Can I afford to buy a second home? + MORE Sep 26th

Canadian housing mortgage rates are all over the map. Don’t get trapped in an unnecessarily costly mortgage agreement.
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The latest in mortgage news: OSFI unveils minor changes to insurer capital adequacy test + MORE Sep 29th

Canada's federal banking regulator unveiled revisions to its Mortgage Insurer Capital Adequacy Test for insured variable-rate mortgages..... More »

A $200,000+ income is now needed to qualify for an average mortgage in Toronto & Vancouver Dec 22nd

High home prices and rising interest rates over the course of 2022 have made it significantly harder for buyers to qualify for the average mortgage, driving RBC's affordability measure to its worst-ever level..... More »
 mortgage penalties

Fixed mortgage rates keep rising, and could continue as bond yields near 4% + MORE Jul 9th

Bond yields ended the week higher, flirting with a key technical level of 4% following the release of overall strong employment data in both Canada and the U.S..... More »

RBC and NBC are the latest big banks to hike fixed mortgage rates + MORE Jun 3rd

RBC and National Bank became the latest Big 6 banks to increase their posted fixed rates this week, following previous increases by BMO and CIBC..... More »

Fixed mortgage rates surge higher as bond yields break above 4% Aug 21st

Bond yields broke through a key resistance point this week, leading to a fresh round of fixed mortgage rate increases..... More »
Over the past week, nearly all of Canada’s Big-6 banks have increased their shorter-term fixed mortgage rates.

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There are plenty of reasons you may want to buy a second home. Maybe you’d like a second property for a family member to live in (e.g., your daughter while she attends university) or a condo to stay in during the week when you’re working downtown. But can you afford it?

“Before you buy a second home, you want to figure out what you’re trying to achieve—your goals and objectives,” says D’Arcy Henneberry, president of online mortgage brokerage MortgagePal.

Each lender has its own mortgage qualifying criteria, including how they look at your income and debt obligations, he says, so your first step should be speaking to a mortgage broker or financial advisor about your needs and financial situation.

That said, when it comes to affording a second home, here are the general rules and requirements to keep in mind.

You’re 2 minutes away from getting the best mortgage rates in CanadaAnswer a few quick questions to get a personalized rate quote*I’m buying a homeI’m renewing/refinancingYou will be leaving MoneySense…

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