British Columbia Home Sales Fall in June
The average home in British Columbia will set you back around $449,908 as of June of this year, which is up 8.2 per cent from June 2009, however it is slightly lower than the average of $504,281 during the first six months of this year.
Throughout British Columbia, realtors have sold a combined 7,722 homes via MLS (Multiple Listing Service). This number shows sales are down about 22.5 per cent from June of 2009. Realtor Ron Antalek notes, “There’s not the necessity of multiple offers and competing bids. People are able to shop. They have time to compare.” On the other side of the real estate market they have seen an increase by almost 21 percent in listings with June offering 59,232 properties to choose from. Based on previous recorded rates of sales, that gives British Columbia a 9-month supply of listings, according to Cameron Nuir, the association’s chief economist noted. He also felt that the tougher rules for qualifying have had an impact on home sales as first-time buyers will have more difficulty getting approved for mortgages.
Muir said, “I don’t know if there’s anything surprising about it, but we’ve seen a transition, in Vancouver in particular, from a seller’s market at the start of the year to a buyer’s market in the summer.”
Where you are buying in British Columbia will also have an effect on your purchasing experience as certain cities are showing bigger drops in sales than others. The popular and sough-after city of Victoria showed the biggest decline with sales dipping a surprising 36 percent in June 2010, compared to June 2009. Kelowna and Vernon also saw a decline in sales by 27 per cent while Metro Vancouver’s sales decreased by a whopping 30 percent.
The current trend is believed to be only temporary as Muir feels certain things will pick up again in the Fall. With the new mortgage rules only recently being put into effect, it seems some of the sting can be felt already as less people are qualifying to buy. Whether it’s a lack of the upfront deposits, not meeting the annual income requirements or perhaps it’s an increase in poor credit scores due to the recent economic turmoil, qualifying can be a challenge to say the least. More and more people are being turned away from traditional lenders due to bad credit not only in B.C., but all across the country. First time home buyers are highly recommended to get their credit rating in order before applying for a mortgage.
Filed Under In the News, Mortgages and ForeclosuresJob Market Hits Record High in Australia
After a dismal few weeks of reports on slow growth and possible downward dips in both the Canadian and American economy, there is no such news for Australia. Australia has reported that it is enjoying an employment number of 11.1 million working Aussies, keeping their unemployment rate at a low 5.1 per cent. This news has sent their dollar and stock market soaring.
The Bureau of Statistics in Australia reported that their economy has created 45,900 jobs in June alone, a far cry from the forecast 15,000. Employment minister, Simon Crean states, “Australia’s strong labour force figures stand in stark contrast to the stubbornly high unemployment rates still being experienced in many other advanced economies, where the aftershocks from the crisis are continuing to reverberate. Australia’s unemployment rate is clearly the envy of most of our major trading partners.”
This news has also seen the Australian dollar climb almost one cent higher, closing at $87.41 US. It has also seen ANZ shares close at more than a 4 per cent increase, which has helped boost the overall market by 2.4 per cent.
Wayne Swan, Treasurer, says the recent data has shown that Australia was “well ahead of the curve. The Australian economy is well placed to benefit from our proximity and links to the world’s fastest growing region (Asia), with the IMF pointing to robust commodity prices which are boosting domestic demand in our economy,” He also added “Australia remains a world leader in the global recovery, with stronger growth, lower unemployment and much lower debt than other advanced economies.”
Australia’s updated figures show a 3.5 per cent growth in 2010 and a forecast 3.5 per cent increase for 2011. It’s an impressive outcome being as the unemployment rate sat at 4.8 per cent in January 2009 and jumped to 5.2 per cent in February as the global crisis began to unfold. At it’s highest point, the unemployment rate peaked at 5.8 per cent, a drastic difference from the government’s forecast 8.5 per cent.
As many other countries continue to flounder during these uncertain times, Australia, it seems, has pulled out of the economic disaster that many of its fellow liaisons are still wallowing in. With the U.S. unemployment rate sitting at 9.5 per cent and Europe’s hitting a record 10.1 per cent, it’s no wonder many people are just not ready to start spending. Maybe it’s time the world took a closer look at Australia’s example.
