Mortgages in Canada can be a murky subject – one that we hope to shed some light on with a series of highly informational articles.
Latest News
Pattie Lovett-Reid: Let the borrowing begin – responsibly - CTV News + MORE Aug 24th
Pattie Lovett-Reid: Let the borrowing begin – responsibly CTV NewsCanadians with lowest credit scores led wave of pandemic credit card debt repayment Yahoo Canada FinanceThe pandemic has Canadians paying down non-mortgage debt at fastest pace since 1980s CBC.caCana.... More »
CMHC-Backed Report Calls for Annual Surtax on Homes Valued at $1M+ + MORE Jan 7th
A new report backed by Canada's national housing agency is calling for a home equity tax on houses valued at $1 million and more..... More »
The Latest COVID-19 Mortgage News: Toronto Real Estate Sales Plunge 37% + MORE Apr 1st
New data suggests homes sales in Toronto dropped 37% last week compared to the same time last year, according to Realosophy Realty. The firm also says cancelled listings jumped by 27% as thousands of Canadians now find themselves out of work, putting into question the near-term future of Canada̵.... More »
The Best Credit Cards for Students in 2019 + MORE May 18th
If you’re a student in college or university, you understand that every penny counts. Tuition is high, textbooks are expensive, and it’s hard to maintain healthy eating habits while living off-campus when all you can afford are those packets of Sidekicks pasta for $1.
This is where a good rewar.... More »
How a Mortgage Pre-Approval Can Protect You from Rising Rates Nov 1st
In times of steady or declining rates, you barely pay attention to your pre-approval rate. But these days, this rate hold can be a total game-changer..... More »
Live Your Life: You’ll never see a U-Haul following a hearse!
– canadamortgagenews.ca
Our lifecycle goes something like this… Go to school. Find a job (and work hard for 40 years). Fall in love. Get married. Save money. Buy a house. Start a family. Retire on enough pension or savings. Enjoy the results of your hard work. Live in your house until death. Leave the house for your kids.This is how most of us envision a normal lifecycle. But how often does this really happen? How many people really live happily ever after? What’s the big deal about tapping into home equity to fully enjoy life?
Statistics tell us that the average annual income for a senior in Canada is $33,500. In the meantime, the average cost of owning a home plus living expenses is $55,000.
That’s where things become unclear. This is where our plans seem to change. We’re holding strong to the idea that we need to work hard all our lives, pay off our mortgage, then scrimp and cut back on our enjoyment in retirement. Why not tap into/spend the equity in our homes or savings to enjoy our lives after working so hard?
We hang on to the notion that we must pass along our net worth to our children… that we should leave them with enough money so they never have to struggle or so their lives are easier or better than ours…
Stress Test Impacts Measured
– canadianmortgagetrends.com
The government’s latest mortgage rule changes have caused an imbalance between supply and demand in almost every region of the country, and will result in an estimated 200,000 fewer jobs being created over the next three years. Those are among the findings of Mortgage Professionals Canada’s newly released Report on the Housing and Mortgage Market […]
