200 Centennial Parkway

Towers on horizon for east Hamilton shopping plaza

SmartCentres plans to build a residential complex with roughly 1,000 units and four towers reaching as high as 20 storeys.

By Teviah Moro Spectator Reporter
Sat., March 19, 2022

SmartCentres plans to build a residential complex with roughly 1,000 units and four towers reaching as high as 20 storeys on the property.

The footprint, which covers the southern part of the plaza, would spell the end of some of the retail units.

The 200 Centennial Parkway plaza is on a traffic-heavy commercial corridor where big-box retail, auto dealerships, strip malls and expansive parking lots dominate the landscape. READ MORE >>

March listings: Hamilton’s most and least expensive homes on the market

Rents across the city are skyrocketing, while the inflation rate soars and housing prices continue to climb.

Hamilton is now the 18th most expensive city to rent an apartment in Canada.

If that’s got you considering home ownership, here’s a rundown of Hamilton’s least — and most (for the fantasy) — expensive house listings from March, according to Zoocasa.

Five lowest-priced homes

187 Lottridge St. was the city's lowest-priced home on the market for March, listed for $449,900.

187 Lottridge St.

First-time home buyers looking for a detached house in the lower city will be intrigued by this $449,900 price tag. READ MORE >>

How Alternative Lenders and Investment Platforms Are Helping Underserved Canadians

How Alternative Lenders and Investment Platforms Are Helping Underserved Canadians

According to ACORN, millions of Canadians are underserved by the mainstream banking sector.

These individuals have restricted access to basic banking services like overdraft protection, tax-free accounts, and credit products like credit cards, personal loans, and lines of credit.

As a result, these individuals rely on predatory financial institutions like payday lenders and cheque cashers to meet their banking needs.

Who are the underserved?

Individuals who have limited access to traditional banking services can be organized into two categories:

  1. The underbanked
    These are individuals who have a bank account but seek other financial services and access to credit products through fringe financial institutions.
  2. The unbanked
    These are individuals who don’t have a chequing or savings account. Many low-income individuals are unable to sustain a regular bank account due to the minimum required balances, ATM fees, and other banking fees.

In Canada, 3% of individuals are unbanked and 15% are underbanked, which adds up to approximately 6 million Canadians.

These individuals often have:

  • a low income;
  • a disability;
  • a thin credit profile; or
  • are new to Canada.

How the financial tech industry impacts the unserved

Both underbanked and unbanked individuals face barriers when dealing with traditional financial institutions.

Traditional banks typically have high requirements and fees when it comes to banking, lending, and investing, which makes all these services hard to access. Moreover, the unserved are often seen as risky due to:

  • a decline in financial health;
  • low income; or
  • a thin credit file or no credit file.

Thankfully, as the financial tech (fintech) industry continues to grow, new financial services, tools, and resources become available to the underserved.

Through the fintech industry, which focuses on developing the way we bank through innovative technology, new financial services like crowdfunding, online lenders, robo-advisors, digital wallets, and cryptocurrencies are helping underserved Canadians regain control of their finances.

As the fintech industry continues to grow and evolve, both alternative lenders and alternative investment platforms are changing the way Canadian consumers interact with their money, with particular emphasis on those who struggle to access products and services from traditional financial institutions.

How alternative lenders help the underserved

Alternative lenders are a cornerstone for many of the underserved. Their flexible lending requirements have given these individuals the opportunity to gain access to different credit products such as personal loans, lines of credit, mortgages, credit cards, guarantor loans, and more.

More than a credit score

Unlike banks and other traditional financial institutions, alternative lenders don’t base a borrower’s eligibility simply on their credit score. They take a more holistic approach to credit approval. Alternative lenders often take into account a wide variety of financial factors including:

  • income level;
  • job stability;
  • debt-to-income ratio;
  • previous bank statements; and
  • security (an asset or a co-signor).

This means that individuals who are new to Canada or those who have not had enough time or the opportunity to build a credit history can still apply for the financial products they need.

An alternative to predatory lender

Lenders

Providing underserved Canadians with access to instalment loans, lines of credit and even debt relief products protects them from relying on predatory lenders when in a financial pinch.

Payday loans (the most widely used predatory lender) create a cycle of debt that is almost impossible to break, especially for consumers who are already struggling financially because of low income or bad credit.

Build credit and improve financial future

Alternative lenders act as a stepping stone for individuals with a thin or bad credit profile, as they’ll be able to improve their credit score through these credit products. This, in turn, will increase their chances of being approved for a mainstream credit product in the future.

How alternative investment platforms help the underserved

Platforms like Wealthsimple, CI Direct Investing, and Questrade are changing the way all Canadians, not just the wealthy, invest in their future.

