Mortgages in Canada can be a murky subject – one that we hope to shed some light on with a series of highly informational articles.
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Minding Your Mortgage Myths Quiz: How Much Do You Know About Down Payments, Mortgage Rates, and More? + MORE Mar 17th
Your finances are in order and you’re pretty sure you can qualify for a mortgage. Congratulations, this is the first step on the road to homeownership. But can you pass our mortgage myths test?
If you’re a newbie homebuyer, making your way through the maze of mortgage terms, types, and down pay.... More »
OSFI eyes loan-to-income rules to replace stress test as industry weighs implications Jun 8th
Canada’s banking regulator is weighing a major overhaul to how borrowers qualify for mortgages, one that could have significant implications for banks, brokers and homebuyers alike..... More »
Lenders Call a Truce on Spring Mortgage Rate Wars + MORE Apr 6th
April historically marks an uptick in mortgage price competition as brokers and banks march out their most attractive interest rates – but with today’s fixed and variable rates already at record lows, lenders are engaging in fewer price skirmishes. However, spring mortgage borrowers are sur.... More »
Where to Buy Real Estate in Canada 2026: Greater Toronto Area May 6th
From Blue Jays games at Rogers Centre to weekend hikes in the Rouge Valley, life in the GTA moves at whatever pace you set. Home to more than seven million people, the Toronto region’s high price tags kept many buyers on the sidelines. But as the market recalibrates, a window is opening fo.... More »
How do mortgage brokers get paid? Feb 18th
Q. Is it typical to pay a mortgage broker fee in advance, and before closing?
My broker is saying that I have to pay cash one week before closing, and that he will pay other persons who are involved. I am confused as to why brokers payment in advance and in cash.
–Adil
A. A mortgage broker can obt.... More »
Time to give back to the community
– moneysense.ca
Linda & Mike Wharton, Yellowknife (Photograph by Angela Gzowski)Growing up poor in British Columbia during the 1960s and ’70s taught Mike Wharton the value of money at a very early age. By grade 10, he was already juggling his high school studies with full-time work so he’d be able to afford a post-secondary education. “I knew I needed a university degree,” says Wharton.
After completing a computer science degree in 1985, Wharton then set his sights on the RCMP, where he enjoyed a 25-year career until retiring two years ago at age 48. His position was enviable: an investment portfolio worth $1.3 million, a defined-benefit pension plan, a mortgage-free home in Yellowknife, and three fully paid investment properties. Still, Wharton had great reservations about retirement despite his wife Linda’s insistence that the timing was right. “She always said, ‘When is enough going to be enough?’ I just wanted to make sure there was enough money for her. But now that I’m on the other side, I don’t know why I was so leery of retiring…
Are they on track to retire at 50?
– moneysense.ca
(Photograph by Ania and Tyler Stalman)The current situation
Adam Danyleko, 28, and Justine Oshust, 25, recently purchased a new home in Calgary for $822,000. The couple, who make $200,000, are looking forward to building a life together, but would like to retire when Adam turns 50, with about $100,000 in net income annually. Another ripple of that plan would involve Adam, who is employed as a regional sales leader, semi-retiring at 45. “I work on commissions and it’s a very stressful job,” he says.
Besides their house, which carries a $650,000 mortgage, the couple’s assets are mainly held by Adam, the household’s main breadwinner: $50,000 in RRSPs, $11,000 in TFSAs, $10,000 in a defined contribution pension and $30,000 in an employee stock matching plan. Justine, a dental assistant, has $30,000 in a TFSA. So far, Adam is pleased with his work’s stock plan. “I started buying the company stock at $14 a share and it’s now worth $54.” But the same can’t be said for his RRSP…