Filed Under In the NewsLess Risk and More Savings at Canadian Banks
Canadian banks may be the ones benefiting from the savings safety net many people have put their money into. A growing trend has seen Canadians putting their money into checking and saving accounts rather than high-risk investments. Banks have reported a 20 percent increase in the last year, which is up considerably from the normal 3 or 5 percent they saw the year before.
Financial services consultant David McVay explains, “Canadians are more conservative than they were in 2007, adding that “more consumers are paying off debt, opening RRSPs and tax-free savings accounts than they were a year ago. We’re seeing a shift from stock investing into keeping more money in savings accounts because of the financial crisis,” he said.
“The banks are marketing to the uncertainty that Canadians have about their savings and retirement plans caused by the financial crisis,” McVay said. This comes as banks see many baby boomers putting their money in safer places after declining stocks had a large impact on their retirement savings. Another equivalent loss could see them possibly working for another 10 years.
The recent 20 percent increase in the banks checking and saving accounts will add up to about $100 billion in business as banks can easily make more money from consumers with savings accounts instead of customers who pile their cash into stocks and bonds.
A recent Scotiabank survey done by Harris / Decima, found that almost one-third of Canadians do not have any savings accounts even though 94 percent of those surveyed said they feel better having a saving safety net. Gillian Riley, Scotiabank senior vice-president of retail deposits, payment and lending noted, “We did have a tough period in the last few years and I think now is a great time to really focus on this and get people thinking about how they can save. Over the last year we certainly have seen some movement towards savings as a flight to safety,” Riley added.
It was also found that 55 percent of those surveyed said they do save money on a regular basis but yet, one-in-five Canadians confess they do not have any savings at all. It was also noted that the debt to income ratio has risen dramatically and is currently around the 147 percent mark. That means for every dollar a person makes, they owe $1.47. These numbers are proof that it’s important to save more than we did before the recession.
Filed Under In the News, Investing, SavingHow to Bank Safely Online
With so many stories of fraud, keeping our own credit and debt cards protected is a concern for most. No line-ups or ATM fees is one of the many desirable features to online banking. That, of course, combined with the fact we no longer have to leave our homes to transfer money or pay bills. With more and more consumers turning to online banking, it seems fraudsters are following the trend as well.
The result of a recent Internet User Survey by Statistics Canada showed that online banking is growing, and growing quickly, with 54 per cent of the Canadian population 16 and over using this service. With its increased popularity comes increased interest from criminals and their desire to crack open your account is their main goal.
Paul Proulx, RCMP Staff Sergeant and manager at the Canadian Anti-Fraud Centre says “It used to be all phone fraud, but now we’re seeing the internet taking over. We’re seeing that especially in the last two years, and the trend is increasing.”
The next time you are online, there are a few things you can do to protect yourself and your account. One very common problem is sites that are known for phishing. Dishonest sites have a technique where they are able to act like a bank or fish, in order to get your banking information. They will send requests for thing such as personal information or PIN numbers in order to ‘update your information.’ Report these sites and contact your bank in person if you have any questions or concerns.
Making a point to always do online banking from your own personal computer is also a great way to safeguard against hackers. Keeping your personal passwords and account numbers on your computer will assure no one else gets a hold of them. Keeping your computer secure by making sure to always update security settings, firewalls and anti-virus software on a regular basis will help protect your sensitive information as well.
When doing online banking, it’s very important to ensure you have an encrypted connection. If you are unsure how to check for this, have someone help set up the security on your computer. Also, a secure site will have a padlock in the corner depicting security. If you are still not sure, a secure bank connection to a bank will begin with ‘https’ for the Internet address.
Try to avoid using Internet hot spots as they are for public use and the connection may pose a risk to the security of online accounts. Keeping your accounts protected is a common sense way to not only prevent a thief from emptying your account, it’s also a way to protect your credit.
