A Record Number Of Canadians Now Own Their Own Homes

A Nation of Homeowners – Canada

First Published Date : June 23, 2009

In the middle of a worldwide recession, would it surprise you to hear that a record number of Canadians now own their own homes? It would surprise just about anyone, surely? But that is the conclusion from a report by the Bank of Nova Scotia, details of which were reported this week. The caveat to this is that the figures refer to households that owned their own home in 2006 (with the belief that the number increased yet further in 2007) and that the full figures for 2008 will not be known for a couple of years. What is indisputable, however, is that there has been a significant increase in ownership compared with the same figures a decade earlier.

The Scotiabank report states that in 2006  a record high 68.4% of Canadian households were owned by the householder, and that there was reason to believe that the percentage increased in 2007. This was in comparison with figures for 1996 that showed a total of 63.6% of householders owning their own homes. How the figures will be effected by the recession still remains to be seen, as the compilation of the figures from a wide range of sources in a wide range of different jurisdictions takes time. It may well be that there has been some fall-off in the last couple of years as people have sought to cash in the capital locked up in their house and begun renting. However, there is little likelihood that this will have taken the numbers beneath those set a decade ago.

Reasons for this rise in the figures must include the fact that “baby boomers” now make up almost the entirety of the 45-64 age group which is considered the prime house-buying section of society. With the birth numbers having been so elevated in the last 60 years, and the improvements in medical science that have been seen in the intervening period, there are now more people than ever who are ready, willing and financially able to buy a house. Aside from this, however, the numbers have increased for those in other demographics buying houses. this can be put down in large part to the desire for owning assets for the purpose of having something to subsidize a pension. People are saving for their retirement earlier and earlier these days, and using more methods than ever before.

In addition to the headline story of the report, there was also some interesting data to be found in that 9% of Canadian households now own a second property, typically used for the purposes of a holiday, compared to 7% in 1999. How this will have been affected by individuals cashing in on their properties in order to ride out the current recession remains to be seen, and certainly it is unlikely that the numbers will rise as quickly over the next few years. Nonetheless, the changing trend towards home ownership seems to suggest that those who rent their homes will stay in the minority for some time yet.

To streamline and minimize blog maintenance, I will be discontinuing maintaining the Canadapersonalfinancewebsite.com website (however, I will still hold the domain). I will gradually move all articles from this site to A Dawn Journal. This article originally published on the above website on June 23, 2009.

Heading to The Temples of Philae | Egypt Travel Blog: Day 3 (Part 27) 02D20

Philae Temple – The Temple of Isis at Philae | Aswan

Egypt Travel Blog: 10 DAYS Egypt Explorer - Felucca Cruise & Red Sea

We reached a small dock from where we would take a boat to reach the Philae Temple. The dock area had lots of stores selling ornaments, miniature pyramids, temples, statues of Egyptian gods, and much more. Some sellers were on the side of the street displaying their wares on the street.

I liked the whole mini port-like environment there. There were lots of boats docked there, but we headed to our designated boat arranged by the tour company.

These boats are open-air boats with only a shade on top. The engine was nothing fancy. It would accommodate about 15-20 people.

It would take about 15 minutes to reach the island. I saw many other boats passing by filled with tourists. The scenarios along the shore were very pleasant. I saw the shorelines full of rocks and some of them were shaped like small hills.

As we approached the Philae temples on Agilkia Island, the columns and intact walls appeared to rise up out of the water among the large rocks.

I was still contemplating how they moved the whole temples from one island to another (see my previous post).

The dock here was another small one, but looked different because of the surrounding waters. We started to offload from the boat and walked a little bit uphill to reach the entrance of the temples.

2015 Kiplinger's 10 Best States to Retire

Delaware is The Best State to Retire

First Published Date: July 16, 2015

Personal finance magazine Kiplinger recently looked at factors such as affordability, economic health, crime rates and tax laws, etc. among all 50 American states, including the District of Columbia, and rated the top best states to retire in America. Here are the best 10 states:

1. Delaware

2. Florida

3. West Virginia

4. Pennsylvania

5. South Dakota

6. Arizona

7. Hawaii

8. Iowa

9. Kansas

10. Wyoming

Those states that are economically healthy and affordable, along with low crime rates, are favoured by the rankings. If you recall my 2015 America’s Best Places for Retirement by Bankrate, the top ten places were very different than this rating. For example, Delaware and Hawaii were absent and 3 cities from Arizona were among the top. The full Kiplinger report can be viewed here.

Canada Cottage Country Real Estate – Part Two

Cottage Country Canada – Part 2

First Published Date: Jan 16, 2009

Some of the hottest and most sought-after real estate properties in Canada at the moment, both residential and commercial, are in the region just north and east of Toronto, Ontario, in what is known as cottage country or ‘the Muskokas’ to the locals. While summertime traffic can often make the trip there a brutal one, it’s well worth it once you get there to enjoy everything the region has to offer.

The area is teeming with freshwater lakes, woodlands, wildlife, hiking trails, scenic cliffs, and quaint little towns. It’s no wonder that so many people are seeking property there. It’s a virtual playground all year round and a decent sized waterfront home or cottage can often fetch well over a million dollars. The area has started attracting the who’s who of North American society and many financiers, athletes, and film actors now own or rent property there.

