make money can be surprisingly small. Financial guru Dave Ramsey’s research group found in their survey that 70% of millionaires never earned a 6-figure income. Former BC school teacher Andrew Hallam wrote an entire book devoted to how he leveraged a modest teacher’s salary with some basic investing principles to fund an early and very comfortable retirement. Check out his best-selling financial bible the Millionaire Teacher if you are wondering how he did it!

This myth is busted!

Myth #2: Money is too complicated.
Managing your money isn’t complicated, it just that having too little (or too much) leads to a lot of issues that make it seem complicated. Enriched Academy offers plenty of free webinars where you can easily pickup all kinds of financial knowledge with just one-hour of your time. While one short webinar may just get you started, the fact is that mastering a wide variety of money skills doesn’t take as much time or effort as many of the other things we spend time trying to learn. A lot of us spend more time learning how to use some app on our phone or make the perfect pasta sauce than we do learning how to manage our money.

The knowledge required to effectively manage your money is not difficult to learn — this myth is busted!

Myth #3: Investing is too risky.
It might be easy to say this one is true given the abysmal performance of most financial markets in 2022. Investing can be risky, but you can learn how to monitor and adjust your risk to suit your targeted returns, life stage, and other factors affecting your risk tolerance.

Your investing timeline also plays a huge role. Investing for the short-term is always going to be a lot more hit and miss than holding a well diversified portfolio of equities and other financial assets over a number of years. Financial markets have a long history of proven resiliency, and they will recover. Given current inflation and interest rates and the chance they will persist for some time makes investing and even greater priority these days

This myth is busted!

Myth #4: Earning money is more important than saving money.
Careful field research by an endless stream of bankrupt athletes, actors and reality TV has-beens has proven that when it comes to cash, “the more you earn, the more you burn!” The belief that more income is a sure-fire solution to your financial difficulties is busted! Carefully tracking your spending, making wise spending decisions, and adjusting your spending appropriately to “enjoy life more” as your income rises is the golden rule, regardless of how much money you are making.

Money myths can be debilitating and can put all sorts of mental obstacles in your path that just don’t need to be there. Financial literacy will help you separate fact from fiction and give you the right mindset to overcome whatever money beliefs may be holding you back.

written by DLC Chief Economist Dr. Sherry Cooper

When it comes to the winter season, it can be easy to go overboard when it comes to heating – but there is a better way! With a little awareness – and the right preparation – heating your home this winter won’t have to cost you a fortune. To help you save, we have put together a few helpful tips to reduce heating costs:

1. Inspect Your Heat Sources – Regardless of whether you rely on a fireplace, gas or baseboard heating, it is always a good idea to have all heat sources inspected for efficiency.

2. Check Your Fireplace – It is recommended to keep your fireplace damper closed, unless there is a fire burning. Otherwise, it is the same as having your window wide-open during the winter! For those of you with a fireplace you never use, now might be a good time to plug and seal the chimney to keep warm air from escaping.

3. Manage Your Thermostat – As tempting as it is to turn your heat all the way up in the winter, proper thermostat management will help you save costs in the long run. A thermostat with a timer is a great option to help you save this winter. Turn it on earlier so the room heats up in time for use, instead of cranking the heat when you need to get warm quickly and have it turn off 30 minutes before bed or before leaving the home. If you find you are chilly at night, a safely positioned space heater and closed door is a far more inexpensive choice.

4. Close The Door – To keep your heating system from working too hard, close doors when rooms are not in use. This prevents heat transfer in and out of vacant rooms, and will ensure the space you’re currently using remains warm and cozy.

5. Be Mindful of Drafts – Checking for drafts is another important way to reduce heating costs. If you notice any issues, using a weatherstrip or caulking to seal doors and windows is a relatively inexpensive fix that can have a huge savings impact on your heating bill.

written by DLC Chief Economist Dr. Sherry Cooper

Despite the effects of the current onslaught from inflation and ever-increasing prices, the basic concept of budgeting hasn’t changed. Dividing up your money into little piles for the various things you need (and want) doesn’t seem like such a difficult process, so why is a budget so hard to put into practice?

The simple answer is that no matter how small those little piles get, they still add up to more than you have! Yes, more money will certainly help, but also make sure it isn’t your budgeting process that is contributing to your failure. Here are eight things that can easily derail any budgeting system.

1) You didn’t start with the right number.
Your take home pay (AFTER all deductions) is the starting point.

