Canada’s housing market was full of surprises this year. The average house price has risen 17% despite numerous predictions that prices would decline. Near the beginning of the pandemic, the CMHC predicted that house prices would decline 9% to 18%. However, exactly the opposite has actually happened! The experts may have been proven wrong, or…
Buying a home is probably the biggest purchase you’ll ever make. Like most people, it’s unlikely you’ll pay in cash—you’ll borrow most of the money through a mortgage. Over the life of that mortgage, you’ll pay a lot in interest. Small changes in this interest can make a big difference in how much you’ll pay…
Almost 1 million existing loans have been deferred; more loans are still being taken out. More than 3/4 of a million Canadian homeowners have either deferred or skipped a mortgage payment during the COVID-19 pandemic began, to the tune of about $1 billion a month, Canada’s national housing agency says. In a report on Thursday,…
If you’re shopping for a new mortgage, you may read around a lot of scepticism concerning the variable-rate. Are they an unnecessary gamble? On the plus side, you may win for at least a year or two by taking the chances; but after that, it’s finger-nail biting time. Years 4 and 5 could prove very…
