Canadians avoid debt for renovations
A new poll shows that nearly half of Canadians are renovating their homes or planning to do so in the near future – and most of them are doing it out of their own pocket. Twenty-seven percent of those polled said they renovated their homes during the pandemic and 20 percent said they plan to do so. And while there have been a lot of concerns about homeowner debt lately, the BNN Bloomberg and RATESDOTCA survey found that 59% of respondents finance their renovations with their own savings.
Pandemic-era savings rates threatened
A majority of Canadians plan to continue spending less and saving more than before the pandemic, according to a new survey, but many noted they were concerned that inflation and rising housing costs would prevent them from doing so. . Sixty-three percent of respondents to a Scotiabank survey said they don’t plan to spend the way they did before the pandemic and 55 percent fear they won’t be able to save the way they did during the pandemic.
4 ways to maintain pandemic savings habits
Many people have spent less money over the past year and half due to restrictions imposed by the COVID-19 pandemic. If you’ve been able to save money, you’ve prepared yourself to withstand future financial crises, especially if you can keep saving, writes Nerdwallet’s Margarette Burnette. Here are four pandemic saving habits to keep your bank balance increasing.
Remote workers worry about prejudice
A survey commissioned by Cisco suggests more managers need to lead by example, as nearly half of Canadian workers fear being viewed less well and losing promotion opportunities if they work under a hybrid work model. At the same time, 77 percent of survey respondents said flexibility is a key factor that will be part of their final decision to stay or leave a business.
Giving up home inspections is becoming a ‘worrying’ trend
âIn hyper-competitive environments like today’s market, forgoing home inspections has become a common and worrying trend,â said Alan Carson, CEO of Canada’s leading home inspection agency, Carson Dunlop. . He added that “home sellers are getting used to something that may not last into the future: blind offers without inspection.” Carson believes this trend should be countered from a regulatory and government perspective, without the responsibility falling on the sellers or buyers.
Parents offer first-time homebuyers an average of $ 82,000
As home prices hit new highs across the country, data from CIBC has revealed that parents are now giving more than ever to help their children buy their first home. CIBC Deputy Chief Economist Benjamin Tal estimates that among nearly a third of first-time homebuyers who turn to so-called Mom and Dad Bank, a record $ 82,000 is currently being offered in average, compared to $ 52,000 in 2015.
âYou can’t underestimate the real savings that remote working creates for people. I spent $ 10 on my GO train ticket, two coffees for $ 5 a piece, and had a beer after work, and not doing it at home, that saving is still very real. ” – D’Arcy McDonald, Senior Vice President of Scotiabank Day-to-Day Banking