We made money on the Toronto housing market. Now what? Nov 4th

Learn more about Canadian mortgage rates, rules and the latest news – read on!
Latest News

Residential Mortgage Credit Risk Has Risen “Only Modestly,” Says OSFI Nov 25th

The head of the agency charged with overseeing Canada's federally regulated lenders said today that residential mortgage credit risk has risen "only modestly.".... More »

7 smart strategies for first-time home buyers + MORE Nov 19th

If you’ve been thinking about buying a house, you may be wondering how you’ll know when it’s “the right time.” If you don’t have a 20% down payment saved up, is it still OK to consider buying? If you can’t afford your forever home, should you still jump into ownership now? And does the.... More »
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What’s the best way of using your home equity during retirement? + MORE Nov 10th

Mortgages in Canada can be a murky subject - one that we hope to shed some light on with a series of highly informational articles. High Mortgage Volumes Helped Drive Q3 Results for First National And Equitable Bank - canadianmortgagetrends.comStrong mortgage volumes throughout the year helpe.... More »

Could a line of credit impact my mortgage application? Nov 16th

Prospective house hunters and those looking to refinance an existing mortgage should consider the impacts of their lines of credit on their mortgage application. That’s because lenders take non-mortgage debt, including line of credit payments, into account when determining how much you can afford .... More »
We had a plan. We considered the bank’s low interest rates, the rising real estate prices and record low inventory and thought it was the perfect time to cash in on the Toronto real estate market by moving out of the city. My husband and I were going to move from Ontario to Manitoba, selling our East York detached home and moving back to my hometown of Winnipeg, with our 15-year-old son in tow. We were aware Winnipeg home prices were also on the rise—but still nowhere near Toronto levels. And, since we had purchased our home in 2007, we were poised to make a substantial profit on the sale. This was our chance to be mortgage-free and able to actively save for retirement.

The house went up for sale in April 2021 and sold in early May for $1,075,000. After realtor fees, closing costs and other debts were paid, we walked away with about $688,000. Our plan was to buy a three- or four-bedroom home in Winnipeg, with a large yard and a pool. We were prepared to spend between $500,000 and $550,000 on a new home, leaving us with some money to spend on furniture and a new car and to invest the rest…

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