Less than 10 Percent of Canadians Could Buy a House in Toronto + MORE May 30th

Interested in learning more about property mortgages in Canada? Look no further!
Latest News

Department of Finance Announces New Qualifying Rate for Insured Stress Test Feb 19th

The federal government announced on Tuesday it will be changing the benchmark qualifying rate used for Canada’s insured mortgage stress test. The change, which will take effect April 6, 2020, means borrowers with insured mortgages (typically those with less than 20% equity) will need to prove they.... More »

Siddall and Taylor Go Head-to-Head Over Housing + MORE Jun 8th

Note: This editorial piece was previously published on RateSpy.com. It is being reprinted with permission due to the important and timely issues raised.  Rarely have the heads of Canada’s housing agency and largest mortgage broker association been at such odds publicly. It feels like CMHC bos.... More »
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Buying a home? Here’s how to decide how much to put down Oct 22nd

Should you put the minimum down, leaving you more for moving expenses or the maximum to reduce your mortgage payments?.... More »

Market Your Mortgage Business More Effectively in 2020 + MORE Dec 12th

It’s not too early to be thinking about New Year’s resolutions. And since you’re promoting yourself and building business, more efficient marketing is probably on your wishlist for next year. Why not resolve to market yourself more efficiently in 2020? Marketing is a full-time job. Since you a.... More »

Technology’s Role in Canada’s Evolving Mortgage Industry May 29th

COVID-19 has dramatically changed the course of many industries and threatened the physical, mental and financial wellness of millions of Canadians. In the housing sector, real estate sales volumes have dropped significantly and rapid increases in unemployment have added uncertainty to many transact.... More »
Less than 10 Percent of Canadians Could Buy a House in Toronto
Thinking about owning a home in Canada? It was only a few years ago that Toronto and Montreal were ranked among the best places to live with the cost of living as a contributing factor.
But the cost of ownership has now skyrocketed. In cities like Vancouver, Toronto and Montreal, only those in the highest income brackets can afford to live there.  But there’s hope for potential homeowners. Widening your search can help you find affordable housing.
We used the RateSupermarket.ca mortgage affordability calculator to determine the household income brackets needed to own homes in each major city.
Cost of Owning a Home in Major Cities
A Zoocasa study found that Toronto’s benchmark house price is $873,100. Only those with income in the top 10 percent are able to afford homes there. Vancouver’s benchmark house price is $1,441,000 and only those in the top 1 percent can afford a home there.
Our Calculations
The lowest mortgage rate on RateSupermarket.ca is 2.75 percent but we used an average figure of 3…

Continue Reading On ratesupermarket.ca »

Do You Need Loan Insurance?

– ratesupermarket.ca

Do You Need Loan Insurance?
 
Managing debt can be a challenge. Sometimes that challenge is driven by circumstances out of your control. Critical illness or disability can put a huge strain on your finances, making it hard to pay off a credit line or loan.
Those times of distress are what loan insurance is designed for. But is it always the right choice? Depending on the type of debt, your lender and your personal circumstances, it may be the best fit — or just another option.
How Does Loan Insurance Work?
Your lender may offer loan insurance at the time of application for a credit card, loan or line of credit. You’ll have to pay either a one-time, upfront fee for the policy, or a regular premium. Insurance might cover the remaining balance in the event of death, or regular payments while you are sidelined due to disability or serious illness. Some policies may also cover you in the event of job loss.
If you don’t sign up for insurance at the time of application, you may be able to do so later…

Continue Reading On ratesupermarket.ca »

Q. My amazing parents are downsizing and have decided to gift my husband and me $200,000. It’s nice for us but leaves me with a lot of questions. My husband and I are 37 years old and have been happily married for 15 years. We have no credit card debt, and just $12,000 on a credit line we used for renovations last fall.
Our home is worth $800,000 and we have a mortgage of $214,000 at 2.9%. We have a gross annual household income of $150,000, defined benefit pensions with our employers, and invest decent amounts in TFSAs, RRSPs and RESPs for our two young kids through automated monthly deposits—though nowhere near the limits. We also donate $5,000 annually to charity.
My husband would love for us to pay off the mortgage this December with the gift money but I’m only 75% convinced. This has been a huge year of change for us, and more change may come in the next year depending on my job situation. We may move houses (to lessen my commute).
Am I being silly to put all of our money into a matrimonial home? Anything in life can happen, even when we would never expect it…

Continue Reading On moneysense.ca »

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