Interested in learning more about property mortgages in Canada? Look no further!
Latest News
How to keep your home after separation—even if you don’t qualify alone + MORE Apr 18th
Separation and divorce are hard enough without throwing mortgage stress into the mix. One of the most emotional questions we hear is, 'I want to keep the house, but I don’t make enough on my own to qualify—what can I do?'.... More »
Ask the Expert: Steve Garganis – How Trump’s tariffs will affect your Canadian mortgage + MORE Feb 1st
I will start with a quote from Trump’s book, The Art of the Deal
“I aim very high and then I just keep pushing and pushing and pushing to get what I’m after. Sometimes I settle for less than I thought but I still end up with what I want.“
In the summer of 2016, ahead of .... More »
Mortgage payments are easing overall, but many face renewal stress, TD says + MORE Jul 11th
High-rate renewals are squeezing budgets, but rate cuts and short-term mortgage resets are easing the burden in aggregate, TD Economics says.... More »
OSFI eyes loan-to-income rules to replace stress test as industry weighs implications Jun 8th
Canada’s banking regulator is weighing a major overhaul to how borrowers qualify for mortgages, one that could have significant implications for banks, brokers and homebuyers alike..... More »
How to improve your credit score with rent payments in Canada + MORE Feb 8th
If you’re renting in Canada, you might not think that your monthly rent payments have anything to do with building your credit score. While home owners can strengthen their credit profile through mortgage payments, renters traditionally haven’t had the same opportunity. After all, paying rent is.... More »
Buying a home in Canada hasn’t been easy in recent years, but thanks to recent changes to mortgage rules, falling interest rates and more cuts expected in the months ahead, many prospective home owners are feeling freshly optimistic. It all starts with a down payment, though—and the bigger, the better. If you’re thinking about buying your first home in the next few years, consider opening a first home savings account (FHSA) by December 31. Even if you don’t plan to start contributing this year, opening the account now gives you more room to save in 2025.
Here’s what you need to know about using this account, including the FHSA contribution limit and deadline, how to open an FHSA account online and why it might even make sense to open one if you’re undecided about home ownership and debating your decision.
What is a first home savings account (FHSA)?
The FHSA is a tax-free registered savings account that was introduced in April 2023. Designed to help first-time buyers save up for a down payment and get into the housing market sooner, the FHSA allows account holders to contribute up to $8,000 per year, up to a lifetime FHSA limit of $40,000 (or twice that amount if you’re part of a couple and you’re both first-time home buyers)…
