Obtaining a mortgage or secured line of credit in Canada at the best rates is often a daunting task. We can help! Read the articles below for more info.
Latest News
Pick the best mortgage + MORE Jul 7th
(mstay/Getty Images)
To pick the best mortgage you need to understand your options. The first step is to determine the best type of mortgage for your situation. For instance, if you think you’ll be relocated elsewhere in Canada before five years, a portable mortgage may be your best option. O.... More »
2023 mortgage market year in review Dec 31st
As we wrap up a year full of economic twists and turns—and interest rate ups and downs—we wanted to look back at some of the top mortgage-related stories that graced our pages in 2023..... More »
Buying a second home: How it works in Canada + MORE Sep 25th
What does it take to buy a second home in Canada? There’s a lot to consider, from figuring out whether you can afford to buy a second property (and whether it’s worth it) to navigating the down payment requirements and mortgage rules. To help you get started, we’ve answered these questions and.... More »
Under-35 households lead the way in reducing mortgage debt, StatCan reports + MORE Jan 27th
Canada's youngest demographic of homeowners is the only group to have reduced their mortgage debt since rates started rising in 2022..... More »
Slowing Mortgage Market Examined + MORE Oct 2nd
Despite hot housing activity in some of Canada’s biggest markets, mortgage credit is growing at its slowest pace since 2001. That’s according to a recent TD Economics report. The good news is that Canadian mortgagors are paying about $4 billion less in interest (on an annual basis) compa.... More »
Ontarians Are Choosing Debt Over Retirement Savings
– ratesupermarket.ca
Should I pay off my debts or save for retirement? It’s a dilemma faced by many Canadians, and in Ontario, debt repayment is winning the battle. Forty per cent of Ontarians say paying off debt is their top financial priority, with 19 per cent prioritizing their mortgages, according to a study by Meridian Credit Union. Even more worrisome is the fact that 10 per cent listed stop living paycheque-to-paycheque as their top financial priority.
Retirement Savings Taking a Back Seat
We all know we need to save for retirement, but knowing and putting those plans into action are two separate things. Twenty one per cent of Ontarians haven’t even started building their nest egg! So what’s their reason for putting retirement savings on hold? Fifty two per cent said they were focused on paying off debt, 51 per cent said they couldn’t afford it, and 49 per cent said saving for retirement is not a priority for them at the moment.
“As household debt in Canada hits a new high, it’s encouraging to see Ontarians recognizing how important debt repayment is to their financial future,” says Bill Maurin, Meridian’s acting chief executive officer and chief financial officer…
