Jerrald Chung - Mortgage Broker

04/08/2023

03/25/2023

3 tips to help disaster-proof your home

Extreme weather events are becoming more frequent and more intense across the country. That’s according to data from Public Safety Canada, which also found that the most common events are floods, forest fires, earthquakes, thunderstorms, hurricanes and winter storms.
No one wants to go through one of these, but some of us will. Here are some tips to help protect against the worst of the damage affecting you, your family and your property so you make it through unscathed.

1. Know the risks to your home
The more you know about what might occur in your area, the better you can prepare. Risks differ from region to region. To get an idea, consider how your geography affects you: For instance, homes next to the Atlantic Ocean may be at risk for hurricanes, the West Coast has earthquakes to consider, and central Canada might focus on what to do in a white out. Find out if you live in a flood plain and consider historical weather events that have passed through your region.

2. Make a plan just in case
An emergency plan is a crucial step to prepare your home and family for the unexpected. In it, you should include safe meeting places, important information like insurance details and contact information for friends and family. Also note your home’s emergency exit routes, the location of at least one emergency kit, and any important steps and reminders for when a disaster occurs.
3. Ready your physical space

In addition to creating an emergency plan, take steps to help make your home more resilient:
Take care of landscaping and cut back any dead branches.
Store important documents above floor level, and not in the basement.
Keep heavier items on lower levels of shelves.
Use surge protectors to prevent power surges when electricity comes back on after an outage.
Fix cracks, gaps and leaks promptly.
Ensure landscaping grades away from the home and downspouts point away from the foundation.
Consider adding backup power if you use a sump pump.
Consider installing backflow valves for toilets and drains.
Install weatherstripping around doors and windows.
Consider durable or fireproof materials such as insulated concrete forms if you are remodelling.
Store an emergency kit on the premises with supplies to get you through several days.
Find more information on how to protect against disaster, including what to keep in your emergency kit, at getprepared.ca.

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03/10/2023

https://milesopedia.com/en/news/air-miles-loyalty-ventures-bankrupt/

Loyalty Ventures, the company that owns AIR MILES, is preparing to file for bankruptcy in the next few days. Redeem your miles now!

03/08/2023

BREAKING NEWS!!
Bank of Canada holds key interest rate at 4.5 per cent
https://www.ctvnews.ca/business/bank-of-canada-holds-key-interest-rate-at-4-5-per-cent-1.6303777?fbclid=IwAR2mbqr7E8AAv63pQqd-DjEngverpvGvtXFhqj2PBIPGsAU7mxZwWYegKpA

The Bank of Canada maintained its policy rate at 4.5 per cent, following eight consecutive rate hikes since March. The pause was signalled by the central bank in January, in order to assess the full impacts its monetary policy is having on the Canadian economy.

02/24/2023

https://fb.watch/iV0_E4Cmrq/

02/19/2023

Leave financial stress behind while you’re on vacation.

A vacation should be a time of rest and relaxation away from the hectic pace of work and daily life. But it can also become a time with a lot of expenses that may prevent you from enjoying the moment.

To make sure you don't ruin your vacation with worries about unexpected spending, prepare a budget for the activities you would like. This way you can set limits on your spending, identify ways to reduce costs, ensure you spend within your means, feel in control and, most importantly, reduce your stress.

The same principles apply to a vacation budget as to your regular spending. Make a list of your planned expenses and divide them into needs and wants. Consider required expenses such as accommodation, food, gas, and travel insurance. Wants might include things like guided tours, boat rides and eating at the best restaurants. When considering the fun stuff, think about what’s important to you and what you can live without. Also, include a cushion for the unexpected. All this will allow you to better estimate how much money you’ll need and plan ahead to put that amount aside.

