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

How new mortgage brokers are overcoming the challenges of today’s high-rate environment Jan 24th

It's no secret that the current high-rate environment has been challenging for mortgage borrowers and mortgage professionals alike..... More »

Mortgage borrowers to see payments increase by 20-40% at renewal: Bank of Canada May 19th

The Bank of Canada says it it concerned about the ability of households to service their debt, particularly as mortgage holders are facing payment increases of up to 40% at renewal..... More »

The latest in mortgage news: record population growth to keep upward pressure on home prices + MORE Jul 21st

Canada's expected population growth will worsen the already limited housing supply and result in even higher home prices, according to a new report.... More »

OSFI considering the need for additional regulations on existing mortgages + MORE Apr 22nd

Canada’s banking regulator says it is considering whether to extend the scope of its mortgage guidelines to include existing mortgages. In its second Annual Risk Outlook released this week, the Office of the Superintendent of Financial Institutions (OSFI) said it will “consider the scope of .... More »
 mortgage buyout

How to build credit history in Canada + MORE Jun 30th

A credit history is a person’s track record of using credit (borrowing money) and repaying debt. Your credit history can affect many aspects of your financial life—from getting approved for a credit card or renting an apartment to taking out a mortgage or a car loan, among other things. In some .... 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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