You Need to Have $362,654 in the Bank to Afford a Detached House in Toronto (and an Income of $213,149) – Analysis

$362,654 in cash up front and an annual income of $213,149. That’s how much you would need to buy a detached house in Toronto. We wanted to do some analysis and find out what it would take to qualify for a mortgage to purchase a detached house in Toronto, so we did just that. We… Continue reading You Need to Have $362,654 in the Bank to Afford a Detached House in Toronto (and an Income of $213,149) – Analysis

What is a Good Credit Score in Canada for a Mortgage?

Your credit score is incredibly important to maintain, whether you acknowledge it or not. Having a good score is vital when applying for a personal loan, leasing a car, or applying for a mortgage. Maintaining a good credit score can be difficult and requires work, but it’s manageable if you understand how it works. High?… Continue reading What is a Good Credit Score in Canada for a Mortgage?

Guide to the First Time Home Buyer Incentive

If you’re in the market to purchase a home and qualify as a first-time home buyer, the Government of Canada offers an assistance program you might want to consider. The program is called the First-Time Home Buyer Incentive. Introduced in 2019, the program aims to make homeownership more achievable and affordable for first-time buyers across the… Continue reading Guide to the First Time Home Buyer Incentive

The Canadian Housing Market: More Questions than Answers?

The Canadian Housing Market is going through turbulent times as of late, with a 57% drop in sales activity for April. April also saw a year-on-year decline in the average price of houses sold. Things have changed considerably since the Canadian Real Estate Association (CREA) made their forecasts in December last year, which estimated that the Residential… Continue reading The Canadian Housing Market: More Questions than Answers?

Deferring Mortgage Payments during COVID-19

The COVID-19 crisis has created a dent in the Canadian economy with almost 3 million Canadians unemployed in the months of March and April alone. To provide a stimulus to the economy, the Canadian government introduced several measures, one of which was encouraging financial institutions to expedite requests for deferral of mortgage payments. What is a mortgage… Continue reading Deferring Mortgage Payments during COVID-19

Managing Your Mortgage During the COVID-19 Crisis

With wide-spread layoffs, reduced hours, and general job insecurity, thousands of Canadian households have been thrown into a financial tailspin by the coronavirus pandemic. In one recent news report, Hamilton homeowner Kim Petrie – whose three grown children have all lost their jobs – summarized mounting concerns when she said, “There’s a lot of uncertainty, fear,… Continue reading Managing Your Mortgage During the COVID-19 Crisis

Open vs Closed Mortgage: What’s the Difference

When choosing a mortgage, it’s important to consider whether you want a closed term mortgage or an open term mortgage. The debate between a closed vs open term mortgage is one that’s worth spending some time on. Understanding the difference between them will help you make a smarter mortgage choice, so here we go. What is… Continue reading Open vs Closed Mortgage: What’s the Difference