Summary of Housing Promises from Canada’s Main Political Parties + MORE Sep 2nd

Learn more about Canadian mortgage rates, rules and the latest news – read on!
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This millennial couple makes $130,000 combined. With a baby on the way, a mortgage and car debt, how can they prepare? + MORE Sep 8th

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Canada’s main political parties have been unveiling housing promises over the past couple of weeks, each outlining how they plan to tackle the predominant housing issue of affordability. The policies include everything from tweaks to the mortgage stress test and crack-downs on foreign purchases to increasing housing supply and several brand new homeowner assistance programs. We’ve gone through the platforms from the top five represented parties and have compiled the key initiatives and some of their implications. Liberals The Liberals’ […]

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Canadians Are Paying Down Their Non-Mortgage DebtIn so many ways, the pandemic has been devastating for Canadians. Between layoffs, supply-chain shortages, and healthcare challenges, the last year and a half has tested us in ways we never could have imagined a decade ago. And yet, in the midst of adversity, some silver lining has come to light: Canadians have actually been very smart with their money. 

We know that Canadians have never had more disposable income. Lockdowns physically limited our ability to shop and dine out while CERB payments padded our pockets for months. But people weren’t running out and buying Teslas. In fact, they were using their excess cash to pay down expensive debt. 

This happened almost immediately. Less than two months into the first lockdown, May 2020 saw the first decline in non-mortgage debt in decades. By January 2021, non-mortgage debt had plummeted by more than $20 billion, including a whopping decline of $16.6 billion in credit card debt. Now able to pay down their Visa bills, Canadians were able to incur more practical debt: mortgage debt…

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Driven by a strong housing market and low interest rates, mortgages saw record growth across the country in the second quarter. Nationwide, volume was up 60.2% compared to the same period in 2020, but was exceptionally strong in British Columbia where mortgage volume was up 85.7%, according to new data from Equifax Canada. “Apart from a strong housing market, seasonality and refinancing also played a big role in the new mortgage growth this quarter,” the report noted. Mortgage balances also […]

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