Home Economics: Savings Erode amid High Inflation; homebuyers in ‘wait-and-see’ fashion

Savings erode as interest rate returns lag inflation

Return rates on savings accounts have been creeping up as benchmark interest rates rise, but with inflation stubbornly hovering at four-decade highs, the purchasing power of Canadians’ savings is still eroding. Interest rates on some deposit accounts are languishing around one or two per cent. For perspective, when inflation peaked at 12 per cent in 1981, Statistics Canada data showed bank accounts were paying out 19 per cent in interest.

Formulating a scholarship strategy when applying to school

With the cost of post-secondary education (not to mention living costs) rising, most students could use some extra financial help. But navigating the numerous scholarship programs available can be confusing and time consuming to the point where some students could be deterred from submitting an application. Formulating a strategy when it comes to scholarships can pay off by the thousands, according to one expert, who also said it’s not always just about good grades.

Homebuyers in ‘wait-and-see’ fashion

With home prices dropping in Canada’s hottest real estate markets, some buyers are sitting on the sidelines and waiting to see how low prices will fall. As the housing market cools, The Canadian Press reports some sellers are opting to delist their home while others are choosing to rent out their properties while they wait for the market to turn back in their favour.

Car sales down 16% in July

A lack of inventory constrained auto sales in July, according to DesRosiers Automotive Consultants. The firm reported Canadian car sales were down 16.2 per cent in the month compared to last year. However, there’s indication of the “first green shoots” that inventory levels are improving as chip shortages ease.

How to find ‘the one’ without having to spend big

Add dating to the list of life experiences that have become more expensive amid high inflation. Between going out for dinner, getting drinks at a bar and buying new outfits, those on the dating scene might be spending big in order to find “the one.” Experts have a few suggestions on how you can stay active in the dating world while keeping your finances in check.

TIP JAR

$39.9 million

– An 18,880-square-foot estate near Mont Tremblant, Que. is up for sale in what’s being called the province’s most expensive property to ever be listed on real estate platform Centris.

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