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
Opinion: Why mortgage brokers are not order takers Dec 9th
A growing number of borrowers now expect fast, frictionless mortgage quotes without offering the details needed to make them real. It’s a mindset that’s becoming more common — and one that rarely survives underwriting..... More »
How much income do you need to buy a home in Canada? A look at housing affordability in May 2025 Jun 23rd
After an unseasonably chilly spring housing market, green shoots are appearing in terms of buyer demand—and that could mean days are numbered for easy borrowing conditions.
The latest data from the Canadian Real Estate Association revealed that, after six months of declines, sales firmed up bet.... More »
How to save on home insurance Jul 10th
Affordable home insurance: Does it even exist? While home insurance is not mandatory by law, like auto insurance is, most mortgage lenders require it—and for good reason. Home insurance protects your home and personal possessions from damage or loss. Your home is collateral for your mortgage loa.... More »
Canadian household debt hits $1.8T as report warns of domestic risk + MORE Mar 13th
TORONTO _ Canadians’ collective household debt has climbed to $1.8 trillion as an international financial group sounds an early warning that the country’s banking system is at risk from rising debt levels.
Equifax Canada said in a new report Monday Canadian consumers now owe $1.821 trill.... More »
Struggling to make mortgage payments? How to avoid the slippery slope that leads to losing your home + MORE Nov 22nd
More and more Canadians are having trouble making payments as rates continue to rise. Here’s how to get back on track and make sure you don’t put your home in jeopardy..... More »
Retirement rethink: Find out where you’ll call home
– moneysense.ca
(monkeybusinessimages/iStock)Diane and Mike did what many retirees do. They sold their place in the city and downsized to a smaller, cheaper place out of town. But in their case, cheaper actually means free.
The couple now lives in the guest apartment on a large acreage near Calgary. In exchange for free rent on a small one-bedroom apartment on the property, they spend the winter taking care of the horses and cats, and checking in on the main house. They will put those savings to good use this summer, spending three months travelling around Europe. It might sound like an absurd idea, especially for two former professionals with a sizeable nest egg. But they are thrilled with their simple, ultra low-cost life.
Housing is one of the biggest expenses you’ll need to pay in retirement. Even if you’re mortgage-free you’re still on the hook for utilities, taxes and maintenance. So as you think about what your life might look like when you’re no longer drawing a pay cheque, challenging your assumptions about where you live could really pay off…
15 home insurance myths to stop believing now
– moneysense.ca
(Getty Images / Dimitri Otis)Home insurance can be a tricky topic, and if you’re not reading the fine print, you could be relying on inaccurate myths to inform your coverage decisions. Luckily, InsurEye, a Canadian insurance education site has compiled a massive list of 111 insurance myths that are out there. Last month we looked at the top 10 auto insurance myths to debunk. This month we’ll look at the top 10 home insurance myths and get the facts.
1.MYTH: You must have home insurance.
FACT: Unlike auto insurance, home insurance has not been made mandatory by the government. If you own the property and have a mortgage on it, often, your bank or lender will require that you hold an active home insurance policy and name them on that policy. If you do not own the property but are renting it, your landlord may require that you have renter’s insurance.
2. MYTH: If I am away on vacation, my house is covered.
FACT: If you simply leave for vacation without taking precautions, you are not always covered…
Ontario Car Insurance Rates Drop Slightly
– ratesupermarket.ca
Here at RateSupermaket.ca, we keep you in the loop of different ways to save, whether it be on your mortgage, through investments, or on your car insurance. The Financial Services Commission of Ontario (FSCO) has reported that Ontario car insurance rates have dropped by 0.14 per cent on average.
Car insurance rates fluctuate based on a number of different factors. However, before an insurance company can change rates, it must first be approved by the Financial Services Commission of Ontario (a regulatory agency of the Ministry of Finance).
FSCO publishes approved rate changes quarterly, and the latest results are in:
In the fourth quarter of 2016, approved rates decreased overall by 0.14 per cent on average, with some companies lowering their rates by as much as 3.13 per cent.
“Ontario has a very competitive marketplace,” FSCO said in its quarterly statement. “Rates for the same coverage vary based on each insurer’s claims experience and the insurer’s rating system…
