By Nina Dragicevic Between inflation, housing costs and interest rates, debt is ballooning for many younger Canadians. Scott Terrio sees it all the time. The manager of consumer insolvency says the average credit card balance in Canada is less than $4,500, but the cases he saw last year averaged more than $12,000 for this young group. […]

Mortgage borrowers are increasingly opting for variable-rate mortgages, a trend that is expected to continue as the Bank of Canada continues to lower interest rates. As of the first quarter, 12.9% of new mortgage borrowers opted for a variable-rate mortgage, according to figures from the Bank of Canada. That’s up from a low of 4.2% […]

Mortgage payments can sometimes be a tricky topic for some homeowners, leading to confusion about when payments are due and what time period they cover. Recently, we watched two client misunderstandings unfold, highlighting the need for clear, calm communication. Let’s delve into their cases and clarify why mortgage payments are made in arrears, not in […]

Payment shocks at renewal due to shorter mortgage terms have become a growing concern for many Canadians. This has led some to question whether adopting longer mortgage terms, similar to those in the United States, would provide greater financial stability. While Canadian lenders can theoretically provide 15-, 20-, 25-, or even 30-year mortgage terms, market […]

In the face of higher costs, more Canadians are changing their grocery shopping habits, hunting for bargains and switching to lower-cost brands — yet many are leaving money on the table when it comes to their single largest transaction. According to a recent survey conducted by Mortgage Professionals Canada, homeowners are doing less haggling at renewal, despite most facing higher interest rates. […]