The best five-year fixed mortgage rates in Canada 2022 + MORE Jun 29th

All about Canadian investments. Learn the ins and outs and get the latest news.
Latest News

Making sense of the markets this week: August 21 Aug 19th

Kyle Prevost, editor of Million Dollar Journey and founder of the Canadian Financial Summit, shares financial headlines and offers context for Canadian investors. U.S. retailers: People are spending differently, but they’re still spending Readers of “Making sense of the markets” might re.... More »
 wealth

Canada housing market: Where have prices dropped? - CTV News + MORE Sep 16th

Canada housing market: Where have prices dropped?  CTV NewsReal estate slowdown continues, with average price down 22% since February  CBC NewsCanadian real estate: August home sales slow, 2022 price forecast cut  Yahoo Canada FinanceCanada home prices edge up on month .... More »

How to protect your crypto from hacks + MORE Sep 23rd

2022 has been a tumultuous year for cryptocurrency markets. Significant and sustained price declines have shrunk the overall crypto market value below $1 trillion—a significant retreat from its all-time high of $3 trillion in November 2021. (All values in U.S. dollars.) What has intensified inv.... More »

B.C. announces 3-day cooling period for home sales to reduce risk for buyers - CBC.ca Jul 21st

B.C. announces 3-day cooling period for home sales to reduce risk for buyers  CBC.caB.C. homebuyer protection period announced amid real estate crunch  CityNewsB.C. announces consumer protection policy for homebuyers in competitive market - BC News  Castanet.netB.C. sla.... More »

Viral infections, genetic factors may be linked to mystery hepatitis in kids, studies suggest - CBC News Jul 31st

Viral infections, genetic factors may be linked to mystery hepatitis in kids, studies suggest  CBC NewsHepatitis in children: Scientists have found a possible cause for the mystery outbreak  The Indian ExpressRecent study may have discovered reason behind hepatitis surge in child.... More »
The best five-year fixed mortgage rates in Canada 2022 Mortgage rate comparison

After consecutive years of record-low interest rates in Canada, we are entering a period of rising rates—which makes the cost of borrowing money, be it for a mortgage or a student loan, more expensive. The possibility of more rate hikes can make the stability of a five-year fixed mortgage rate seem like a good option compared to one with a variable rate—especially for first-time homebuyers or those about renew their existing mortgage. In fact, five-year fixed-rate mortgages are the most popular mortgage product in Canada. However, as with any financial product, they still have their drawbacks.

Before speaking to a lender or mortgage broker, learn more about how they compare to five-year variable mortgage rates.

What is a five-year fixed mortgage rate? 

As the name implies, a five-year fixed-rate mortgage comes with a mortgage term of five years—that’s the duration for which your mortgage contract remains in effect. In Canada, mortgage terms range from six months to 10 years, with five years being the most common…

Continue Reading On moneysense.ca »

How much is home insurance?

– moneysense.ca

Home insurance is a type of coverage that protects your home and its contents from damage or loss. By paying a monthly or annual premium, you are assured that both the interior and exterior of your home—typically a person’s most important and expensive investment—will be covered by your insurance company against certain insured losses or damages.

Although home insurance is not mandatory by law in Canada, many lenders will require proof of insurance at the time of signing or renewing your mortgage. You may wish you could forgo this expense, but the truth is having home insurance protects you from having to dole out a large amount of money all at once, especially when it’s unexpected. If you’re looking to get insured, you should review and compare home insurance quotes from different insurers. 

Get personalized quotes from Canada’s top home insurance providers.Home insuranceRenters insuranceCondo insuranceYou will be leaving MoneySense. Just close the tab to return.

How much does home insurance cost?

The average cost of home insurance in Canada is $960 per year (equal to $80 per month), according to Ratehub…

Continue Reading On moneysense.ca »

For years, low interest rates have been a boon to borrowers but a curse to older investors wanting low-risk interest income options. Now, after a decade of minuscule rates, interest rates are starting to inch back up again: another 0.5% as of June 1st. That’s good for GIC investors (guaranteed investment certificates), as we covered in my recent column on the alleged “death” of bonds.

This is also welcome news for retirees seeking so-called “longevity insurance,” even if it’s probable that the same forces at work are also depressing stock prices. In other words, the time may be fast approaching when near-retirees and full retirees start to consider annuities.

Are fixed annuities a safe investment?

I’ve written about annuities from time to time over this low-interest journey, but it never got to the point for me to pull the trigger personally and buy life annuities. It’s generally a bad time to annuitize when interest rates are low. And it’s worse in periods of high inflation…

Continue Reading On moneysense.ca »

Share

PinIt
Compare insurance quotes through Kanetix.ca - save time and money!