2) You used the wrong time frame.
Some bills are monthly, but most of us get paid every two weeks. A two-week spending plan is much easier to follow and matches up with your cash inflows.

3) You had no idea how much you were spending when you made your budget.
Track your expenses for at least two pay periods and create your budget based on actual data, not your best guess. You can always tweak the amounts if it proves to be unrealistic.

4) You forgot to record all of your expenses.
Whether you use the latest app or a collection of post-it notes to track expenses, it needs to be quick, easy, and you need to make it a habit. Don’t forget expenses which are seemingly invisible but still need to be tracked, interest expense on credit cards or lines of credit for example. Leave your cash in the bank and use a credit or debit card for everything so you can easily view your bank or credit card statement to see exactly where your money went. Many banks now offer some expense tracking capability right in their online banking system.

5) You spend too much. 
Just because you had been spending $400/month on dinners and drinks doesn’t make it a reasonable or sustainable amount for your budget. List up your needs, analyze your wants, and set priorities… force yourself to make choices!

6) You didn’t contribute to a reserve fund.
Unexpected expenses like birthday presents, car repairs, or a trip to the dentist can all derail your budget if you don’t have an emergency fund to dip into. Makes sure to set aside some sort of contingency cash to give you a little wiggle room.

7) You didn’t ensure your spouse/partner/kids were on board.
It’s a household commitment with all-hands-on-deck. Take the time to explain to your kids that the actual supermarket cost of the food in a take-out burger & fries is likely around $2, and that by cooking your own burgers & fries you now have $5 more in your jeans (and arguably a much better burger!). Don’t be shy about telling your friends either– declining an invite for a night out you can’t afford is not a crime, and chances are they can’t afford it either.

8) You had no goal and lost your “mojo”.
Pick a realistic goal your budget will help you achieve and track your progress… paying off a credit card? topping up your RESP/TFSA/RRSP contributions? eliminating your line of credit balance?

Creating and maintaining a budget is a lot harder than it seems. Most of us will have to make some tough choices and rearrange priorities, so make sure you have a good process in place to evaluate those decisions and keep you focused on your goals.

written by DLC Chief Economist Dr. Sherry Cooper

If you have had to declare bankruptcy, you may be wondering what is next.

Bankruptcy is not a financial death sentence. In fact, there are a few things you can do after declaring bankruptcy to help reset your financial status and get a mortgage in the future.

While there is no wait requirement to apply for a mortgage after bankruptcy, it is important to allow your credit time to heal in order to ensure approval.

The first step to rebuilding your credit is getting a secured credit card. If you are able to show that you are responsible with this credit card by paying your balance in full each month and not overspending, it will help to improve your credit score.

Once you’ve re-established your credit, you can apply for a mortgage. What type of mortgage you can apply for, and whether or not you qualify, will depend on a few factors, such as: how long ago you declared bankruptcy, the size of your down payment, your total debt-to-service ratio (how much debt you are taking on compared to your total income) and your loan-to-value ratio (loan value versus the property value).

Depending on this, you will have three options for your future mortgage loan:

Traditional or Prime-Insured Mortgage

This is a traditional mortgage, which will typically offer the best interest rates. To apply for this type of mortgage after bankruptcy the following requirements apply:

• Your bankruptcy was 2 years, 1 day previous
• You have one-year of re-established credit on two credit items (credit card, car lease, loan).
• You have a minimum down payment of 5% for the first $500,000 and 10% for any additional amount over that
  • You have mortgage insurance – required for all down payments under 20%
• You have a total debt-to-service ratio of 44% maximum
• Your loan-to-value ratio is 95% minimum

Subprime Mortgage

This type of mortgage falls between a traditional and private mortgage, meaning you qualify for more than private but not enough for a traditional loan. To apply for this type of mortgage:

• Your bankruptcy was 3 – 12 months prior
• You have a total debt-to-service ratio of 50% maximum
• Your loan-to-value ratio is 85% minimum

Private Mortgage

If you don’t qualify for a traditional or subprime mortgage, you have the option of looking into a private mortgage. Typically, your interest rate will be higher on a private mortgage but there is no waiting period after bankruptcy and the requirements are as follows:

• You have a down payment of 15% of the purchase price
• You have obtained a full appraisal
• You have paid a lender commitment fee – typically 1% of the mortgage value
• Your loan-to-value ratio is 80% minimum

If you have previously declared bankruptcy and are now looking to start over and apply for a mortgage, don’t hesitate to reach out to me for expert advice and to review your options today!

written by DLC Chief Economist Dr. Sherry Cooper

Interest rates on savings accounts and GICs are climbing but they are having a hard time matching the rapid increase in inflation which is now over 8% — you are actually losing money by holding cash. Investing in financial markets can provide higher returns, but there are no guarantees and as we have seen lately, they can be volatile.  As someone who is new to investing, you may be asking yourself:

•   What do I invest in?

