BMO reinstates OSFI’s stress test for uninsured mortgage switches + MORE Dec 21st
Mortgage Digest: Arrears rise to highest level since 2020, but remain low overall + MORE Jan 23rd
Mortgage brokers explained: What they do, and what they don’t (Part 1) + MORE Nov 12th
New mortgage rules take effect today; more may be coming on Monday, economist says + MORE Dec 15th
FSRA introduces stricter guidelines for mortgage broker licensing + MORE Jul 20th
Is a vacation home a good investment?
– moneysense.ca
Sometimes, emotions are the motivation for buying a vacation property. I like to evaluate a property purchase from a financial point of view as well—and here’s how.
The costs of buying a vacation property
Say, a property’s purchase price is $500,000. Whether you use cash, a mortgage/home equity line of credit, or a combination of the two, there are other costs to consider.
If you purchase with cash that you could otherwise invest for a 4.5% return (to use a conservative assumption), there is an opportunity cost of not investing that money or leaving it invested. If you borrow money, there may be an interest cost of 4.5%. So, to keep it simple, we will assume an opportunity cost or financing cost of 4.5%.
Property taxes, utilities, insurance, condo fees, and maintenance could easily add another 2% to 4% per year in costs…
Canadian bond yields rebound sharply, sending some mortgage rates higher
– canadianmortgagetrends.com
The best credit cards for newcomers to Canada for 2024
– moneysense.ca
Credit Cards
The best credit cards for newcomers to Canada for 2024
As a newcomer, you’ll want a credit card that offers you the best value without having a long Canadian credit history. Here’s a list of our favourite cash back, rewards, low-interest cards and more.
Compare now
Canada’s best credit cards for newcomers
By Keph Senett on July 2, 2024Estimated reading time: 16 minutes
In Canada, having a good credit score can help you secure a rental and get a loan or a mortgage, but it’s hard to know where to start when you don’t have a Canadian credit history or a credit card. One of the fastest ways to start building your Canadian credit score is to use a credit card responsibly, because banks and financial institutions report back to the credit bureaus that determine your score. For this reason, it’s important for newcomers to get a credit card, even without an established history…
