Homeowners with variable-rate mortgages are cutting back on household spending and planning to look for a second job, according to a survey by the Bank of Canada (BoC). The central bank said on June 30 that higher interest rates have weighed heavily on the finances of Canadians, with the impact “more acute” for homeowners with…
Homeowners Cutting Back on Spending, Plan to Look for Second Job: Bank of Canada Survey
Mortgage Arrears and Repossessions Jump as Homeowners Struggle Amid Soaring Interest Rates
May 19, 2023
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Bank of EnglandBusiness & Marketseconomyhomeownersinflationinterest ratesmortgagepersonal financeUKWorld
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The number of homeowners in arrears and properties being repossessed jumped in the first quarter of this year, as mortgage costs soared amid repeated interest rate hikes. According to figures from trade body UK Finance, some 750 homeowner mortgaged properties were taken into possession in the first quarter of 2023, a 50 percent increase from…
Australians Return to Capital Cities After Lockdowns, Driving Rental Competition
January 20, 2023
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Australiaaustralian property marketaustralian rental marketGlobal Real EstatehomeownersInternationalreal estateWorld
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Australians and overseas visitors are returning to the cities after lockdowns, with a new report showing enquiries for rental listings up 31 percent in capital cities and down 30 percent in regional areas. However, people looking to rent are in for a challenging market, facing strong demand and low supply across the country. The latest…
Family Finances: Why You Need Renters Insurance
By Emma Patch From Kiplinger’s Personal Finance Most homeowners know that they need homeowners insurance to cover loss or damage to their property—and if you have a mortgage, you usually have no choice. But if you’re one of the more than 100 million Americans who rent their residence, don’t overlook the value of renters insurance….
American Homeowners Lost $1.3 Trillion in Home Equity in the Third Quarter
November 9, 2022
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Business & Marketseconomyhome equityhomeownersInvestmentMarketsreal estaterecessionUSUS NewsUS Real Estate
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In the third quarter, the market lost $1.3 trillion, or 7.6 percent in equity, as home values nationwide began to fall. This marked the largest quarterly decline on record, according to Black Knight, a mortgage software and analytics company. Following the unprecedented real estate boom of the last two years, signs of a slowing housing…
Must-Have Home Features for Buyers in a Recession
During 2021 and the start of 2022, swimming pools were just one must-have for homebuyers. The pandemic lockdown spurred many people to make their homes private resorts in case vacations were out of the question—also, the more square footage, the better when buying a home. But things have changed. Home prices and interest rates make…
Millennial Money: Don’t Let Money ‘Rules’ Get You Down
Put 20 percent down when buying a home. Don’t spend more than 30 percent of your income on housing costs. Keep child care expenses below 10 percent of your annual household income. These money rules of thumb can be useful guardrails, helping you allocate spending and determine what’s affordable. They can also be incredibly defeating…
The Eight Most Overlooked Tax Deductions for Homeowners
Paying taxes is not something anyone likely enjoys, but finding new ways to legally save more money on taxes by claiming new or overlooked tax deductions can make it at least interesting. Owning a home can give you several ways to save on taxes—and there may be some you are not yet claiming—but could. You…
Keep the Wolf From the Door: Protecting Your Home From Lawsuits
Anytime you own property or a business, there is a possibility that you could face a lawsuit. Someone could become injured on your property, a tree on your property could fall on a neighbor’s house, or creditors could sue you to collect a debt. You can take steps to protect your property and assets from…
Install a Multi-Pass Door
When most of us were staying home during the height of the pandemic, homeowners found ways to reuse one large space for different uses. Often two parents needed their own separate workspace, and kids of different ages required a desk and laptop for schoolwork. For example, in a family room separated from the rest of…
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