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Making sense of the markets this week: January 22, 2023 Jan 20th
Kyle Prevost, editor of Million Dollar Journey and founder of the Canadian Financial Summit, shares financial headlines of the week and offers context for Canadian investors.
Are central banks smarter than we thought—or are they just lucky?
The world’s central banks faced plenty of critici.... More »
Bank fees: Everything you need to know before switching to a no-fee account Jul 29th
With the recent news that bank fees have increased during the pandemic and challenger banks like Neo Financial promising no fees on accounts, switching banks may be at the forefront of your mind. But having a good understanding of bank fees—what they are, how they’re determined and the kind of s.... More »
The best 5-year fixed mortgage rates in Canada Mar 22nd
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MoneySense is an award-winning magazine, helping Canadians navigate money matters since 1999. Our editorial team of trained journalists works closely with leading personal finance .... More »
The best travel credit cards in Canada for 2023 + MORE Oct 26th
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The best travel credit cards in Canada for 2023
Searching for the perfect credit card? In under 60 seconds, CardFinder narrows down your top matches without impacting your credit score, no SIN required.
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Here's what's open and closed over Easter weekend in Toronto and the GTA Apr 16th
Shopping malls, banks and grocery stores have varied operating hours over the long weekend..... More »
Deferring Your Mortgage Could Cost You More Down the Road
– ratesupermarket.ca
Well over 700,000 Canadian homeowners have now taken advantage of various mortgage payment deferral programs offered by most mortgage lenders.
It’s no wonder there’s been so much demand, considering more than three million jobs have been lost across the country since the start of March when the COVID-19 lockdowns started to come into effect.
This translated to an unemployment rate of 13% in April, and the employment rate reaching a record low of 52.1%.
Realizing that thousands of newly unemployed Canadians were at risk of defaulting on their mortgages, dozens of lenders, led by the Big Six banks, agreed to allow applicable homeowners the option to defer their mortgage payments. To be eligible, applicants simply had to show that they lost their income as a direct result of the COVID-19 crisis.
The cost of deferring your mortgage
According to the Canadian Bankers Association (CBA), as of mid-May, well over 700,000 Canadians had taken advantage of the mortgage deferral scheme. For these homeowners, the ability to postpone their mortgage payments for up to six months was surely a welcome relief, even though that relief comes at a cost…
Deferring Your Mortgage Could Cost You More Down the Road
– ratesupermarket.ca
Well over 700,000 Canadian homeowners have now taken advantage of various mortgage payment deferral programs offered by most mortgage lenders.
It’s no wonder there’s been so much demand, considering more than three million jobs have been lost across the country since the start of March when the COVID-19 lockdowns started to come into effect.
This translated to an unemployment rate of 13% in April, and the employment rate reaching a record low of 52.1%.
Realizing that thousands of newly unemployed Canadians were at risk of defaulting on their mortgages, dozens of lenders, led by the Big Six banks, agreed to allow applicable homeowners the option to defer their mortgage payments. To be eligible, applicants simply had to show that they lost their income as a direct result of the COVID-19 crisis.
The cost of deferring your mortgage
According to the Canadian Bankers Association (CBA), as of mid-May, well over 700,000 Canadians had taken advantage of the mortgage deferral scheme. For these homeowners, the ability to postpone their mortgage payments for up to six months was surely a welcome relief, even though that relief comes at a cost…
