Beware of “Friendly” Calls From Your Bank + MORE Jun 9th

Making the move from your hometown to a bigger city in search of higher education, career advancement or independence can feel like a rite of passage. But moving to the city can come with significant costs—especially in 2022. In fact, you might actually lose money doing it. According to the Youthful Cities Real Affordability Index, young people are losing $750 a month, on average, by living in cities across Canada.

High rent is a major contributing factor to the lack of affordability: Rent growth has exceeded wage growth in major Canadian cities, according to a February 2022 report from the Canada Mortgage and Housing Corporation (CMHC). This has been a long-brewing issue: CBC’s The Fifth Estate found that between 2014 and 2019, rents across Canada increased almost 20% while incomes remained relatively stagnant.

Adding to the pressure is the rising cost of basic necessities. Inflation—which affects the prices of everything from food and gas to shelter and your morning latte—is currently at a 31-year high of 6…

Fixed mortgage rates are back on the rise after Canadian bond yields surged to a 13-year high on Wednesday.

No one likes to consider their own mortality, but having a plan is the best way to ensure the loved ones you leave behind are financially protected. Knowing your options when it comes to life insurance is an integral part of that planning process. Read on to learn what you need to know about whole life insurance, one of the most common types of life insurance.

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What is whole life insurance?

Whole life insurance provides coverage for life at a fixed premium, meaning your insurance payments never change. 

When you or the policy holder dies, the policy’s beneficiaries receive a tax-free death benefit—a lump sum payment (based on the amount of coverage you have chosen) that can be used to cover outstanding debt, tuition, mortgage payments or other expenses…

For better or worse, Canadians have a lot of trust. In each other, in their government, in the places they eat, in the places they shop – and apparently in the places they bank. A 2020 survey found that seven out of 10 Canadians believe their banks have their best interest in mind when offering advice. Well, if you’re one of those seven out of 10 people, I hate to burst your bubble… but I have reason to believe otherwise.

Why You Should Question Your Bank

Banks have a well documented history of aggressive sales tactics – which is why you might get a call from your bank pretty soon (if you haven’t already). They’ll tell you that rates are skyrocketing. They’ll tell you variable rate mortgages are a gamble. They’ll tell you that the future of the housing market is uncertain, all the while telling you that they care about your financial future. Then, they’ll come to the rescue with a solution that will make everything okay: a 5-year fixed rate mortgage…