•   How do I evaluate and manage my risk?

•   Should I consult a financial advisor?

These are all great questions and we have compiled some basic advice below to help you get started.

DIY isn’t just for home repairs
There are lots of online options to invest in financial markets on your own without anyone required to facilitate the transaction. You can easily open a trading account and buy and sell individual stocks and various other investments (ETFs for example). This approach has become widespread because it is the cheapest investing option available and is very convenient, but only if you have the time and motivation to learn or a trusted mentor to help you get started.

Seek professional help?
You could choose to consult with a financial advisor. Many of them have professional accreditation and offer advice and can make transactions on your behalf. Make sure you understand how they will be paid as seemingly small annual fees can have a huge effect on how fast your investment grows over the years. Some investment advisors also require a substantial minimum investment before they will work with you, and they may offer only a limited range of investment products.

Rely on Technology?
A robo-advisor is an online investing platform that falls between the DIY approach and a financial advisor in terms of user-friendliness. Most banks and online investment firms offer this service. Robo-advisors use a live interview or online questionnaire to create, and then continuously manage a portfolio based on the information and risk preferences you provide. They require little sophistication on the user’s part, they have a small or no minimum amount to get started, and the fees are reasonable —usually around 0.5%.

Fees can take a real bite
We have mentioned fees for all three options above (DIY, financial advisor, robo-advisor) because most people don’t understand how a seemingly small annual fee can rob your investment fund over the years. A $100,000 in a mutual fund with a 2% annual fee (MER on a mutual fund for example) earning a 5% return will grow to $209,378 in 25 years. That same $100,000 invested in an ETF with a 0.2% annual fee earning a 5% return for 25 years will grow to $322,873. Mutual funds are a popular option for TFSAs & RRSPs, but you should investigate the fees and whether the returns they are providing justify their cost.

There are many options when it comes to investing in the markets and the choice is entirely up to you — make sure to do your homework and make informed decisions.

written by DLC Chief Economist Dr. Sherry Cooper

Not all insurance products are created equal. One of the most common mistakes homeowners and potential homeowners make is that they hear the word “insurance” and just assume they have it! Well, you might have one kind of insurance, but you might be missing coverage elsewhere. It is important to understand all the different insurance products to ensure you have proper coverage.

To help you get a better understanding of the insurance, below are the four main insurance product options you will encounter and what they mean:

Default Insurance: This insurance is mandatory for homes where the buyer puts less than 20% down. In fact, default insurance is the reason that lenders accept lower down payments, such as 5% minimum, and actually helps these buyers access comparable interest rates typically offered with larger down payments.

Default insurance typically requires a premium, which is based on the loan-to-value ratio (mortgage loan amount divided by the purchase price). This premium can be paid in a single lump sum, or it can be added to your mortgage and included in your monthly payments.

In Canada, most homeowners know of the Canada Mortgage and Housing Corporation (CMHC), which is run by the federal government, and have used them in the past. But did you know? We also have two private companies, Sagen Financial and Canada Guaranty, who can also provide this insurance.

Home (Property & Fire) Insurance: Next, we have another mandatory insurance option, property and fire coverage (or, home insurance, as most people know it by). This is number two on our list as it MUST be in place before you close the mortgage! It is especially important to note that not all homes or properties are insurable, so you will want to review this sooner rather than later.

In addition to protecting against fire damage, home insurance can also cover the contents of your home (depending on your policy). This is important for anyone looking at purchasing condos or townhouses as the strata insurance typically protects the building itself and common areas, as well as your suit “as is”, but it will not account for your personal belongings or any upgrades you made. Be sure to cross-check your strata insurance policy and take out an individual one on your unit to cover the difference.

One final thing to consider is that you may not be covered in the event of a flood or earthquake. You may need to purchase additional coverage to be protected from a natural disaster, depending on your location.