While many Canadian entertainers and sports stars have known about the place for years, it appears Hollywood types have finally been let in on the secret and it’s not uncommon to run into Kurt Russell, Goldie Hawn, Martin Short, Tom Hanks or many others on the streets or at the local stores as they own cottages in the region.

A real estate boom hit the area about 10 years ago and many of the smaller lakeside cottages in the Muskoka’s  were bought up and then torn down, only to be replaced, by larger, luxury homes. However, while the area is definitely seen as a paradise by many, there are still quite a few real estate deals to be found on homes, cottages, and properties.

Lakefront lots are obviously at a premium, but there are so many of them, they can still be bought and built on quite easily. The region is also home to hundreds of private islands and thousands of kilometres of shoreline with many properties being pretty secluded. 

The regions of Haliburton, Collingwood, Huntsville, and Peterborough are also ideal for those who are looking to retire or to invest in some property. These towns are almost as popular in the middle of the winter as they are in the summer and there’s an endless supply of visitors looking to rent accommodations on a weekly basis. You can easily cover your mortgage by renting out your property.  The properties in these areas are typically less than in the Muskoka’s, but the locality is just as nice.

Some people have sold their homes in cottage country by necessity instead of choice though, as property taxes continuously seem to rise in Ontario. But there definitely wasn’t a shortage of buyers and that’s why country living is now more high-end than ever before.

There are many real estate agents in and around cottage country who can help you if you’re interested in residential and/or commercial properties in the area. There are also many websites that feature most available real estate properties. These will give you a good idea of the types of homes that are available and the price range that they come in.

It is believed the average price of a lake house in the Muskoka region was about $225,000, about 15 years ago, and according to the Muskoka and Halliburton Association of Realtors, that price is now closer to $1 million. However, there are still some hidden gems and prime real estate still available for considerably less.

To streamline and minimize blog maintenance, I will be discontinuing maintaining the realestateexpedition.com website (however, I will still hold the domain). I will gradually move all articles from this site to A Dawn Journal. This article originally published on the above website on Jan 16, 2009.

WestJet RBC World Elite MasterCard: Should You Keep It?

WestJet RBC World Elite MasterCard Review

First Published Date: July 19, 2015

The WestJet RBC World Elite MasterCard is a MasterCard Elite series

high-end travel rewards credit card that lets you earn WestJet for everyday purchases that can be used towards WestJet flights and vacations without any blackout periods or restrictions.

The Cost

Annual Fee = $99. Additional cards = $49

Minimum annual income required = $70,000 (or household income = $120,000)

Rewards Points Snapshot

– Earn 2 WestJet dollars for every $100 spent on WestJet flights and vacations.

– Earn 1.5 WestJet dollars on everything else.

– There is no limit or restrictions on earning.

First Time Bonus

A $250 WestJet dollars welcome bonus when you use your card for the first time.

Anniversary Bonus

An annual companion flight for $99 (plus applicable taxes, fees and charges) to fly anywhere in Canada or the United States (excluding Hawaii and Puerto Rico).

Features & Benefits

– The primary cardholder (and up to 8 additional guests on the same reservation) awarded 1st checked bag for free on all WestJet flights.

– Emergency Medical Insurance (15 days<65, 3 days>65 or older).

– Travel Accident Insurance (Up to $500,000 CAD).

– Auto Rental Collision/Loss Damage Insurance.

– Trip Interruption Insurance ($5,000 each, maximum $25,000).

– Emergency Purchases (After 4 hrs,$250 day, maximum $2,500 per occurrence).

– Flight Delay Insurance (After 4 hrs,$250 day, maximum $500 per occurrence).

– Hotel/Motel Burglary Insurance ($2,500 per occurrence).

– Purchase Security (For 90 days, up to $50,000)

– Extended Warranty Insurance (1 additional year)

What’s Missing

Some of the important benefits this card does not offer:

– Price Protection Insurance

– Trip Cancellation Insurance

– Delayed and Lost Luggage Insurance

– No Concierge services

My Take

Although The WestJet RBC World Elite MasterCard is missing some elements of insurance and services you would expect from a high-end credit card, its anniversary bonus makes it a card to consider adding to your credit card portfolio.

You can easily offset the annual fee and still stay on the plus side if you use the annual companion flight for $99 each year. Here is one example from my Las Vegas trip: Regular return trip fare from Toronto to Las Vegas = $600 (includes base fare, taxes, and fees)

My companion return trip would cost only $250 ($99 plus fees and taxes)

My total round trip cost for 2 = $850

That’s a $350 savings ($1,200 – $850)

Plus I would save on checked bags = $25×4 = $100

As you can see, you can save at least $450.00 on an average trip. Your savings can be lower or higher based on your trip distance. If you are not planning to use the annual companion flight feature every year, keeping this card makes no sense, as you can make more money with other cards that offer better returns and more benefits.

I personally hold this card as of this writing and I’m planning to hold it as long as I make one trip on WestJet every year. I use this card for some of my expenses as well. However, if I were not to use this card for any transactions, I would still hold it and would not mind paying $99 just to get the annual companion fare.

Disclosure: Information provided here may not be accurate and no longer valid. The mentioned card provider is not related to A Dawn Journal and neither monitor this site nor responsible for any inaccurate information. Contact the card company directly for accurate and updated information. A Dawn Journal or my YouTube Channel are not compensated by or affiliated with any credit card companies. All credit card articles are 100% unbiased and honest.