The Financial Consumer Agency of Canada has a free, easy-to-use online budget planner that can help you prepare. And when you’re on your vacation, watch for new electronic alerts from your bank to help warn you about overspending. By June 30th, 2022, Canadian banks must send alerts to customers when they have $100 left in their chequing account or come within $100 of their credit card limit. You can contact your bank to customize this minimum amount, so you’ll receive a text, email or app notification if you go past it.

Overall, your vacation should be a time of relaxation and adventure, and thinking about your spending in the planning phase can help it stay that way.

02/17/2023

5 tips for discovering your new neighbourhood

Moving to a new place involves lots of changes, and it can take time to get used to your new surroundings, including new people, shops, parks and more. But living somewhere new is also an opportunity to explore and build community with your neighbours and in local spaces.
Here are some tips to discover your area:

1. Check out local events.
While indoor events may be on pause or restricted on and off during the pandemic, communities are still trying to keep outdoor and online events running and accessible. So, join a local online crafting event or virtual trivia games night. Head to an open-air farmers’ market or even go to your local outdoor skating rink to get a feel for your neighbourhood. Your public library’s website is a good place to find upcoming events.

2. Spend more time outside.
If you’re trying to meet people, it can be hard finding the right way to start a conversation. But if you take a long walk through your neighbourhood or take your pup to a nearby dog park, casual chats are more likely to happen naturally. You might compliment someone’s outdoor entry arrangement or speak about the weather to a passerby.

3. Take a stroll along main street.
A great way to get to know your new community is by connecting with small businesses serving the area. Pick up some flowers or plants from your local florist, grab some takeout from the neighbourhood pub and buy some books from your local bookshop. Chat with the folks who work there to get recommendations and build connections.

4. Get active in public spaces.
Whether it’s a community garden, your local library or a neighbourhood park, find something that interests you and get involved. You can volunteer for a park cleanup, join a virtual book club or begin to plan out your own veggie patch in a community garden while learning about your area.

5. Get to know your community through census data.
The 2021 Canadian census data are being released all throughout this year, and it’s a great way to find out more about your city, town, or neighbourhood. Use them to discover what languages are commonly spoken in your area, how many families have kids of similar ages as your own and more. By being more informed about your area, you can help drive informed decisions by leveraging your community leaders to consider whether a new school or retirement home is a valuable addition to your neighbourhood.

02/06/2023

https://www.cbc.ca/news/business/all-in-pricing-kia-west-edmonton-1.6733761?fbclid=IwAR3r70npMKC9BQ26urXi0VUgbtXjoNHSsPkTQ6fkgDb6eROgXup0vnxuiio

An Edmonton car salesman says the Kia dealership he recently left repeatedly ripped off customers, emboldened by a shortage of new vehicles in the pandemic. He says the dealership didn't sell vehicles at the advertised price, breaking the law in Alberta and several other provinces.

01/13/2023

https://www.cbc.ca/news/canada/toronto/prevent-title-insurance-fraud-1.6711615?fbclid=IwAR2sxEvIBZuv23B65vdht2phXJH8KOfOrSUY1clhxo6FE1nunQV_jY-lH-A

Title fraud involves stealing a homeowner's identity to refinance or sell home without them knowing. Toronto police are investigating a case of it — and that's not the only one. But experts say there are ways to help prevent it.

01/03/2023

"First Home Savings Account
The FHSA allows certain homebuyers to save up to $40,000 toward a home purchase, with a maximum annual contribution of $8,000 over five years. Contributions to the FHSA are tax-deductible and withdrawals to purchase a home are tax-free."
- CBC

The federal government has introduced several changes to taxation and tax benefits for this year, including a First Home Savings Account (FHSA), an increased tax on home-flipping and a tax on unused or underused housing. Wealth management expert Zainab Williams discusses how these changes could affe...

01/02/2023

https://www.cmhc-schl.gc.ca/en/media-newsroom/notices/2022/ensuring-housing-owned-canadians

The Prohibition on the Purchase of Residential Property by Non-Canadians Act prevents non-Canadians from buying residential property in Canada for 2 years starting on January 1, 2023.