Mortgages in Canada can be a murky subject – one that we hope to shed some light on with a series of highly informational articles.
Latest News
Ontario Housing Market: Increased Opportunity for Investors! + MORE Apr 6th
Rental vacancies are ridiculously low and demand for rental units is high… and growing!
That’s just a sampling of the opportunistic real estate investment news Ted Tsiakopoulos, CMHC’s Regional Economist for Ontario, shared recently at the Canadian Mortgage Brokers’ Associat.... More »
Best of Finance Winners: The Best Credit Cards and Banking Products for 2019 + MORE Oct 10th
RateSupermarket.ca aims to make financial decision-making easier for the consumer by acknowledging the best credit cards and banking products in Canada at its annual Best of Finance Awards. (Originally published May 15, 2019)
The credit card, loan, bank account, or mortgage you choose can affect ho.... More »
RBC Examines Price Growth Triggers + MORE Aug 1st
Many an armchair analyst has speculated on the factors behind Toronto and Vancouver’s runaway home values. And now, a recent study by RBC Capital Markets brings more data to the table. According to its report, home prices increased at a compound rate of 5.6% annually from 1999 to 2015 i.... More »
CIBC reports rising mortgage delinquencies, but doesn’t expect “material” losses + MORE Mar 4th
CIBC reported a rise in mortgage delinquencies in the first quarter, though they still remain below pre-pandemic levels and aren't expected to translate into "material" losses, the bank said..... More »
Why Canadian fixed mortgage rates are rising again + MORE May 15th
After briefly dipping below 4%, most five-year fixed mortgage rates at Canada’s major banks are back above the 4% mark, and could stay elevated for the foreseeable future, experts say..... More »
Airbnb Rentals for the Long Term
– ratesupermarket.ca
Many first-time buyers know that a property with a rental unit – or space that can affordably be converted into one – can provide additional funding to help cover mortgage payments and other living expenses. Traditionally, that meant posting a listing on a site like Kijiji or running an ad in the local paper looking for long-term renters. But today, some landlords are forgoing the steady income of long-term tenants for the potential to earn significantly more by renting out on a daily or weekly basis through websites such as Airbnb.
Shorter terms, bigger gains
Peter Smith (not his real name) is a Toronto-based real estate broker who owns four rental properties. A couple of years ago when two detached homes on adjacent properties became vacant, he decided that rather than looking for someone to sign up for a year-long lease as he usually did, he would “take a gamble” and trying renting out the properties on Airbnb. He has individual listings for each property plus a joint listing offering both properties at once…
Canadians Remain in Denial about Personal Debt: Ipsos Reid survey
– ratesupermarket.ca
Despite debt levels continuing to rise, Canadians are looking to a brighter financial future.
Following data released by credit rating agency TransUnion, a new Ipsos Reid/BDO poll shows that the average Canadian’s non-mortgage debt level rose to $21,348 in the first quarter of 2016. That is a 2.7 per cent increase from the average debt level this time last year. It also means that Canadians owe $1.60 for every dollar we earn per year, something that can add to the many financial stresses Canadians already have. But not everyone is worried about it.
Positive outlook:
The poll found that 73 per cent of Canadians are carrying debt, and almost a quarter say they believe they will never become debt free. Almost half of those polled find that the rising cost of living is preventing them from being able to pay off what they owe.
Despite those gloomy figures, four in 10 respondents believe their children will be better off financially than they are.
What makes up the debt:
According to TransUnion, auto and installment loans are the two largest, most common debts, pushing us further into the red…
