Stats Canada data from 2006 through 2011 show that a greater percentage of Canadian renters devote a larger portion of their monthly earnings to their household expenses than homeowners. The actual monthly cost in dollars for homeowners is higher than for renters, but a larger proportion of renters are devoting over one third of their earnings to keeping a roof over their heads.
Ottawa’s efforts to tighten the country’s mortgage rules last year seemed to work – for a while. Sales fell and prices stopped climbing as many Canadians found it tougher to get a loan. Many first-time buyers were particularly hard hit by the clampdown, because they had to save for a larger down payment and needed larger incomes to qualify for a mortgage.
Whether you're moving out for the first time, need more space or you're just tired of renting, before you can buy your first home, you need to find your mortgage.
November is Financial Literacy Month, and the Financial Consumer Agency of Canada invites all Canadian citizens to participate and gain the knowledge, skills and confidence to make the best financial decisions for themselves and their families.
Subscribe to our Newsletter
Get exclusive offers and discounts, personal finance tips from our bloggers and news you can use to save money.
Whether we are processing cheques with our smartphones or tapping our credit cards without need of a pin or signature, technology brings convenience to our daily activities. And with the looming fear of credit card fraud across Canada we need to find ways to protect ourselves from electronic pickpocketing.
The latest announcement from the Bank of Canada stated that the country’s overnight interest rate will remain locked at 1 percent for a longer period of time.
Credit vs debit, buying vs renting, TFSA vs RSP – when it comes to personal finance, there are certain basic choices we all have to make. For homeowners, one of the most difficult decisions is whether to take a variable or fixed rate mortgage.