The best credit cards for newcomers to Canada for 2024 + MORE Jul 29th

Mortgage down payment gifts from family members remain a crucial factor for first-time homebuyers in Canada, even as the housing market cools and economic conditions tighten.

With more than half of Canadian households having a dog or a cat, or both, we are a nation of people who love their pets. They might break your favourite plant pot, tear a lampshade during a game of kitten parkour or occasionally pee on the floor, but they make up for it with cuddles, hilarity and unconditional love.

The joys of these animal companions, however, don’t come cheap: pet care costs have increased 6% to 8% annually over the past few years. On average, dog owners spend between $965 and $4,020 per year on their pup, while cat owners have it a little easier, at between $930 and $2,400 per year, according to pet-sitting app Rover. Between vaccinations, spaying/neutering, routine check-ups, and illness or emergencies, the costs of vet visits can start to rival your mortgage payments.

While inflation has had an impact on pet-care costs—as it has on virtually everything else we pay for in life—it’s not the only factor at play. The landscape of veterinary care has changed in recent years, largely thanks to staff shortages, the involvement of big corporations—in recent years, many independent clinics have sold to private equity firms—and increasingly sophisticated equipment and treatments…

This past June, RBC reported that home resales had plummeted in many of Canada’s largest markets. Compared to June 2023, resales were down in Calgary (-13%), Toronto (-16%), Vancouver (-19%) and British Columbia’s Fraser Valley (-32%). While market conditions vary from city to city, the largest markets have been among the hardest hit. For example, according to the Toronto Regional Real Estate Board, June 2024 saw the lowest number of home sales in the GTA in 24 years. The inventory of condominiums for sale in particular is rising fast.

This is good news for aspiring condo buyers, who now have larger inventories to choose from. But it’s trouble for those trying to sell their condo, who may have to either significantly reduce their asking price or, in a worst-case scenario, delist their property until the sellers’ market becomes more favourable.

Growing numbers of condo owners are choosing the latter option. But what sort of consequences may they face for that decision?

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Credit Cards

The best credit cards for newcomers to Canada for 2024
As a newcomer, you’ll want a credit card that offers you the best value without having a long Canadian credit history. Here’s a list of our favourite cash back, rewards, low-interest cards and more.

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Canada’s best credit cards for newcomers

By Keph Senett on July 29, 2024Estimated reading time: 16 minutes

In Canada, having a good credit score can help you secure a rental and get a loan or a mortgage, but it’s hard to know where to start when you don’t have a Canadian credit history or a credit card. One of the fastest ways to start building your Canadian credit score is to use a credit card responsibly, because banks and financial institutions report back to the credit bureaus that determine your score. For this reason, it’s important for newcomers to get a credit card, even without an established history…