Low barrier to entry

Probably the most significant change that alternative investment platforms have brought to the table is lowering the barrier to entry.

With low fees and low commissions, these platforms provide average and low-income individuals with the opportunity to invest and grow their wealth.

Most alternative investment platforms offer low account minimums or even offer options that don’t require a minimum amount to get started.

Less time invested

apple watch

These investment platforms are usually fully-automated and require little to no maintenance.

Interested individuals simply answer a few questions to create a customized portfolio based on their risk tolerance and investment goals.

Most alternative investment platforms offer additional learning resources that consumers can take advantage of which will help them improve the decisions they make about investments in the future.

Alternative investment platforms allow anyone to invest regardless of their income level, how much they have to invest, or how much knowledge they have in investing.

Bottom line

Innovative technology has opened the financial doors for many unserved individuals in Canada.

Many unserved Canadians now have the opportunity to access different credit products and financial services including banking and investing.

As the fintech industry continues to grow and change, traditional banks and financial institutions will be forced to re-examine the way they provide their services.

Guest post by loanscanada.ca via BuyProperly.

MetaMask

Meet Metamask, your connection to the new web

What is Metamask?

MetaMask is a software cryptocurrency wallet used to interact with the Ethereum blockchain. It allows users to access their Ethereum wallet through a browser extension or mobile app, which can then be used to interact with decentralized applications.

Buy, store, send and swap tokens

MetaMask equips you with a key vault, secure login, token wallet, and token exchange—everything you need to manage your digital assets.

Explore blockchain apps

MetaMask provides the simplest yet most secure way to connect to blockchain-based applications. You are always in control when interacting on the new decentralized web.

 

Download MetaMask now >>

Beautiful Kitchen

How can young Canadians prepare for a mortgage? We make it make sense

How can young Canadians prepare for a mortgage? We make it make sense

This week, our question comes in from 22-year-old Jessica. She asks, “I want to understand how to prepare for a mortgage. How do mortgages work?”

Get in on that Staycation Tax Credit with these hot destinations

What’s the deal with that staycation tax credit?

The temporary Personal Income Tax credit lets you claim eligible accommodation expenses if you’re an Ontario resident.

You could get back up to 20% on eligible accommodation expenses for stays this year at hotels, motels, lodges, bed-and-breakfasts, cottages, campgrounds and other short-term accommodations in Ontario that charge GST/HST.

Find out all the details here.

Okay, I’m in for that sweet tax credit deal! So where should I go?

Get the NYC experience right here in the Hammer: Experience a New York-style loft located in downtown Hamilton!

  • A very spacious 2,600 square feet
  • 4 guests, 2 bedrooms, 2 beds, 1 bath
  • The GO Station is just steps away
  • Walking distance to major attractions like:
    • Dundurn Castle
    • the Art Gallery of Hamilton
    • Tim Hortons Field

Get all the details and book this Airbnb today >>

Looking for something more outdoorsy? 

Book a getaway at Harmony Resorts

Glamping! Cottages! Cabins! Tiny Cottages! Seasonal Sites! Campsites! Harmony Resorts has it all.

There’s never been a better time to enjoy all that Ontario has to offer. So make your staycation plans today!

Alex Manojlovich

Greater Hamilton Real Estate Update: Downtown Hamilton’s Major Redevelopment Is In The Works

It’s been a quiet week for commercial real estate (CRE) transactions in Hamilton.  February is turning out to be a low as a whole.

Hamilton’s most significant transaction was in Ancaster, where industrial commercial institutional (ICI) land traded for $7.6 million ($905,000 per acre). Hamilton’s industrial land values continue to rise.

The largest transaction of the week was in Kitchener, where Broccolini traded $23 million for 69 acres of ICI land.

In the News Headlines section below, you’ll find:

  • The latest on downtown Hamilton projects
  • Updates on the flurry of activity around John C. Munro Hamilton International Airport
  • The February stats from the REALTORS® Association of Hamilton-Burlington (RAHB)
The GHA Sales Transaction Database offers you this week’s CRE transaction activity.
Would you like to receive this update in your inbox each week? Sign up for our newsletter here.
News Headlines 

Major redevelopment in the works for Hamilton’s Downtown
The Hamilton Spectator, February 24, 2022

Hamilton airport attracts flurry of activity 
RENX, March 1, 2022

Preparation to demolish Jamesville in Hamilton North end underway
The Hamilton Spectator, February 25, 2022

3054 Homestead Drive (Fengate) proposed development
UrbanSolutions Planning & Land Development Consultants Inc.

February 2022 RAHB stats
RAHB, March 2022

Lawsuit over derailed LRT land deal looms over resurrected Hamilton project
The Hamilton Spectator, March 1, 2022

