Canadian housing mortgage rates are all over the map. Don’t get trapped in an unnecessarily costly mortgage agreement.
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The best credit cards for newcomers to Canada for 2024 + MORE Feb 2nd
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.
.... More »
Latest in Mortgage News: Stress-Test Rate Drops After a Year of No Change Jul 20th
The benchmark posted 5-year fixed rate, which is used for stress-testing Canadian mortgages, fell yesterday in its first move since May 2018. The Bank of Canada announced the mortgage qualifying rate drop to 5.19% from 5.34%. This marks the first reduction in the rate since September 2016. The rate .... More »
How the Bank of Canada’s benchmark rate impacts your finances + MORE Mar 7th
The Bank of Canada (BoC) held its benchmark interest rate at 5% on March 6, marking the fifth consecutive time it has left the rate unchanged. Economists widely expect the BoC to lower its rate at some point in 2024, as inflation falls and the Canadian economy weakens. However, in its March rate ann.... More »
Inheritance coming your way this year? Planning for it means you won’t waste it Jan 9th
Set life goals, think of the present and future, weigh your contribution to the mortgage, and earn interest all the while, says Lesley-Anne Scorgie..... More »
The Latest in Mortgage News – Economic Growth & Housing Affordability Dec 3rd
The latest data released over the past couple of weeks are helping to provide a reading on how different jurisdictions in the country are faring when it comes to economic growth and housing affordability. The Conference Board of Canada’s latest Metropolitan Outlook, for example, breaks down re.... More »
Is Toronto real estate really in a bubble?
– moneysense.ca
If you live in Toronto you realize you’re in the center of the Canadian real estate universe these days. While the last few months have seen Vancouver housing sales decrease and prices stabilize, Toronto’s real estate market has been catching fire. And of course, economists and bond rating agencies have noticed, too.
Just this week Douglas Porter, chief economist at BMO Capital Markets wrote in a commentary, “The Toronto market—and the many cities around it—are in a bubble,” meaning prices are becoming dangerously detached from good financial and economic fundamentals, mainly because people in Toronto believe there is so much demand that it will cause prices to keep rising strongly, thus encouraging more people to buy—and adding fuel to the growing bubble.
The facts appear strong. Prices in Greater Toronto have risen 22.6% in January from a year ago. And while price increases across Canada are expected to slow this year because of tighter restrictions from new federal home financing rules that aim to make it harder to get a mortgage, BMO’s Porter believes that Toronto and any city that is within commuting distance is in a dangerously overheated housing market…
Why a mortgage that leaves room for retirement saving is a must-have
– theglobeandmail.com
In expensive housing markets like Toronto or Vancouver, contributing to your RRSP can take a back seat — and catching-up later isn’t the solution it used to be
5 Best Cities To Live In Where Houses Are Under $400K
– walletpop.ca
Fed up with high house prices in Toronto or Vancouver? Thinking of packing up and moving elsewhere? We hear ya. With the average price of a single-family home in both these cities well above $1 million, plenty of people in Canada’s priciest cities are looking for alternatives.
Under the federal government’s new mortgage rules, the average-earning household in Canada — with a total income of $80,000 — can get a mortgage of around $380,000 today (assuming a 25-year mortgage at three per cent). That, plus the down payment, is what an average household in Canada can afford.
So we combined the Bank of Montreal’s labour market report card with data on house prices from the Canadian Real Estate Association to come up with a ranking of the best cities to set up shop, where an average home costs less than $400,000. Here’s what we found.
5. Halifax
(Photo: Walter Bibikow via Getty Images)
BMO labour market ranking: 12
Average household income: $84,560
Average mortgage payment: $1,038
People outside the Maritimes rarely consider moving there, but Halifax’s 5…
