Should you get a 30-year mortgage? + MORE Feb 25th

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Should you get a 30-year mortgage?

– moneysense.ca

Signing a 30-year mortgage in Canada can be an attractive option for some home buyers in the face of relentless real estate prices.

In the city of Toronto, the average selling price for all home types reached $1.07 million in January 2022, according to figures from the Toronto Regional Real Estate Board. In Vancouver, the benchmark price for all properties jumped to $1.25 million, an 18% increase from the year before, according to the Real Estate Board of Greater Vancouver.

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With prices like these, many buyers face mortgage payments that exceed what they can comfortably afford, even with a 25-year mortgage. By taking out a 30-year mortgage, buyers can stretch the limits of what they’re able to qualify for and create some extra wiggle room in their budget through smaller mortgage payments…

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