Matthew Cheema

12/12/2022

35% of Canadians who admitted that they are not living the retirement lifestyle of their dreams said it was because of 2 main reasons:

1. Not having enough money saved

2. Inflation

Those who were hoping to use their house as a retirement fund are reconsidering their options and getting more worried by the day because of the rising cost to borrow money and the current hit on the housing market.

What's your retirement strategy?

Negative effect of falling real estate prices poses challenges for pre-retirees and retirees alike

12/07/2022

BREAKING: Canadian Central Bank raises interest rates by another 50 basis points, raising it's benchmark to 4.25%.

What does that mean?

More pressure on homeowners with variable rates.

More foreclosures coming.

Less mortgage applications and real estate purchases due to extremely high interest rate climate.

Find out more in this article below:

The Bank of Canada raised its benchmark interest rate by 50 basis points, to 4.25 per cent.

12/06/2022

How is the housing market draining the retirement wallets of pre-retirees?...

Think about it.

Higher interest rates mean higher mortgage payments (most families are on a variable rate mortgage).

Higher mortgage payments mean less money going to equity and more money going to interest.

Higher mortgage payments mean less disposable income to invest into retirement plans.

Higher mortgage payments mean home prices are falling because less people can qualify and/or keep up with making high payments

Falling home prices means less equity for pre-retirees

And where is the majority of wealth for pre-retirees?

Stuck in their house.

So they're paying more out of pocket to get less.

This is going to become a serious problem for families in the next 6 months.

12/01/2022

Here's a big reason why pre-retirees are stressed out about retirement and why many will be forced to delay it...

Many of them (my own family included) are seeing their houses decrease in value, which for most is the large majority of their wealth.

Along with the decrease in value, ones with variable mortgages are seeing increases in their mortgage payments.

A decreasing house plus and increased mortgage payment is causing pre-retirees not only to lose a large portion of their wealth, but it's also preventing them from saving more towards their retirement?

What's going to happen when we see the next rate hike on December 7th?

For many Canadians they are gearing up for a cold winter...

Amid falling home prices and rising interest rates, homeowners who went with a variable rate mortgage are feeling squeezed from both sides, with financial experts predicting more pain to come.

11/30/2022

Over 60% of Canadians are being forced to delay retirement due to the rising cost of living.

With such economic uncertainty, planning ahead is the most crucial thing a family can do to secure their future.

Have you started yet?

Nearly two-thirds (62 per cent) of Canadian pre-retirees say the rising cost of living is preventing them from retiring when they’d like to, up from 56 per cent in 2021, according to a new survey by Fidelity Canada. The survey, which polled more than 1,900 Canadians aged 45 and older, found 55 per...

11/29/2022

Did you know 4 in every 10 Canadians are planning to delay or already have delayed their retirement?

It appears that the number of Canadians entering retirement still with a mortgage to pay are at an all time high.

Find out in this article how interest rate hikes have been affecting pre-retirees in Canada.

Financial advisers say rising interest rates will make it even more challenging for Canadians to pay off their home before they retire

11/29/2022

How far along are we in the inflation battle? Do we still have ways to go? Is the worst yet to come?

With all the uncertainty around rising interest rates, gas prices, and the housing market, I've put together a short article to help better understand the culprit behind it all: inflation.

We dive into what it is, how it all started in the first place, and what we can actually do about it to confront it and beat it.

What has your strategy been in 2022 to fight inflation?

Has the dramatic rise in gas prices the past 6 months left you confused? And the inflation on staggering real estate prices throughout the country?