How much credit card debt does the average Canadian have? + MORE Sep 23rd

Canadian housing mortgage rates are all over the map. Don’t get trapped in an unnecessarily costly mortgage agreement.

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CMHC reports further slowing of housing starts with no turnaround in sight Feb 16th

The pace of homebuilding in Canada continues to slow with no near-term signs of a turnaround, said Canada Mortgage and Housing Corp. on Monday..... More »

Mortgage Professionals Canada promotes broker expertise in newly launched campaign + MORE Oct 17th

Mortgage Professionals Canada (MPC) has unveiled a new national campaign emphasizing the pivotal role mortgage brokers play in guiding Canadians towards their homeownership dreams..... More »

Frustrated with mortgage tech? You’re not alone + MORE Feb 14th

For the past few years, mortgage brokers have been presented with a seemingly non-stop barrage of new mortgage technology..... More »

B.C. home sales struggle in May as mortgage rates rise and labour market stays weak + MORE Jun 14th

Rising mortgage rates and a weaker labour market are weighing on home sales in British Columbia, especially in the Lower Mainland. .... More »

Canada’s home renovation costs are still climbing, but the pace is slowing Jan 11th

Home reno costs in Canada continued to climb in Q3, driven by higher roofing and window expenses, with many homeowners relying on their home equity to fund these projects..... More »

How much credit card debt does the average Canadian have?

– moneysense.ca

As the country re-opens after COVID-related restrictions, Canadians are faced with a worrying financial picture. Many have moved, others are looking to travel, and the cost of living is ballooning with unusual rates of inflation. Meanwhile, the Bank of Canada (BoC) rate hikes designed to curb these forces are adding pressure to those with variable-rate loans and mortgages. Unsurprisingly, many Canadians are using their credit cards to charge their expenses.

How much debt does the average Canadian carry?

According to a new report by Equifax, Canadian consumer debt has risen to $2.32 trillion, with an average debt load of approximately $21,000—excluding mortgages. These numbers represent an increase of 8.2% over last year, and 6.4% between the first and second quarters of 2022. And Canadians are using credit cards more, as there was a 6.4% increase in credit balances from the first quarter to the second.

This news, though unwelcome, is not unexpected according to some experts…

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Mortgage rules when buying a second property in Canada: What you need to know

– moneysense.ca

Canadians have many different reasons to hunt for a second property. Some want the source of income that an investment property can provide; others want to secure housing for a child during post-secondary education. There are those who simply want a rural retreat, like a country home or cottage.

Whatever the reason for having a second property, there are in fact many multiple-property owners in Canada. In British Columbia and Nova Scotia, for instance, owners with multiple properties represent 15% and 22% of all home owners, respectively, according to Statistics Canada. That’s more than one in 10 home owners in British Columbia, and almost one in five in Nova Scotia.

If you’re hoping to be among the growing number of Canadians who own a second property, or if you want to add a third or fourth, it’s essential that you become familiar with the mortgage rules.

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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