Page 30 - Sports Energy News, Cornwall, Issue No 144

30 Issue #144 January 2025 www.sportsenergynews.com

om Our
Neighbourly Advice From Our Local Professionals
Neighbourly
ofessionals
Advice Fr
Local Pr
Canadians have been facing higher interest With interest rates on the way down, 2025 could
By Brian Johnston
Mortgage Specialist rates over the last few years, after the Bank see a further resurgence in interest for the variable-
of Canada hiked its policy rate in the wake of rate mortgage. We can safely expect that we’ll
soaring inflation. Since June, however, the central see some downward movement on the variable-
MORTGAGE OUTLOOK 2025: CANADIANS bank has cut its benchmark by 175 basis points, rate side, whereas things are going to be a little
CAN EXPECT LOWER RATES, DEALS THIS including two jumbo 50 basis point cuts in October bit stickier on the fixed-rate state. Variable-rate
YEAR
With inflation back to the Bank of Canada’s two and December. The Bank’s policy rate now sits at mortgages move with the prime lending rate,
3.25 per cent. Economists expect that the Bank of which is affected by changes to the BoC’s policy
per cent target and rate cuts expected to continue Canada will continue to reduce interest rates this rate. Fixed mortgage rates are affected by the bond
through this year, Canadians should anticipate year, albeit at a “more gradual” pace. market, which has seen yields remain sticky. Since
lower mortgage rates and better deals in 2025, 2025 could be comeback year for the variable- Oct. 1, yields for the benchmark 5-year bond have
experts say.
rate mortgage Continued on page 31

home will be worth when you are finished intend to flip, and we can give you a rough
By Michael VanderMeer
Real Estate Agent renovating and ready to sell. You will idea of what the home is worth when it is
also need to set a timeline and know what renovated. When the home is completed,
FLIPPING HOMES. your carrying costs are. This is why it is your realtor can do an updated CMA so that
The purpose of flipping homes is to make important to have a Realtor involved in your can price your home properly for a
some money, so if you are thinking of the process. The first thing we do is help quicker sale, which results in less carrying
flipping a home, you will need to know the you find a property that needs work and is costs and more profits. Realtors can also
value of the home in its current condition, priced decently. We can warn you if you inform you of where the greatest returns
your renovating costs, and how much the are paying too much for the home you
Continued on page 31

depending on what you plan to do in (per Fidelity Investments).
Max Ming P.Eng. CFP ®
Financial Planner retirement. According to the Financial Government programs like the Canada
Consumer Agency of Canada, a typical Pension Plan (CPP), Old Age Security
HOW MUCH DO YOU Canadian household spends about (OAS), and the Guaranteed Income
REALLY NEED TO RETIRE $67,000 annually, which would mean Supplement (GIS) play a critical role
COMFORTABLY IN CANADA? needing just under $50,000 per year in in providing income. For example, in

Planning for retirement can feel retirement spending (after-tax). Of course, 2024, the maximum CPP payment at 65
overwhelming, especially when trying to this number varies dramatically based on was $16,375/yr while maximum OAS
figure out how much you really need to personal circumstances, such as desired payment for individuals aged 65 was
lifestyle and location. $8,560/yr.
retire comfortably. While there’s no single answer for everyone, In practice, many Canadians will rely on However, these government benefits
a few key benchmarks can help guide you toward your goal. a combination of government benefits, alone often won’t cover all retirement
GENERAL GUIDELINES AND INCOME NEEDS savings, and pensions. The average after- expenses, and the benefit you actually
Experts often recommend that retirees aim for 60-70% of their tax income for seniors is around $74,200 receive depends on the age you begin
pre-retirement income to maintain their lifestyle but it varies for couples and $33,600 for individuals Continued on page 31

With our 2025 “Just Homes Listing Program”, Homeowners will never pay more than

3 3/4%+ HST commission which includes full weekly local newspaper

Owned and Operated by M. Jean Cameron Real Estate Limited advertising until sold, internet promotion and even an open house program when needed.
Serving the Community since 1959
The savings may not stop here. When we sell your home directly to a buyer
check us out on the web at: without another real estate brokerage involved in the sale, we further reduce our
www.soldsmart.ca
sandy@homesnet.ca commission to only 2% + HST
“Not intented to solicit properties already listed for sale”