As I mentioned in my September Net Worth Udpate, I am planning to start my property hunt for the first time. So, first question comes into my mind is, "what can I afford"?
There are two types of costs in buying a home -- the initial down payment and the ongoing monthly mortgage payments. The largest one-time cost is the down payment.
When purchasing a home, there are also many one time costs and monthly expenses that I will need to budget for in addition to the expenses that I have while renting.
One-time Expenses:
Property inspection (optional), due at time of inspection
Legal fees, due at the time of closing
Legal disbursements, due at the time of closing
Property survey (sometimes provided by seller), due at the time of closing
Mortgage interest adjustment (if applicable), due at the time of closing
Home and property insurance, at closing and ongoing
Moving expenses, due on the date of move
Monthly Expenses:
Mortgage payments
Maintenance/Condominium fees
Property and content insurance
Property taxes
Utilities
This post is about Budgeting, Mortgage, Real Estate, Spending
Here is the new auto sales statistics in Canada for September, 2009 compared to same period last year.
Acura: -45% to 1,127
Audi: +17.1% to 1,111
BMW: +50.1% to 2,402
Chrysler: -7.1% to 15,804
Ford: +24.4% to 16,140
General Motors: -23.4% to 23,568
Honda: -12.2% to 11,272
Hyundai: +30.8% to 9,282
Infiniti: -14.3% to 639
Jaguar: -24.4% to 62
Kia: +19.7% to 4,515
Land Rover: -8.2% to 179
Lexus: +11.3% to 1,504
Mazda: -3.6% to 6,520
Mercedes-Benz: +24.9% to 2,248
Mini: -16.9% to 340
Mitsubishi: +18.5% to 1,735
Nissan: -0.9% to 6,594
Porsche: +14% to 114
Saab: -48.2% to 59
smart: +3.7% to 312
Subaru: +68.4% to 2,544
Suzuki: +3.6% to 1,351
Toyota: -11.1% to 16,065
Volkswagen: -4.2% to 3,508
Volvo: -6.4% to 508
This post is about Auto Sales, Driving
I had to suffer a loss from trading RIM which were plunging more than 13% ahead of Friday's opening bell after the company's most recent quarterly report and forecast raised fears of slow growth on Sept. 24.
As the housing market is slowly finding its footing in the slow recovering economy, I am getting my mortgage pre-approved right now to be ready for the bargain hunting. If I can find a bargain - the property's listed price is less than 90% of the city assessed price - during this winter (usually it's the slow season), then I might be a new home owner in near future.
Here are the assets/liabilities result for September, 2009:
Assets
Vehicles: $26,000
Cash: $8,900
Savings: $14,400
TFSA: $5,100
Registered Investment Account: $24,100
Non-Registered Investment Account: $6,100
Total Assets: $84,500
Debts
Credit Card Debt: $$1,700Total Debts: $1,700
Total Net Worth: $82,800
Year-to-Date Gain/Loss: +26.80%
My net worth goal at the end of year 2009 is $90,000, and I still have $7,200 to make in the next 3 months.
Those who want to know how they financially stack up against others should check out MoneySense magazine's All-Canadian Wealth Test.
Available on newsstands across the country starting today, the Wealth Test lets Canadians determine how they stack up against other Canadians on all the key indicators of household prosperity. MoneySense research reveals whether we're earning more or less than our peers, if we're wealthier or poorer than others, and if our track record in the stock market is better or worse than most investors. Canadians can also visit MoneySense.ca where they can calculate their own net worth and compare it to people like themselves.
The good and bad news on how we stack up:
- The good news - yes, good news - is that the average household is better off today than it was nine years ago at the peak of the dot-com boom. In fact, we're 7 per cent richer in real terms in grim 2009 than we were in bubbly 2000.
- But there are warning signs. While the rich are getting richer, it's not clear that middle- and working-class Canadians are any wealthier.
- Another problem? The way we're getting rich. Rather than make moneyon the stock market or accumulate savings in the bank, a significant portion of our wealth is tied up in the rising value of our homes. Real estate now makes up an unprecedented share of our personal balance sheets. That may be fine now. But if house prices crash, look out below.
- The average unattached Canadian has an annual income of $37,800. The average family earns $91,500.
- The path to higher income starts with being a guy. Women make, on average, about two-thirds of what men do.
- The richest 20 per cent of Canadian households control about 69 per cent of the wealth in Canada. Meanwhile, the poorest 20 per cent controls no wealth at all. It's actually in debt.
This post is about Economy, Investing, Markets, Net Worth, Real Estate
Nearly 60 per cent of Canadians would have trouble paying the bills if their paycheque were delayed by one week, a nationwide survey suggests.
The Canadian Payroll Association survey released Monday found that not only were 59 per cent of respondents living paycheque to paycheque, but they had little ability to put money away for their retirement.
"We were shocked by that number," CPA chairman Janice MacLellan said. "So many Canadians are now living so close to the line that if they miss a single paycheque, the majority will find themselves in financial difficulty."
Financial experts recommend that people should have emergency funds to cover about three months of expenses, such as rent, mortgage, utilities, other bill payments and groceries.
Of those surveyed, the younger workforce said they felt the greatest pinch. Forty-five per cent of people aged 18 to 34 said it would be difficult or very difficult to make ends meet if a paycheque were delayed, with a further 21 per cent saying it would be somewhat difficult.
Single parents were in the most precarious situation, with 72 per cent saying they would have some trouble making ends meet.
The survey also found that 50 per cent of workers couldn't save more than five per cent of their net pay for retirement — half the amount financial experts generally recommend.
About one-third of respondents said they've been trying to save more money than a year ago because of the economic uncertainty, but have been unable to do so. Another 42 per cent said they weren't trying to save more.
When it comes to remuneration, 65 per cent of employees said higher wages were most important to them, while 25 per cent cited better health benefits and 10 per cent preferred education funding.
Asked what they would do with a $1 million lottery win, 70 per cent of people said their top priority would be to pay off debt, while 35 per cent would put as much as possible toward retirement.
Surprisingly, not many people would have a celebration. Just three per cent of Canadians said they would use some of their winnings to throw a party, with Quebecers — at seven per cent — a bit more likely to do so.
And if you're a relative of a lottery winner, don't count too heavily on getting a share. Just 26 per cent of Canadians said they would give some of their winnings to family members.
The CPA survey involved more than 2,800 employees across Canada. The results are considered to have a margin of error of 2.3 per cent, 19 times out of 20.
Source: CBC News
