May 25 roundup - MoneySense

May 25 roundup

On the guy who paid his $114K student loan in cash, Toronto’s hot housing market, record high gas prices in Vancouver and the top four online investing myths.


•Have you heard the one about the UofT grad who paid off his $114,000 student loan with a bag full of cash? Actually, it’s not a joke.

•Toronto led the country in rising home prices last month, according to the Canadian Real Estate Association. Competition for homes in Toronto is fierce. The city has less than two months of supply compared to six months nationally.

•Drivers in Vancouver are seeing red as has gas prices hit record levels. Pump prices were spotted as high as $1.52 a litre in some places.

•One-third of Canadians are currently using an online brokerage or are at least considering it, according to a new BMO survey. Despite its growing popularity, online investing myths remain. Here are BMO’s top four:

Myth #1″: Online investing is only for day traders

Myth #2: Online brokerages do not offer enough guidance and support

Myth #3: You should not mix online and full-service investing

Myth #4:  Online investing is hard to access