Filed Under In the News, UncategorizedAnd Baby Makes Three
So now you are a family. What a wonderful and tumultuous time of life! And why didn’t anybody tell you how torn you would be by the decision to stay at home or return to the office? You may have decided before the baby came that of course you would return to work, but holding that precious darling can change minds, melt hearts and thaw rock hard resolutions in the space of a baby burp.
It isn’t only about the money, although money is important, that’s for sure. But if you love your job, go back to work. It may even cost you to go back into the workforce, but it’s worth it-for you and the baby-to be doing what you love. Childcare is expensive, and juggling a child and a career is tough, but thousands, likely millions, of women (and men) do it every day. You can too.
See where you can cut back on expenses if you haven’t already, so that the money crunch (and there’s always a money crunch with a new baby no matter what your salary is) doesn’t hit you too hard. Once you set up a budget, and really take a hard look at what are “wants” and not “needs” and cut back accordingly, you may find the money for daycare pops up in the most unexpected places.
Be sure you keep your partner on board with all the major decision-making. If you’ve decided you do want to stay at home, and your partner disagrees, make a budget for costing out the return to work. Be realistic. But when you make the stay-at-home comparison budget, consider adding in an at-home part-time job-which can cut costs big time, and make the stay-at-home choice pretty appealing. Then be sure to get the job, or work something out with your current employer. You may be surprised at how accommodating your boss may be to the idea.
And don’t ask your mom. No matter how much you love your mom, now that she’s a grandmother, chances are she won’t be able to bear the idea of her little grand-darling being in a daycare (and will advise you accordingly). But unless she’s ready to come and take over while you’re at work, the decision to stay at home or return to the office, has got to be entirely your own.
The decision whether or not to stay at home or return to work is as personal as who you marry, or where you choose to live. No one can make the decision for you, so whatever you choose, make sure it’s the right choice for you.
Filed Under Kids and Money, UncategorizedCreating a Job From Home
Maybe you are about to retire or maybe you have already retired. Perhaps you’re a student or are only working part-time due to cutbacks, or just had a baby and can’t bare the thought of returning to work to leave your little one in the hands of a daycare provider. Perhaps you are not working at all and would like to fill in the hours with some casual work. There are many ways to get back into the workforce without actually leaving your home. Many people continue to work their own hours from home or while traveling to make some extra money.
There are many options available when it comes to working from home. If you’re feeling a little internet savy, why not consider becoming a tutor. If you have any experience teaching subjects such as chemistry, mathematics or English, there are organizations seeking your expertise. Becoming an online tutor is a very rewarding and allows you to set your own hours as well as work from home. Coaching students through their subjects can generally earn tutors anywhere from $12 to $25 an hour. Active tutors average between $800 and $1,600 a month. Not bad money for staying at home.
If you are lucky enough to speak a second language there are many organizations looking to hire translators. Countless webmasters require translators to help branch out and expand business. Also, other companies such as magazines and organizations like medical establishments also require a translator for documents and website updates. Translators generally earn between $15 and $40 and hour.
Becoming a home-based customer service rep is also a great option when it comes to earning a few dollars without leaving home. Although many companies route their calls overseas, many also send them to local retirees or parents who work in their home-based office. On average, call center reps work 15 to 20 hours a week and earn about $11 an hour but many experienced reps are earning up to $25 per hour plus commission.
Working from home is not only earth-friendly, but can be rewarding for many reasons. Highspeed internet has definitely opened up a new world for those wishing to work from home. These ideas as well as many others exist and are viable options for those looking to work from home. Consider your areas of expertise and get creative. You’ll be surprised at what you can come up with.
Filed Under BusinessFrugal Canadian Beach Vacations
Summer is here and if you’re like most people, a family vacation is probably in the works. If your time off does not add up to ‘enough’ this summer, taking a road trip in your own back yard is a good way to get away while staying close. Canada has many wonderful things to offer. From mountains to prairies to history and food, you can find it all by taking a drive in any direction. One of the many wonderful things Canada boasts is its beaches. California is not the only place that has sand worth lying on. Canada is full of beautiful beaches with sandy waters and long shorelines.