Title Insurance: Another insurance policy that potential homeowners may encounter is known as “title insurance”. When it comes to lenders, this insurance is mandatory with every single lender in Canada requiring you to purchase title insurance on their behalf.

In addition, you have the option of purchasing this for yourself as a homeowner. The benefit of title insurance is that it can protect you from existing liens on the property’s title, but the most common benefit is protection against title fraud. Title fraud typically involves someone using stolen personal information, or forged documents to transfer your home’s title to him or herself – without your knowledge.

Similar to default insurance, title insurance is charged as a one-time fee or a premium with the cost based on the value of your property.

Mortgage Protection Plan: Lastly, we have our mortgage protection plan coverage. This is optional coverage, but one that any agent can tell you is extremely important. The purpose of the mortgage protection plan is to protect you, and your family, should something happen. It acts as a disability and a life insurance policy in regards to your mortgage.

Typically, when you get approval for a mortgage, it is based on family income. If one of the partners in the mortgage is no longer able to contribute due to disability or death, a mortgage protection plan gives you protection for your mortgage payments.

If you have any questions about mortgage insurance or what are the best options for you, please do not hesitate to reach out to a Dominion Lending Centres mortgage expert for professional advice! They can take a look at your existing plan and discuss your needs to help you find the perfect coverage to suit you and your family.

written by DLC Chief Economist Dr. Sherry Cooper

We often hear the mantra, “pay yourself first” when it comes to personal finance. This concept of automatically routing some of your salary every payday (before you can spend it!) into a retirement investment account isn’t hard to understand, but it’s hard to implement if you need every nickel just to survive until your next paycheque.

Discipline and dedication to the cause will help, but they are only part of the savings solution. The fact is that to succeed at saving in today’s world, most of us will need to earn more and spend less. Making more money will help you mow down any and all expenses that pop up along the way and leave you with more money in your jeans. However, any size paycheque goes a lot farther when supplemented with restraint and monitoring to control expenses at their source… before they vacuum up your potential savings.

Making more money is often preferred to budgeting as cutting back can be painful, but there are definitely some drawbacks. More income means more taxes and it many also lower benefits like your GST rebate or CCB benefits. If your tax rate is around 20%, an extra hour at $15 hour will have the same effect as cutting about $12 from the household budget.

Working more will also rob you of precious free time so there are significant social costs as well. If you have to incur additional expenses such as a babysitter or dining out more because you have less time or energy to cook, those costs need to be factored in as well.

Perhaps the biggest problem with working more is the very strong tendency to spend more! This is where discipline and determination come into play — make sure you earmark that extra money for saving and try to keep your expenses at the current level. Making more money won’t solve your problems if you continue to spend too much, make poor spending decisions, fail to invest, and have no goals to help motivate you and measure your financial progress.

You should also look at your debt cost to see if you should be saving in the first place! If you carry a credit card balance for example, you should definitely be throwing everything you have at it instead of saving. Even with the recent rise in interest rates, you would be lucky to get 4% on cash savings — most credit cards have rates four or five times that figure. You could also invest any extra money, but you have to add in the risk factor, and you would be hard-pressed to get returns that exceed the interest rate on most credit cards.

Turning to defensive savings strategies, there are countless articles churned out every day on how to spend less, and they may yield some good tips that are practical for your situation. Look for easy things like taking advantage of grocery store bargains, collecting points or discounts on a credit card (but paying the balance in full every month!), or clipping coupons.

There is no end to the money-saving ideas and hacks, but the first step is to know your costs. You can’t kill what you can’t see, and household expenses are no exception. You need to track all your expenses for at least a month and analyze where your money is going.

You may find some low-hanging fruits like a lightly used membership you could cancel, or maybe you didn’t realize how much those nights out on the town are adding up to every month. On the other hand, you may find the low-hanging fruit is long gone and that making more money is your only way forward! Make sure to track your expenses first and give yourself a realistic starting number before you dive into a more austere budget.

Finding the cash to start saving and investing is becoming increasingly difficult these days and while more income will certainly help, you will also need to continuously manage your expenses and make smart buying decisions to really pile up the savings.

written by DLC Chief Economist Dr. Sherry Cooper

If you are an individual aged 55+, it may surprise you that you currently represent 33.09% of the total Canadian population. What may not surprise you, is that Canadians 55+ know what they want in order to live a fulfilling life as they enter retirement. However, they do not always have the financial means or are unaware of the financial options available to them to support their lifestyles into retirement.

