‘It’s choking me’: This homeowner’s mortgage payments have shot up by more than $1,000 a month. What should he do? + MORE Dec 31st

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

Inheritance coming your way this year? Planning for it means you won’t waste it Jan 9th

Set life goals, think of the present and future, weigh your contribution to the mortgage, and earn interest all the while, says Lesley-Anne Scorgie..... More »

2022 – Year in review Jan 3rd

As we turn the page on yet another tumultuous year, we wanted to take a look back at some of the top mortgage-related stories of 2022 and how mortgage rates fared..... More »
 property

Mortgage penalty calculator + MORE Jan 22nd

If you have a closed mortgage and decide to break your mortgage contract before the agreed-upon term has expired, you’ll likely have to pay a prepayment penalty fee. A mortgage penalty calculator can help you figure out exactly how much those fees will be and will make it easier to know whethe.... More »

Bank CEOs weigh in on “vulnerable” mortgage clients + MORE Jan 12th

Canada's Big-Bank CEOs weighed this week in on the current state of their mortgage clients, including those they consider "vulnerable" in the event of a recession..... More »

Reverse mortgages are booming amid Canada’s turbulent rate environment + MORE Jan 31st

High rates haven't stopped Canadians from tapping their home equity by way of reverse mortgages..... More »
‘It’s choking me’: This homeowner’s mortgage payments have shot up by more than $1,000 a month. What should he do?‘I was naive. I’ve never experienced rate hikes like this before,’ homeowner says, adding he plans to switch to a five-year fixed rate when rates hit 3%.

Continue Reading On thestar.com »

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? 

The average monthly credit card spend for Canadians was almost $2,447 in the third quarter of 2022, up by 17.3% compared to the same time in 2021 and up 21.8% in 2019, according to Equifax. And from another report from the Canadian credit bureau, Canadian consumer debt has risen to $2.32 trillion, with an average debt load of approximately $21,183—excluding mortgages. These numbers represent an increase of 8.2% over last year, and 6.4% between the first and second quarters of 2022…

Continue Reading On moneysense.ca »

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