Saving Sobi: Hamilton will pay to keep bike-share network on the road
The Hamilton Spectator, February 26, 2022

Builder wins 11 storey Stoney Creek condo battle
The Hamilton Spectator, March 1, 2022

Broccolini expands GTHA industrial land bank
RENX, February 18, 2022

Large development proposal coming to downtown Burlington
The Hamilton Spectator, February 23, 2022

Ontario cottage country sees record low supply
Storeys Real Estate News, February 24, 2022

BoC hikes rate for first time since 2018
BNN Bloomberg, March 2, 2022

Industrial demand for SW Ontario industrial continues to grow
RENX, February 28, 2022

Investor frenzy rips through housing market
The Globe & Mail, February 18, 2022

Riocan REIT outlines new fiver year growth strategy
RENX, February 24, 2022

Census data field debate over supply and demand
The Globe & Mail, February 18, 2022

 

How to Build Wealth in Your 30s: Simple Steps to Become Financially Free

How to Build Wealth in Your 30s: Simple Steps to Become Financially Free

“Financial freedom” is becoming a buzzword nowadays, but what does it actually mean? When it comes to learning how to build wealth in your 30s, patience, persistence, and a solid plan are at the root of this new financial freedom movement.

Here are 6 simple tips to get you started on the road to wealth-building and financial independence.

Let’s dive in!

1. Make a budget (and live within your means)

The first step to building wealth in your 30s (or at any age for that matter!) is to make a budget and stick to it.

Many people never realize how much money they’re actually spending each month and how much could be saved by simply creating a budget and learning to consciously live within their means.

How should you create a budget? Here’s a simple guide to follow:

  • Calculate your total net income for both you and your partner: make sure to build your budget based on your take-home pay each month.
  • Calculate all your fixed expenses: this includes all the expenses that are predictable and stay consistent each month like your mortgage, rent, insurance, car payments, etc.
  • Calculate all your variable expenses: variable expenses include all of your discretionary spending and bills that change from month to month like groceries, dining out, utilities, and leisure activities.
  • Set aside money for debt repayment and wealth-building: Ideally, you should be able to set aside between 10-20% of your net income for debt repayment, savings, and investing.

If you don’t have any wiggle room in your budget, start looking for fixed and variable expenses you can cut back on. Here are some ideas to keep in mind:

– Are there any subscriptions you’re not using? Netflix, Amazon, and that old gym membership may seem like nothing, but those monthly subscriptions can really add up! Take a look at where you can cut back to save some extra money.

– Are you paying high interest rates on any loans? Credit card debt can cost thousands in interest charges, so it’s always best to prioritize those high-interest loans when repaying debt. If you’re struggling to make a dent in your loan, call the bank and ask what your options are for lowering the interest rate.

– Have you shopped around for new insurance rates lately? Car, home, and life insurance premiums can creep up without us ever noticing. If it’s been a while since you’ve looked into those payments, it may be worth shopping around to see if you can find a better deal.

– Is dining out eating up all your extra cash? After work, it can be tempting to grab a ready-made meal or takeout from a local restaurant. If you’re spending a lot of your monthly income at restaurants, look into cost-effective options like batch-cooking and meal prepping.

Learning how to build wealth in your 30s isn’t always about making more money. Sometimes the quickest and easiest way to find extra money is to take a good hard look at what you’re spending and find creative ways to save!

How much money should 30-year-olds have saved?

There’s no right or wrong answer for how much you should have saved by the time you turn 30 since it depends on your income, lifestyle, and the wealth-building opportunities available to you.

Most experts suggest saving 10-20% of your pre-tax income each month for retirement. According to Statistics Canada, as of 2020, the average salary for Canadians was $54,630. This means $455-$910 would be an ideal amount to put towards savings each month.

If you’re just getting started at 30 and you’re able to invest $900 each month in accounts or investments that yield a 5% annual return, you would have just over $980,000 by the time you’re ready to retire at 65!

2. Pay off debt as quickly as possible

Debt can rack up some serious interest payments that eat into your potential wealth-building opportunities. According to BNN Bloomberg, as of December 2020, Canadians now owe $1.71 for every dollar of disposable income they have to spend.

What’s the hidden cost of high-interest debt? Let’s say you have credit card debt totalling $10,000 at an 18% interest rate. If you decide to pay $200 towards this debt, it will take 94 months to pay off AND cost you $8,622 in interest.

If you decide to increase that payment to $400 per month, your credit card will be paid off in 32 months and you’ll pay only $2627 in interest.

