I have been in the Financial Services industry for over 25 years. As the VP of Sales and Service at Mortgage Brokers Ottawa, my role is to provide leadership and direction to ensure that our excellent group of Mortgage Brokers and Agents have the tools and resources to do what they do best, give clients superior mortgage advice. I also assist our Partnership group in continuing to foster our relationships with external partners in the community.
I am also a Mortgage Ag...
Nine ways to power-save your way to a down payment
Date Posted: August 26, 2014
A look at housing affordability in some of Canada's expensive cities such as Vancouver, Calgary and Toronto require heroic savings measures for anyone hoping to buy a home. Sacrifices must be made on all your day-to-day spending habits. Here are a few great suggestions to help power-save your way to home ownership:
- Move in with your parent or in-laws
A yearly rent at $800 per month would come up to $9,600 a year! Paying token rent to your parent(s) could help you save around $7,200 a year!
2. Move down one level of rental
If you have a two-bedroom apartment, try going down to one bedroom. Try squeezing into a bachelor apartment. The savings you could accumulate from downsizing could save you thousands a year.
3. Sell your car and take the bus
By selling your car, you'll be saving on fixed costs such as parking, insurance, gas, maintenance and car payments. Estimated annual costs of gas, insurance and maintenance/parking is about $5,000 a year!
4. Stop buying lunch
The estimated cost of buying lunch every day (at $8) is $2,000 a year! Buying your own groceries and making lunch yourself could save you hundreds of dollars a year.