Mortgages in Canada can be a murky subject – one that we hope to shed some light on with a series of highly informational articles.
Latest News
Haventree Bank launches direct-to-consumer digital bank + MORE Jul 8th
The Schedule 1 bank is rolling out a new consumer deposit platform, marking a major move beyond broker-distributed mortgages and brokered deposits after more than three decades in the alternative lending space..... More »
Proof of down payment: The biggest hurdle for mortgage professionals + MORE Aug 4th
For mortgage professionals, verifying a client's down payment sources can be one of the most challenging aspects of the mortgage approval process..... More »
Mortgage borrowers renewing in 2025 to face an average $513 monthly payment increase: RBC + MORE Dec 6th
RBC also reported a sharp drop in remaining amortization periods thanks to Bank of Canada rate cuts in the fourth quarter..... More »
Is it time to search for bond alternatives for your balanced portfolio? + MORE Oct 20th
I was recently warned by someone in the financial sector that it’s not a great time to invest in bond ETFs. My current asset allocation is 60% equities and 40% bonds, so I’m wondering what alternatives would you suggest for that 40% portion of my balanced portfolio?
At first I considered real.... More »
Can you pay off your debt while saving for retirement? + MORE Sep 2nd
Ask MoneySense
We are a blended family. My husband, at 50 years old, owns a home with a $330,000 variable-rate mortgage. He rents it out for $3,400 per month, which covers the mortgage plus about $1,000. He’s also maxed out his $50,000 line of credit. He has $200,000 in an RRSP and has a company p.... More »
Airbnb Rentals for the Long Term
– ratesupermarket.ca
Many first-time buyers know that a property with a rental unit – or space that can affordably be converted into one – can provide additional funding to help cover mortgage payments and other living expenses. Traditionally, that meant posting a listing on a site like Kijiji or running an ad in the local paper looking for long-term renters. But today, some landlords are forgoing the steady income of long-term tenants for the potential to earn significantly more by renting out on a daily or weekly basis through websites such as Airbnb.
Shorter terms, bigger gains
Peter Smith (not his real name) is a Toronto-based real estate broker who owns four rental properties. A couple of years ago when two detached homes on adjacent properties became vacant, he decided that rather than looking for someone to sign up for a year-long lease as he usually did, he would “take a gamble” and trying renting out the properties on Airbnb. He has individual listings for each property plus a joint listing offering both properties at once…
Canadians Remain in Denial about Personal Debt: Ipsos Reid survey
– ratesupermarket.ca
Despite debt levels continuing to rise, Canadians are looking to a brighter financial future.
Following data released by credit rating agency TransUnion, a new Ipsos Reid/BDO poll shows that the average Canadian’s non-mortgage debt level rose to $21,348 in the first quarter of 2016. That is a 2.7 per cent increase from the average debt level this time last year. It also means that Canadians owe $1.60 for every dollar we earn per year, something that can add to the many financial stresses Canadians already have. But not everyone is worried about it.
Positive outlook:
The poll found that 73 per cent of Canadians are carrying debt, and almost a quarter say they believe they will never become debt free. Almost half of those polled find that the rising cost of living is preventing them from being able to pay off what they owe.
Despite those gloomy figures, four in 10 respondents believe their children will be better off financially than they are.
What makes up the debt:
According to TransUnion, auto and installment loans are the two largest, most common debts, pushing us further into the red…
