Interested in learning more about property mortgages in Canada? Look no further!
Latest News
How high will interest rates go in Canada? Could they reach double digits? Jul 30th
We’re in the midst of a cost-of-living crisis—with sky-high grocery prices and mortgage rates that would have been inconceivable 18 months ago. To fight inflation, the Bank of Canada (BoC) has increased the policy interest rate by a total of 475 basis points (4.75%) since March 2022 (a basis.... 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 »
Latest in Mortgage News: Canada’s Housing Market Not a Bubble…Yet: BMO Feb 15th
Despite concerns about ever-rising home prices, Canada's housing market still doesn't resemble a bubble, at least not yet..... More »
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 »
Latest in Mortgage News: Toronto and Vancouver Home Sales Up 25+% in October Nov 7th
The postponed spring housing market has now extended its run well into the fall, with home sales in Toronto and Vancouver up 25% and 29%, respectfully, compared to a year ago. The high demand is continuing to put pressure on prices as well. The average selling price for all home types in Toronto ros.... More »
Less than 10 Percent of Canadians Could Buy a House in Toronto
– ratesupermarket.ca
Thinking about owning a home in Canada? It was only a few years ago that Toronto and Montreal were ranked among the best places to live with the cost of living as a contributing factor.
But the cost of ownership has now skyrocketed. In cities like Vancouver, Toronto and Montreal, only those in the highest income brackets can afford to live there. But there’s hope for potential homeowners. Widening your search can help you find affordable housing.
We used the RateSupermarket.ca mortgage affordability calculator to determine the household income brackets needed to own homes in each major city.
Cost of Owning a Home in Major Cities
A Zoocasa study found that Toronto’s benchmark house price is $873,100. Only those with income in the top 10 percent are able to afford homes there. Vancouver’s benchmark house price is $1,441,000 and only those in the top 1 percent can afford a home there.
Our Calculations
The lowest mortgage rate on RateSupermarket.ca is 2.75 percent but we used an average figure of 3…
Do You Need Loan Insurance?
– ratesupermarket.ca
Managing debt can be a challenge. Sometimes that challenge is driven by circumstances out of your control. Critical illness or disability can put a huge strain on your finances, making it hard to pay off a credit line or loan.
Those times of distress are what loan insurance is designed for. But is it always the right choice? Depending on the type of debt, your lender and your personal circumstances, it may be the best fit — or just another option.
How Does Loan Insurance Work?
Your lender may offer loan insurance at the time of application for a credit card, loan or line of credit. You’ll have to pay either a one-time, upfront fee for the policy, or a regular premium. Insurance might cover the remaining balance in the event of death, or regular payments while you are sidelined due to disability or serious illness. Some policies may also cover you in the event of job loss.
If you don’t sign up for insurance at the time of application, you may be able to do so later…
What to do with a monetary advance on your inheritance
– moneysense.ca
Q. My amazing parents are downsizing and have decided to gift my husband and me $200,000. It’s nice for us but leaves me with a lot of questions. My husband and I are 37 years old and have been happily married for 15 years. We have no credit card debt, and just $12,000 on a credit line we used for renovations last fall.
Our home is worth $800,000 and we have a mortgage of $214,000 at 2.9%. We have a gross annual household income of $150,000, defined benefit pensions with our employers, and invest decent amounts in TFSAs, RRSPs and RESPs for our two young kids through automated monthly deposits—though nowhere near the limits. We also donate $5,000 annually to charity.
My husband would love for us to pay off the mortgage this December with the gift money but I’m only 75% convinced. This has been a huge year of change for us, and more change may come in the next year depending on my job situation. We may move houses (to lessen my commute).
Am I being silly to put all of our money into a matrimonial home? Anything in life can happen, even when we would never expect it…
Our home is worth $800,000 and we have a mortgage of $214,000 at 2.9%. We have a gross annual household income of $150,000, defined benefit pensions with our employers, and invest decent amounts in TFSAs, RRSPs and RESPs for our two young kids through automated monthly deposits—though nowhere near the limits. We also donate $5,000 annually to charity.
My husband would love for us to pay off the mortgage this December with the gift money but I’m only 75% convinced. This has been a huge year of change for us, and more change may come in the next year depending on my job situation. We may move houses (to lessen my commute).
Am I being silly to put all of our money into a matrimonial home? Anything in life can happen, even when we would never expect it…
