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
How much income do I need to qualify for a mortgage in Canada? + MORE Apr 18th
Buying a home in Canada isn’t for the faint of heart—or light of wallet. Home prices have steadily trended higher over the past decade, coming to a national average of $698,520 in March 2024. That’s a 75% increase compared to January 2014, and it marks a whopping dollar difference of $398,119,.... More »
Making sense of the markets this week: June 9, 2024 + MORE Jun 8th
Kyle Prevost, creator of 4 Steps to a Worry-Free Retirement, Canada’s DIY retirement planning course, shares financial headlines and offers context for Canadian investors.
“The Big Cut”
While The Big Short film is a riveting watch, “The Big Cut” may be even more enthralling.&nbs.... More »
Sub-6% U.S. mortgage rates vanish as Iran war sparks inflation fears Mar 7th
U.S. homebuyers had to act fast last week to nab the first sub-6% mortgage rates in more than three years. Now they’re up, and the new conflict in the Middle East threatens to nudge them higher..... More »
The $13 Billion Question: Will Ottawa’s “Build Canada Homes” Fix Our Broken Housing Market, or Just Build More Problems? + MORE Sep 28th
Another week, another blockbuster announcement from Ottawa aimed at solving our national housing crisis. This time, it’s a shiny new federal agency dubbed “Build Canada Homes,” launched with a cool $13 billion of your money. The promise? To slice through the red tape, leverage public lands, an.... More »
Lowest Winnipeg mortgage rates: Save with Cambrian Credit Union May 12th
When Canadians need a mortgage, they often default to the big banks—but there’s a whole other world of financing options to explore. Credit unions have competitive interest rates in Canada, including Manitoba, plus innovative mortgage options you may not be able to find elsewhere. Shopping aroun.... More »
2020 – Year in Review
– canadianmortgagetrends.com
Now that the page has finally been turned on 2020, we wanted to take a look back at how mortgage rates fared over the course of what was a tumultuous year. It’s safe to say that COVID-19 stole the show in terms of the year’s biggest newsmaker. On the mortgage front, one of the biggest themes of the year ended up being the downward trend in interest rates to historic lows. Not to mention a resilient housing market that not […]
Some people plan to downsize in retirement, either because they will be empty nesters and no longer need the space, or because they need or want the proceeds from selling their current home to help fund retirement. Whatever their individual reasons, some Canadians want to consider buying the home they will retire to in the future, today.
A cottage or a condo down south are options for some, but these properties are often owned in addition to a “city home.” A more complicated consideration is buying a condo now in anticipation of someday moving into it as your principal residence.
Buying a condo now, and renting it out in the meantime
You can generally buy a property you intend to rent out with at least a 20% down payment and borrowing up to 80% of the purchase price as a mortgage. Depending on where it’s located, a rental property may or may not have positive cash flow with a 20% down payment. For that reason, it’s important for those with tight cash flow to run the numbers, so they can budget properly if they choose this option…
A cottage or a condo down south are options for some, but these properties are often owned in addition to a “city home.” A more complicated consideration is buying a condo now in anticipation of someday moving into it as your principal residence.
Buying a condo now, and renting it out in the meantime
You can generally buy a property you intend to rent out with at least a 20% down payment and borrowing up to 80% of the purchase price as a mortgage. Depending on where it’s located, a rental property may or may not have positive cash flow with a 20% down payment. For that reason, it’s important for those with tight cash flow to run the numbers, so they can budget properly if they choose this option…
