Personal Finance
Securing Your Today and Tomorrow
Price of Commuting: The Daily Journey into Toronto
Real Estate > Personal Finance > Mortgage In the golden light of dawn, while much of Ontario still slumbers, thousands of commuters from suburbs like Whitby and Oakville embark on their daily pilgrimage to Toronto. This journey, often romanticized as a quest for...
Canada Child Benefit and Your Mortgage
Raising a family in Canada comes with significant financial responsibilities, from childcare costs to daily household expenses. For many families, the Canada Child Benefit (CCB) serves as a crucial financial lifeline, providing tax-free monthly payments to support...
How Assets Support a Mortgage
Securing a mortgage in Canada has long been an income-driven process. Lenders scrutinize pay stubs, tax returns, and employment history to determine whether a borrower qualifies. However, in today’s evolving financial landscape, assets play an increasingly significant...
Understanding Debt Service Ratios GDS/TDS
Understanding Debt Service Rations GDS/TDS: When you hear that your mortgage application is ‘a little tight on ratios,’ it can sound like lender-speak for a hard no. It is not quite that simple. Canadian lenders use two percentages – Gross Debt Service, or GDS, and Total Debt Service, or TDS – to compare your gross income with the payments you are expected to carry.
Where You Get Your Mortgage
Where you get your mortgage can have a big impact on how much you have to pay in regular mortgage payments, how fast you can pay off your house, and what you need to do and have to qualify for. When asked, most Canadians think that 'the bank' is the only place they...
Gifted Funds and Mortgages
In the ever-evolving landscape of Canadian real estate, rising home prices have made it increasingly challenging for many buyers to enter the market. As a result, gifted funds for down payments have become a significant enabler for many prospective homeowners,...
Understanding Variable Mortgages
Understanding Variable Mortgages: The right choice depends on how the product works, what your lender’s contract says, how long you expect to keep the mortgage, and – most importantly – whether your monthly cash flow has enough breathing room when rates move against you.
Understanding Fixed Mortgages
Understanding Fixed Mortgages: A fixed mortgage can feel like putting a fence around one of your household’s biggest expenses: for the length of your term, the interest rate—and usually the required principal-and-interest payment—stays put.
Canada’s Non-Federally Regulated Mortgage Providers
Mortgage providers in Canada are either federally or provincially regulated. Canada's chartered banks are federally regulated while many other lenders (see below) are not. Getting a mortgage from a non-federally regulated mortgage provider in Canada has both...
Balancing Financial and Lifestyle Goals
In the realm of personal finance and lifestyle design, real estate often serves as a cornerstone. It represents not only a significant financial investment but also a profound lifestyle choice. As a former realtor, financial advisor, and mortgage agent, I've observed...
Mortgage Term: Insolvency
Discover what insolvency means, the types of insolvency, and how insolvency can impact your credit and your mortgage options.
Divorce: 4 Mortgage Paths to Moving Forward
Divorce and your mortgage: 4 paths to moving forward. Discover the option that works for you.
How the Trigger Point Impacts Canadians
With interest rate hikes, homeowners are facing the potential detonation of a financial bomb tied to their mortgages, the trigger rate. Let's get into how a trigger point on a fixed-payment, variable mortgage can have such a strong impact on Canadians: Impact of...
(RRSP) Home Buyers’ Plan: Saving for Your Home
RRSP Home Buyers Plan or Home Buyer Plan. Unlock your RRSP savings to buy your first home with the Home Buyers’ Plan. Learn how to make a tax-free withdrawal for your down payment.
Condition of Financing
When purchasing a property, buyers either pay for the entire property with their existing funds or they need to seek out financing by getting a mortgage. Previous to looking for a home, buyers need to have a relationship with a mortgage agent to create a financial...
Understanding HELOCS
A Home Equity Line of Credit (HELOC) is not a traditional mortgage but a type of revolving credit secured against the equity in your home. Canadians are very creative in their use of HELOCs using them for everything from investing, to debt consolidation, to using...
Featured Publications
Articles
- Extended Amortizations and Hypothetical Calculations
Office of the Superintendent of Financial Institutions (OSFI) - Minimum Qualifying Rate for Uninsured Mortgages
Office of the Superintendent of Financial Institutions (OSFI) - Residential Mortgage Underwriting Practices and Procedures
Office of the Superintendent of Financial Institutions (OSFI) - Guideline on Existing Consumer Mortgage Loans in Exceptional Circumstances Financial Consumer Agency of Canada
Book: “The Program”
- Part 1 – Building Your Down Payment
- Part 2 – Mortgage Payoff Strategies
- Part 3 – Building Wealth Through Real Estate