Disenchanted with his career as a hedge fund analyst in Vancouver, Dr. Jin Won Choi quit his job to start up Money Geek.ca, a financial website that launched in March 2013.
The idea came to Choi after friends kept asking him for DIY investment advice, but there wasn’t a Canadian blog or website that he felt comfortable sending them to. Aiming to fill that void, MoneyGeek gives people step by step instructions for investing their own savings. Though a lot of the retirement tools and portfolio resources on the site are available via subscription only, a new tool known as the Real Estate Number Cruncher is currently available for free.
As more and more of Choi’s peers looked into buying their first homes, he set up the tool and launched it earlier this month.
“I figured the best thing I can do is help them know what to expect from a housing market forecast point-of-view. And help them see how they can save up for a down payment,” he said.
Using data from the Teranet – National Bank National Composite House Price Index and the New Housing Price Index, the Cruncher charts forecasted value changes. It also helps would-be buyers plan for their savings by calculating the number of years you can expect to reach your savings goal. That includes info on the historical return of other investment avenues such as GICs and Canadian stocks so that house-hunters can get a better glimpse of alternate ways of padding their nest egg.
Specific forecasts of 21 Canadian cities are also available for site subscribers.