Why Get a Mortgage? The price of a home is often more than what a single individual or household can save. Therefore, many choose to buy a home or an investment property by putting down a deposit of typically 20% of the home’s purchase price, and obtaining a loan for the remaining amount. This assistance…
Buying a first home is a big financial milestone—and for many, it’s also a challenge to save enough for the down payment. Rising home prices and borrowing costs have turned down payments into a serious financial challenge for many Canadians. Fortunately, if you and your partner each have $75,000 saved, you’re already on the path…
How to calculate how much you’re spending now, what you can afford and your future expenses. Are you financially ready to own a home? Look into these 5 calculations and questions before you meet with your broker or lender. QUALIFYING FOR A MORTGAGE There are 2 affordability rules that determine how much you can spend on housing without…
Over the next two decades, Canada will witness the largest wealth transfer in history as Baby Boomers pass an estimated $1 trillion to their heirs. This unprecedented shift will do more than just redistribute wealth—it’s poised to reshape the real estate market in profound ways. For investors, it’s both an opportunity and a challenge worth…
When you buy a home with less than 20% down, mortgage default insurance is mandatory.Most people assume it’s just something that protects the lender — not them. But what many homebuyers don’t realize is that default insurance often comes with built-in protections for homeowners, too.Some insurers offer valuable support programs that can help you keep your home if…
Let’s keep this simple. If your mortgage rate is 5%, and your investments return 7%, then every extra dollar you put toward your mortgage is a 2% loss. Still feel good about paying down that house? In 2025, this is one of the most misunderstood dynamics in personal finance. Most Canadians are still stuck on…
Your mortgage renewal isn’t just paperwork — it’s a prime opportunity to reset your financial course. Yet, many homeowners let it pass by without giving it the attention it deserves. The result? Missed savings, higher debt, and fewer financial options down the road. Let’s break down the most common mortgage renewal mistakes — and how…
Current rate:The greater of the mortgage contract rate plus 2% or 5.25%. The minimum qualifying rate (MQR) for uninsured mortgages is a mortgage stress test applied by lenders to borrowers. OSFI obliges federally-regulated lenders to apply this stress test to their borrowers. This helps lenders prepare borrowers so they can continue to make mortgage payments…