That means you’d be saving $5,995 which could be put towards savings, retirement, or investments that will help grow your wealth over time.

If you’re battling with high-interest loans and credit card debt, one of the fastest ways to pay it off is by focusing on the highest-interest loan first (a.k.a. “The Avalanche Method”). This method for debt repayment frees up more cash month-over-month as you continue paying down those debts.

3. Work on your money mindset

So many have us have been conditioned to believe we can’t be wealthy or that only a select few people are lucky enough to be financially secure.

Although it’s important to acknowledge the privilege of being able to work full time, earn an income, and invest in various financial markets, it’s also important to realize that it’s never too late to start investing and growing your wealth.

The first thing you can do to get comfortable with money is to start talking about it. Open up a dialogue with family and friends about savings and retirement. Talk with coworkers about financial resources available through your employer. Find financial advisors and professionals who can teach you how to build wealth in your 30s and deconstruct some of the money myths you believe.

The quickest way to change your mindset about money is to surround yourself with people, conversations, and thoughts that are different from your own.

If you’re willing to challenge some of the long-held beliefs you have about money, you’ll find new and amazing opportunities to start building wealth and take steps towards becoming financially free.

4. Learn as much as you can about investing

Everyone knows the power of smart investing, but many people are too intimidated to take the first step to get started. After all, where should you put your money? Stocks? Bonds? Real estate?

The fastest way to grow your wealth is to get educated about investing so you can make informed financial decisions.

What can you do to learn?

  • Read books

One of the simplest ways to learn about investing is to go to the local library or book store to find some books on budgeting, saving, and investing. Here are some great books to start with:
– The Intelligent Investor: The Definitive Book on Value Investing
The Book on Rental Property Investing
– Investing in Your 20s & 30s For Dummies

  • Join supportive communities

Eager to dive in and talk about investing? Find local or online communities you can join to learn all about investing. If you don’t have any business clubs in your area, look online on Reddit or Facebook for supportive communities to join. Here at Forge & Foster Investment Management, you can engage with us on Twitter, Facebook, Instagram and LinkedIn.

  • Speak with financial professionals

Take advantage of all the professional wealth-building advice you can. Book an appointment with a financial advisor at your bank. Talk to your employer to ask about RRSP opportunities. Meet with an accountant to discuss ways you can find more money in your budget to invest.

  • Attend seminars and/or events

Going to local events is a fantastic way to learn valuable financial skills and network with like-minded investors. Not sure where to find events in your area? Simply head to Google and look for investment conferences, business groups, and meetups in your local area.

The more you educate yourself about money, the more opportunities you’ll find to build your wealth.

5. Diversify your portfolio

Many of us have heard of the saying “don’t put all your eggs in one basket” and this is absolutely true when it comes to building long-term wealth. Diversifying is one of the best ways to ensure you’re protecting your money.

What does diversification look like? Simply put, diversifying your portfolio means investing in a variety of different industries, sectors, and asset classes. This could include stocks, bonds, real estate, currencies, and more.

Diversification is a key component to building wealth because it allows you to spread your money around to mitigate risk and better predict expected growth.

While investing in something like Bitcoin may bring some temporary gains, it can also be extremely volatile. Balancing out those volatile investments with the long-term appreciation from rental properties, for example, would create a more stable portfolio.

BuyProperly helps new investors get started in real estate investing for as little as a $2,500 initial investment. Learn more at www.buyproperly.ca.

Speak with your financial advisor about different ways you can diversify your investments for maximum growth.

6. Remember to be patient

Building wealth doesn’t happen overnight: it takes time, dedication, and patience to see the best results.

One of the biggest secrets to wealth-building is the compounding effect that comes from reinvesting your money over time. The more returns you’re able to reinvest in the market, the higher your earnings will be! This snowball effect is what creates stable, long-term opportunities.

Don’t get discouraged if you can only invest a small amount of cash at the beginning, or if your investments don’t make you a millionaire overnight. The key is to make smart financial decisions that will set you up for long-term wealth and success.

If you follow these simple wealth-building tips, you’ll be one step closer to financial freedom.

Want to learn more about how to build wealth in your 30s?  BuyProperly is on a mission to make real estate investing accessible for everyone.

Madeleine Nicholls

CRE is a female-friendly career option

RENX, March 7, 2022

Madeleine Nicholls has been in the commercial real estate business for more than 20 years and the Vancouver managing director for Colliers International is surprised more women aren’t picking up on the female-friendly aspects of the job.

A commission sales job may not have the stability of a 9-to-5 salaried position, but it has its advantages for young women who are thinking of starting families and who are looking for a high-paying profession that offers them options. READ MORE >>

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