Here are some of the financial options available to Canadians in retirement:

1. Credit Cards: Credit cards may be the perfect financial option for you if you are a retired individual with an income source and short-term financial needs. They give you easy access to credit that you can use to meet your short-term financial needs. However, keep in mind that credit cards require a monthly payment. So, if you do not wish to take on high interest debt, it is best to always have a concrete plan to pay off the borrowed amount before the deadline.

2. Private Loans: Private loans are another option for retired individuals with an income source and short-term financial needs. Like credit cards, they give you easy access to credit but have required monthly payments. Furthermore, having a reasonable repayment plan is important as they charge very high interest and repayment terms are very rigid.

3. Home Equity Line of Credit (HELOC): If you are a retired homeowner that has an income source and need a large sum of money immediately or over a period then, it may be worthwhile to explore HELOC as a financial option. HELOC allows you to borrow a large sum of money for your financial needs. However, it is also important to consider that HELOCs require monthly payments, the qualification for the loan can change based on changes to your income or home value, and you may be asked to repay the loan at any time if it is called.

4. Downsizing: Downsizing is a popular financial option and may be great for you if you are a homeowner in an urban area willing to transition into a smaller home located in a rural area. Downsizing allows you to access the value of your home’s equity to meet your financing needs in retirement. However, it is crucial to note the land transfer fees, commissions, moving costs associated with downsizing, and having to say goodbye to the home and community you have grown accustomed to.

Now, before revealing the fifth financial option for Canadians in retirement, you may find it interesting that a study from the National Institute of Ageing showed that 91% of all Canadians want to remain in their own homes for as long as possible after retirement. Furthermore, 95% of Canadians 45+ say that being able to retire in their own homes would give them the independence, comfort, and dignity they need as they age. However, due to costs associated with in-home care, many individuals cannot remain in their homes. If you are among these Canadians, then the fifth financial option provided below may be the most suitable for you.

5. CHIP Reverse Mortgage: If you are a retired Canadian homeowner who wishes to remain in your dwelling while maintaining your current lifestyle, you have to look no further than the CHIP Reverse Mortgage. This finance option allows you to access up to 55% of your home’s equity value to meet your short- and long-term financial needs. With the CHIP Reverse Mortgage, you can choose to receive your money in a tax-free lump sum or tax-free monthly payments. Furthermore, you are not required to make any monthly mortgage payments but instead pay back the loan through the value of your home when you sell it or move out.

As the Canadian population ages, these are just some of the financing options that Canadians can utilize to enjoy retired life.

Contact your DLC mortgage broker to find out how the CHIP Reverse Mortgage by HomeEquity Bank can be a viable option to help you live your best retirement!

written by DLC Chief Economist Dr. Sherry Cooper

Rising inflation combined with a strengthening post-pandemic economy gives both reason and opportunity for the Bank of Canada (BOC) to further raise interest through to the end of 2022 and beyond.

The 1% increase to the benchmark overnight rate in early July was a wake-up call that they were not bluffing and are prepared to act aggressively. Depending on how inflation trends, we could be looking at interest rates that are 1% or 2% higher within the next year.

Before jumping into the effects of higher interest rates, we should clarify one common point of misunderstanding about the prime rate and the BOC overnight rate. The prime rate is the basis for most variable rate loans, including mortgages and lines of credit. It is determined by the major banks and currently sits at 4.7%; 2.2% higher than the BOC overnight rate. Although these two rates are different, the key takeaway is that the prime rate moves in lockstep with any changes to the BOC rate, usually within a few days.

Now that we have that out of the way, just how will future interest rate hikes affect your debts?

Variable rate mortgages
The percentage of Canadians holding a variable rate mortgage surged in 2021 and now stands at about 50%. Any rise in the BOC rate is met by an equal rise in variable rate mortgages, so the impact is very clear and takes effect quickly. A 1% increase will add around $200 to the monthly payment on a $500K mortgage. Keep in mind that the interest rate has already rose 2.25% since the beginning of 2022!

Home equity line of credit (HELOC)
HELOCs usually have a variable interest rate that will rise in conjunction with any BOC rate hikes. A $100,000 balance carried on your HELOC will cost you about $20 more in interest each month for every 0.25% increase by the BOC.

