How much credit card debt does the average Canadian have? + MORE Sep 23rd

Canadian housing mortgage rates are all over the map. Don’t get trapped in an unnecessarily costly mortgage agreement.

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Housing starts stable in 2023, but demand still outpaces growing supply of apartments + MORE Mar 28th

The Canada Mortgage and Housing Corp. says construction of new homes in Canada’s six largest cities remained stable at near all-time high levels last year, driven by a surge of new apartments—despite demand still outpacing supply for rental housing. The agency released its biannual housing su.... More »

Where to Buy Real Estate in Canada 2025: Edmonton + MORE May 3rd

With 17 hours of daylight in the summer and aurora-lit skies in the winter, Alberta’s capital is quite literally a bright spot for Canadian home buyers. But while Edmonton has long been recognized as one of Canada’s most affordable major cities, the real estate market is quickly evolving. A .... More »

Mortgage borrowers renewing in 2025 to face an average $513 monthly payment increase: RBC + MORE Dec 6th

RBC also reported a sharp drop in remaining amortization periods thanks to Bank of Canada rate cuts in the fourth quarter..... More »

Mortgage payments are easing overall, but many face renewal stress, TD says + MORE Jul 11th

High-rate renewals are squeezing budgets, but rate cuts and short-term mortgage resets are easing the burden in aggregate, TD Economics says.... More »

Contribute to RRSP or pay off mortgage? + MORE Oct 14th

Ask MoneySense We have a small mortgage, only $80,000, coming up for renewal. We have some money (approximately $25,000) that we can either put on the mortgage or invest or put into our RRSP. What is the best way to go? —Linda Which should Canadians prioritize: RRSP or mortgage? Most of .... More »

How much credit card debt does the average Canadian have?

– moneysense.ca

As the country re-opens after COVID-related restrictions, Canadians are faced with a worrying financial picture. Many have moved, others are looking to travel, and the cost of living is ballooning with unusual rates of inflation. Meanwhile, the Bank of Canada (BoC) rate hikes designed to curb these forces are adding pressure to those with variable-rate loans and mortgages. Unsurprisingly, many Canadians are using their credit cards to charge their expenses.

How much debt does the average Canadian carry?

According to a new report by Equifax, Canadian consumer debt has risen to $2.32 trillion, with an average debt load of approximately $21,000—excluding mortgages. These numbers represent an increase of 8.2% over last year, and 6.4% between the first and second quarters of 2022. And Canadians are using credit cards more, as there was a 6.4% increase in credit balances from the first quarter to the second.

This news, though unwelcome, is not unexpected according to some experts…

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Mortgage rules when buying a second property in Canada: What you need to know

– moneysense.ca

Canadians have many different reasons to hunt for a second property. Some want the source of income that an investment property can provide; others want to secure housing for a child during post-secondary education. There are those who simply want a rural retreat, like a country home or cottage.

Whatever the reason for having a second property, there are in fact many multiple-property owners in Canada. In British Columbia and Nova Scotia, for instance, owners with multiple properties represent 15% and 22% of all home owners, respectively, according to Statistics Canada. That’s more than one in 10 home owners in British Columbia, and almost one in five in Nova Scotia.

If you’re hoping to be among the growing number of Canadians who own a second property, or if you want to add a third or fourth, it’s essential that you become familiar with the mortgage rules.

You’re 2 minutes away from getting the best mortgage rates in CanadaAnswer a few quick questions to get a personalized rate quote*I’m buying a homeI’m renewing/refinancingYou will be leaving MoneySense…

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