Interested in learning more about property mortgages in Canada? Look no further!
Latest News
Should You Borrow Money to Make a Down Payment on a New Home? + MORE Mar 26th
Saving for a mortgage down payment can be a long and tedious process. According to the Canadian Real Estate Association, the average price of a Canadian home was $540,000 in February, a 15.2% increase compared to a year earlier. You would need to save $108,000 just to make a standard 20% down payme.... More »
Online-only mortgage services often seem to have better rates — but can you trust them like you can trust a bank? + MORE Mar 29th
Expert says online services such as Homewise, Nesto and Pineapple don’t impact the fundamental way that mortgages are underwritten. It’s just the front end that’s different..... More »
Even with expected rate cuts, mortgage payments will continue to rise for years: BoC research Jan 9th
Despite anticipated Bank of Canada interest rate cuts later this year, mortgage borrowers will continue to face higher debt-servicing costs for several years..... More »
BoC’s Macklem Lays Out Plan to Wind Down Bond-Buying Sep 11th
Since the start of the pandemic, the Bank of Canada has been buying up billions of dollars worth of bonds each week, which has helped keep borrowing costs, including fixed mortgage rates, low. On Thursday, BoC Governor Tiff Macklem outlined the roadmap for ending the Bank’s bond-buying program.... More »
Fixed-Rate Increases Costing Today’s Homebuyers Over $10,000 More in Interest + MORE Nov 13th
Fixed mortgage rates have been climbing steadily since September. But by how much at what cost for new homebuyers?.... More »
44 Percent of Canadians Overspend on Rent
– ratesupermarket.ca
Canadians are overspending on housing in alarming numbers, according to a recent RateSupermarket.ca survey. Among those who rent, 44 percent of Canadians are spending more than a third of their income on housing. Not only that, but 20 percent of homeowners are spending more than a third of their income on the roof over their head.
One third of your household income is the suggested housing budget given by the Canadian Mortgage and Housing Corporation (CMHC) – any more than that is a stretch to the family budget. The RateSupermarket.ca survey also found that 15 percent of Canadian renters are spending more than half their income on rent.
These numbers highlight the growing divide among Canadians who own versus those who don’t.
Regional Breakdowns
The problem is worst in Toronto, where 34 percent of all respondents are overspending. Our survey broke all respondents into regions, so these figures represent homeowners and renters combined.
Percentage of Canadians spending more than a third of their income on housing by major city:
Toronto: 34 percent
Montreal: 33 percent
Vancouver: 30 percent
Edmonton: 29 percent
Calgary: 27 percent
Ottawa: 22 percent
Looking Forward
Two thirds of the people who responded said they intend to purchase a new home in the near future, and among those, it was again renters who feel they’ll need to stretch their budget to afford a suitable home…
