Canadian housing mortgage rates are all over the map. Don’t get trapped in an unnecessarily costly mortgage agreement.
Latest News
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More than 9 out of 10 Canadians want to be able to live out their retirement years in the comfort of their home, and reverse mortgages are increasingly being used to make that a reality..... More »
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Home insurance is, as you may know, property insurance that protects the homeowner’s private residence, including the outside space, like your shed and deck, too. By paying a monthly or annual premium, you are assured that damage or loss to your home—typically a person’s most important and exp.... More »
How to keep your home after separation—even if you don’t qualify alone + MORE Apr 18th
Separation and divorce are hard enough without throwing mortgage stress into the mix. One of the most emotional questions we hear is, 'I want to keep the house, but I don’t make enough on my own to qualify—what can I do?'.... More »
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Locking in or not depends on many factors, experts say, including whether the penalties for breaking a current mortgage make sense and if you think rates are going up or down..... More »
2024 mortgage market: A year in review Jan 2nd
The past year marked a turning point for Canada’s housing and mortgage market, with rate hikes giving way to rate cuts, alongside numerous regulatory changes and new government program announcements..... 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…
