Canadian housing mortgage rates are all over the map. Don’t get trapped in an unnecessarily costly mortgage agreement.
Latest News
A guide to five-year fixed mortgage rates + MORE Mar 2nd
After consecutive years of record-low interest rates in Canada, many experts predict we are entering a period of rising rates—which would make the cost of borrowing money, be it for a mortgage or a student loan, more expensive. The possibility of these rate hikes can make the stability of a f.... More »
Most mortgage borrowers to see payments rise 34% to 54% vs. early 2022: Bank of Canada + MORE Dec 22nd
If you had a mortgage as of February 2022, chances are you will be facing a payment increase before the end of 2025..... More »
Mortgage renewal strategies in today’s high interest rate environment + MORE May 10th
The current interest rate climate for mortgage brokers and their clients is dramatically different compared to just a year ago, requiring a whole new strategy when it comes to renewals..... More »
The Latest in Mortgage News: BoC’s Affordability Index reaches worst level since 1991 Aug 15th
Housing affordability deteriorated to its worst level in over 30 years, according to data from the Bank of Canada..... More »
Watch: What is mortgage affordability? + MORE Feb 27th
Not sure how you much can borrow to purchase a property? To find out, you’ll need to know about “mortgage affordability.” That’s how much money you are able to borrow to purchase a home. This video outlines the factors that can influence mortgage affordability and it shares everyth.... More »
How financially viable is your rental property?
– moneysense.ca
After rising steadily in many cities across Canada for many years, real estate has been on a particular tear over the past year—and rental property investing has become an area of interest for plenty of people as a result.
But a soaring market isn’t a guarantee of success. If you’re thinking about becoming a landlord, you need to consider not only the purchase price and mortgage repayment costs of your property, but other financial issues as well.
How much does a rental property cost?
When purchasing a rental property, the typical down payment requirement is 20% of the purchase price. If the owner is going to occupy one of the units in a multi-unit property, there is a lower minimum. For one- or two-unit properties, a purchaser needs only 5% of the purchase price and can borrow the other 95%. However, if the property is worth more than $500,000, the minimum down payment is 5% on the first $500,000 plus 10% of the excess. A three- or four-unit rental property that will be owner-occupied has a 10% down payment requirement…
But a soaring market isn’t a guarantee of success. If you’re thinking about becoming a landlord, you need to consider not only the purchase price and mortgage repayment costs of your property, but other financial issues as well.
How much does a rental property cost?
When purchasing a rental property, the typical down payment requirement is 20% of the purchase price. If the owner is going to occupy one of the units in a multi-unit property, there is a lower minimum. For one- or two-unit properties, a purchaser needs only 5% of the purchase price and can borrow the other 95%. However, if the property is worth more than $500,000, the minimum down payment is 5% on the first $500,000 plus 10% of the excess. A three- or four-unit rental property that will be owner-occupied has a 10% down payment requirement…
