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
Latest in Mortgage News: Financial experts see less risk of an imminent recession + MORE Apr 27th
A recent survey of financial experts reveals a shift in recession expectations, showing a decrease in the likelihood of an imminent economic downturn. However, there is growing uncertainty regarding the timing and degree of anticipated Bank of Canada interest rate cuts..... More »
Despite Uncertainty, Canadians Are Keeping Up With Mortgage Payments + MORE Oct 5th
You might have heard some sensationalist news stories over the past year about Canadian homeowners over-borrowing. With the employment rate so low, and mortgage debt so high, how could Canadians possibly keep up with their payments? Headlines spewed dire warnings that once payment deferrals expired,.... More »
Latest in mortgage news: Mortgage rates keep surging higher + MORE Sep 29th
Mortgage providers across the country have been busy raising rates over the past week, and it could continue next week with as bond yields continue to rise..... More »
We’re 10 years apart. Can we retire together? + MORE Feb 26th
Ask MoneySense
My wife and I plan to retire at the end of 2027. I am 63 and my wife is 53. All our investments are split 50/50 between RRSPs and LIRAs for a total of about $1,450,000. We anticipate needing about $110,000 a year after tax in retirement. We have a line of credit, and we are paying it .... More »
Mortgage Lenders Provide COVID-19 Update – Part 1 + MORE Apr 7th
In a recent panel discussion series hosted by Mortgage Professionals Canada, a cross-section of some of the country’s top lenders provided updates on how COVID-19 has impacted their operations and shaped their outlook. The overwhelming message was one of positivity and resilience. Within a mat.... More »
Creative Ways to Finance Your New Home
– ratesupermarket.ca
In a tight housing market, it can be tough to come up with the cash you need for a new home. Many Canadians looking for new alternatives are having to get creative. For some folks, it may be as simple as finding friends or family to take the journey with them, or sharing their homes with others.
Co-Ownership
It’s not often discussed, but any adult can buy a home with any other. Those individuals become tenants in common in the property.
Sharing the mortgage may sound like a hassle, but that debt can be formally split according to how much debt each person wants to incur. Albeit, each mortgage applicant is wholly responsible for payments if the other defaults.
Tip: We highly recommended speaking with a lawyer to set up such a co-ownership arrangement, especially when it comes to actually living in the space. Things can get tricky if one person wants to sell their interest or move before the other.
However, co-owners don’t always have to reside in the same house. Family members, like Mom and Dad, can contribute part of the down payment and be non-resident co-owners (or they don’t need to be owners at all)…