With just over 8,500 residents, the town itself is called Qualicum Beach and it can be found in the south-central coast of Vancouver Island in the province of British Columbia. The beach is definitely a seaside destination for many Canadians with its quaint village atmosphere and mild climate, it’s a great place to visit. The location and sandy beaches have made this spot popular with locals and tourists alike. It offers beautiful views of the Lasqueti Islands as well as Texada and the Straight of Georgia. The Coast Mountain Range can also be spotted in the distance.
Five minutes drive from the town of Slave Lake in north-central Alberta will take you to Devonshire Beach. The beach can be found within the Lesser Slave Lake Provincial Park. All 7 kms are of lake shore are lined with white sand and clear waters that are popular for swimming, wind surfing and sand castle building.
Inside Grand Beach Provincial Park lies the town of Grand Beach itself. Eighty kms north of Winnipeg you will find it on the eastern shores of Lake Winnipeg. Grand Beach offers tourists a boardwalk for afternoon strolls, 3 kms of white sand backed by an 8-meter tall sand dune. Consisting of two beaches, the West Beach is the more popular and active beach while the East Beach is quieter and more popular with families.
West of Owen Sound, Ontario you will find Lake Huron on which Sauble Beach lies. Offering 11 kms of sand created by sandbar deposits, the water remains warm and shallow. Reader’s Digest voted it the best beach in Canada. Nova Scotia also has a lot to offer with its Northumberland Shore. The mile-long sands of Melmerby Beach is a fantastic saltwater destination.
Traveling to Prince Edward Island is definitely spectacular but stopping to enjoy Brackley Beach makes the journey even more memorable. With its pristine sand and tall dunes, it’s a hard one to pass up. Taking a beach vacation at home this year is a great option for those with little time or money. A family vacation does not have to cost a fortune or be skipped altogether.
Filed Under Travelling on a BudgetStaying Home With Baby
The decision to stay home with your new family member or return to work can really tear at some parents’ hearts. There are lots of unknowns, but guessing at the financial costs and expenses should not be one of them. What it will cost you to stay at home, or choose to return to work, is one aspect of the decision that you can get down in black (or red).
Taxes are one of those things that change when you have a child, with that now deductible family member. You also receive child tax credits. Be sure to make the calculations to figure out two things: how much (less) you’ll have to pay, and who should be claiming the baby costs on their tax return.
Childcare is a big question that carries plenty of worry for new parents. If you return to work, will you use childcare at all, or try to get family members to cover those early mornings and late nights? Either way, this is probably going to be the biggest cost for you to think about with the new baby. Oh-and don’t forget to consider who will stay at home when the baby’s sick-day care outlets will not generally allow a sick child to come to the daycare, or stay in daycare once they become ill.
Clothing that you once wore to work isn’t likely going to be needed if you stay at home. That also likely means lower dry cleaning bills. Be sure to work out what you spend on work clothing when you do this calculation. Hair and beauty treatment costs, magazines, and other personal services can also likely be cut back.
Another consideration is time going to and from work as well as the cost of travel. Even if you ride share, or take the bus, these costs will drop tremendously if you stay at home with your newborn.
Food costs, gift costs and charitable giving are all parts of the working world. Even though you are on a budget, once in a while, you’ll likely want to eat out, participate in the office pool, and support someone’s charitable venture. These costs drop off if you stay at home.
When you consider whether or not to return to work, don’t forget the non-monetary aspects. Do you love your job? That might be enough to get you back in the office even if you don’t make a cent after all the costs. Whatever you decide, take the time to work out the finances so that your decision is the best one for your family and future.
Filed Under Kids and MoneyHow to Make Money Off Your Home
If you are one of the many Canadians working extra hours, or even taking a second job to make ends meet, you may be surprised to find that there is money to be found where you may never even think of it – your home. Here are some ways that you can use your own home to put a little extra money in your wallet during a financial pinch.
