According to a new MPC report, the new mortgage stress test is leaving 18% of home buyers out of the market, though most can still afford to make monthly payments…
In 2018, new Ontario mortgage applicants likely won’t be able to afford the same home, as stricter mortgage rules come into place. And while those with a fixed rate mortgage are not impacted by interest rate increases implemented by the Bank of Canada, their affordability will be affected as well. For example…
Fixed rate mortgages are pretty straightforward, but a variable rate mortgage depends on the Bank of Canada’s overnight lending rate. So what happens if that rate should change? Read on to find out!
It has been a truly hot spring housing season, and lenders are using new mortgage marketing tactics as a result. Here are three we’ve seen so far – and whether they’re truly as great as they seem.
The latest industry numbers from CREA and TREB are out this week, and they all point to a cooling housing and mortgage market across Canada.
This was a tough year for me. I was laid off abruptly in April 2011 from a job that I thought was solid and found myself in a situation I had never been in before. I was worried I hadn’t saved for a rainy day and all I had was my RRSP that I was unable to dip into without paying a huge penalty. My New Year’s promise is to increase the amount of after tax income I put away from 10% to 15%.
Observing Financial Literacy Week is a great idea. But there are 51 other weeks in a year where you should also be concentrating on how to reduce costs, save money, and improve your investments for the future. Here are five areas to focus on.