Credit card debt
The interest rate on your credit card and how it can be adjusted are outlined in your cardholder agreement. There is usually little correlation between credit cards rates and the rates set by the central bank. However, credit card rates are already so astronomically high that it is unlikely you would even notice a 1% increase! Our advice is to attack any outstanding credit card balance ASAP.

Personal lines of credit
There are fixed and variable rate options out there. If you selected the lower variable rate when you signed your agreement, expect to pay more going forward on any outstanding balance.

Car loans
Most car loans in Canada are fixed, but the average fixed rate is rising quickly and now sits about 5.25%. While not common, variable rate cars loans are loans are available and your payment could be affected by interest rate hikes.

Student loans
There are provincial and federal student loan programs with different interest options so the effect of rate hikes will vary. The default choice for Government of Canada student loans is variable interest “at prime” with a fixed rate option at “prime + 2%”. The point is mute right now as interest charges are currently suspended, but variable rate student loan holders will see a significantly higher payment when interest charges resume in April of 2023.

Most of us will be paying more interest as we move through 2022 and into 2023. A mortgage or some other debt may be inevitable and not all debt is bad, but it’s important to understand your interest expense and adjust your repayment priorities accordingly. For powerful personal finance education and training with immediate results, check out the complimentary livestreams each week from Enriched Academy. View the schedule and sign up for upcoming sessions on

written by DLC Chief Economist Dr. Sherry Cooper

Buying a home is an exciting experience for anyone, and even more of a milestone when you’re doing it solo, but it can be a little different when you’re purchasing on your own. While it can be easier to tailor your mortgage and home search to exactly your needs, it can be somewhat more stressful handling the purchase of a home on your own… fortunately, that’s where a Dominion Lending Centres mortgage expert can help! They assist with your mortgage application, pre-approvals and final financing to make the entire mortgage process much smoother.

In addition to using a mortgage expert and having a trusted realtor, here are some other tips that can help improve your homebuying experience:

1. Be Aware of Your Financial History

Understanding your credit score and your financial history can help to improve your qualification potential. If your credit score is a little lower than it should be, or lower than you’d like for what you are trying to qualify for, you can take steps to improve this prior to seeking a mortgage and get better results.

2. Ramp Up Your Savings

Of course, while a mortgage will cover a large chunk of your home purchase, you are also required to have a down payment. In addition, you need to consider closing costs (1.5-4%) of the purchase price, as well as ongoing maintenance and costs for your new home (repairs, utilities, property taxes). It is important to determine your budget so you are aware of what you can afford monthly.  BUT before you shop is also a great time to start ramping up your savings account so you can put more down and potentially reduce the overall mortgage.

3. Study The Marketplace

One of the most important aspects of homeownership is understanding what you can afford and where you want to live. These two key components can help you to determine your budget and the areas that you should be looking for a home, as well as what type of home size, amenities, etc. Understanding what is available can provide you with more information and help you fine-tune your shopping list.

4. Be Flexible When Possible and Firm When Not

While shopping for a home on your own can be much easier as you’re only concerned about your own needs, it is still important to be flexible. While it is easier to find a home that fits just ‘you’, keeping your options open can also have its benefits. Of course, if there are things you cannot live without or a location you really need to be in, it’s important to be firm about those things as well. Creating a list of wants and needs can help you determine where there is room to be flexible, and where there isn’t.

5. Consider Your Present and Future Needs

While you’re shopping for your new home for you today, you will also want to consider what your life might look like in the future. What are you doing 5 years from now? 10 years? Do you want to start a family or have children? Do you plan on changing jobs or perhaps requiring a move in a few years? All these things are important to be aware of so you can make the best choice for you today, but also ensure that you are considering your future needs.

6. Protect Yourself

Lastly, while you might not be purchasing your current home with a partner, it is important to leave room for this in the future to ensure that you and your home are protected. If you have another individual move into your home down the line, you could become common-law and that could cause complications. Having an honest conversation about expectations and responsibilities can help, as well as writing up a document for both parties to sign, indicating these responsibilities as well as outlining the investment made by the original owner and new partner.

If you are a single homeowner looking to make a purchase, but are not sure where to start, don’t hesitate to reach out to a Dominion Lending Centres mortgage expert. As an expert in mortgages, they have experience in all types of situations and purchases and the knowledge to walk you through the process and ensure you get the best home and mortgage for YOU.

written by DLC Chief Economist Dr. Sherry Cooper