Working in the downtown core of a major city can bring along some major parking headaches. Many homeowners have caught on to this and rent out their own space such as their driveways or garages for parking. It is common for condo owners especially, to rent out their parking stalls from 9 to 5 during weekdays while they are at work and not using them. It is also a popular idea to offer your garage for rent to people who need to store seasonal items such as motorcycles and boats. This can add anywhere from $100 a month up to $400 a month to your household income.
One of the most common ways to make money from your home is to become a landlord. Sure, adding a suite to your home will require a little cash, but it could certainly be worth the investment. Transforming your basement into an apartment or your attic into a bachelor pad can easily bring in a few hundred dollars to a thousand dollars each month. This additional revenue may be the ticket to owning a home you could not afford before. It is also a great way for seniors to be able to keep their homes.
Renting your home to movie sets is another great way to make some extra cash. There are many companies seeking homes to use for films, television movies or commercials. Every Canadian province has a government run program that allows people to list their properties that they would like to make available to producers and location scouts. Depending on the type of project, scouts are willing to offer between $500 and $5,000 a day to use your home.
If your home is one that happens to come with land, as in a parcel of land in a rural area, it would make financial sense to consider renting that extra parcel to local farmers to raise livestock or crops. Prices do vary widely depending on where you live and what the land is going to be used for, but rent can be anywhere from $20 per acre to $200 per acre.
Another common way to use your house for cash is to create a bed and breakfast. Many people offer rooms to travelers and charge $50 to $200 a night, depending on the location and accommodations provided. If your house is large enough and has an extra 2 or 3 bedrooms, offering them to travelers can easily generate additional income. Even converting sheds into comfortable one-room cottages on your property can prove to be worth the extra financial effort.
With a little creative thinking you can come up with some unique ways to profit from your home and perhaps even turn it into a regular income generating item.
Filed Under being frugalTop To-Do’s to Keep Your Budget in Hand
Sometimes it can be pretty overwhelming trying to figure out how to get your finances in hand. One bit of advice says one thing, and another bit of advice says something else. But where do you start? Although the order of priorities might be different, here are some absolute must-do’s if you and your family just cannot make ends meet every month, and credit debt and unpaid bills are threatening your financial stability.
The number one rule, plain and simple, is stop spending. Just stop. We’ve been taught for so long to spend our money that often we’re not even aware of the money flowing through our fingers until the bill hits. How many times has your credit card statement taken you by surprise? Here are some good ways to become more conscious of where that hole in your wallet is, and good ways to plug it up.
Get rid of all plastic and swipeables. Do you think you cannot survive without a credit or debit card in your pocket? Put one credit card into your glove compartment for emergencies, and lock it up. Don’t carry it with you into stores, or for shopping. You’ll soon become acutely aware of when and where the urge to spend comes over you. Start avoiding those places to help you get a handle on your spending habit.
Next, move to a cash-only system. This will make you very aware of when you want to spend, and how much you spend. It will be a real eye-opener when you see how quickly cash can pass from your hands into someone else’s wallet. And watching that cash pass into someone else’s pocket can be a real incentive to stop spending.
Next, put limits on even necessity spending. Do you really think you must spend $500 each week on groceries? Open your fridge, and see how many of those groceries either got tossed out, or have not been used. Some estimates are that as much as 40% of what we buy eventually gets tossed. So place limits on what you’ll spend on anything. The best way to do that, of course, is to make a budget-and that’s the golden rule of money management.
Make a budget. Keep it simple. All you need to do is write down what your expenses are, and track them. Some experts recommend you put your spending into two groups, discretionary spending and fixed costs. Discretionary means spending that you could eliminate altogether such as renting DVDs or going out to dinner. Fixed costs are the ones you have to pay such as utilities and rent.
Most costs aren’t really fixed-at least in the sense of how much it has to cost you. For example, if the rent is just too high, you may have to move to another neighborhood or smaller home. And there are plenty of ways to save on electricity and water costs that can produce really dramatic savings.
As you make more manageable money choices, take the amount you’ve dropped from your costs, and begin paying off your debts, generally the highest-interest debt first. Before you know it, you’ll have your budget in hand.
Filed Under Budgets, Fixing Bad Credit, being frugal