Personal Finance
Better Finances for a Better You
Topic: "First Home"
← Curating the web to find the most interesting and helpful
information about your money.
Infographic of the week
Mapped: Fastest Growing (and Shrinking) Cities in the U.S. and Canada
Despite Canada having a population just 12% the size of the United States, the country was home to a majority of the fastest-growing cities between the two neighbouring countries.
Toronto is the Fastest-Growing City in Canada and the U.S. →Infographic of the week
Ranked: Canada’s Housing Markets, by Price Growth in 2023
Between 2010 and 2022, real Canadian housing prices jumped 90%, making Canada one of the most expensive and unaffordable housing markets in the world.
The Visualcapitalist maps the average price of housing across Canada’s provinces and territories in 2023 (excluding Nunavut), based on data from the Canada Real Estate Association (CREA) →Infographic of the week
Global Real Estate Bubble Index 2024
This graphic shows real home price growth in real estate bubble markets over the last decade
Where do Canadian cities rank? →New Canadian Mortgage Rules
In an effort to ease the housing shortage, the federal government is implementing new mortgage regulations, this time with an emphasis on encouraging the building of secondary suites.
How will Canada’s new mortgage rules affect your plans to buy a home? →Did you know?
Nine out of 10 homeowners who bought a home in the last three years say they were unprepared for the extra costs of maintaining and financing their property, according to a survey by Real Estate Witch.
Which costs were more expensive than people originally expected →Budgeting
Unexpected Costs That New Home Buyers in Canada Frequently Forget
- Property/Land Transfer Tax
- Property Tax
- Insurance
- Home Inspection
- GST/HST
- Legal Fees
Word of the week
Homeowners Insurance
Home insurance provides protection for your home and your belongings in case of theft, loss, or damage. It can also help cover additional living expenses if you're temporarily unable to live in your home, such as living in a hotel or renting a home.
What Is Homeowners Insurance and How Does It Work? →Infographic of the week
British Columbia is the Most Expensive Province in Canada to Live by the visualcapitalist
This graphic ranks the Canadian provinces by their cost of living, represented by an index made up of 55 contributing factors.
British Columbia (BC) and Ontario are Canada’s most expensive places to live by a significant margin →Word of the week
Adjustable-Rate Mortgage (ARM)
A house loan with a variable interest rate is referred to as an adjustable-rate mortgage (ARM). The starting interest rate on an ARM is set for a specific amount of time. Subsequently, the interest rate charged on the remaining amount is frequently adjusted, perhaps once a year or even once a month.
Adjustable-Rate Mortgage (ARM): What It Is and Different Types →Infographic of the week
How Much You Need to Earn to Afford a House in Each Major Canadian City in 2024
According to the CREA, the national average home price reached $698,530 in March 2024, a 2 per cent increase year over year.
The Cost of Canadian Home Ownership in 2024 →Infographic of the week
The World’s Least Affordable Housing Markets in 2024
Many cities around the world have become very expensive to buy a home in, but which ones are the absolute most unattainable?
Impossibly unaffordable cities, where does your city rank →Word of the week
Fixed Mortgage
The interest rate on a fixed-rate mortgage does not change over a certain period, often two to five years. This offers security and predictability because your monthly mortgage payments will remain unchanged over this set term.
Find the best 5-year fixed mortgage rates in Canada →Serious Stuff
Nearly half of house hunters don’t think they can afford a home — these 4 tips can make it possible from Kelsey Neubauer
- Bulk up your savings
- Build your credit
- Apply for grant and loan programs
- Secure an assumable mortgage
Did you know?
Housing is the largest average cost at $2,025 per month, making up 33% of typical spending, according to the most recent Consumer Expenditure Survey from the U.S. Bureau of Labor Statistics (BLS).
Neontra auto-categorizes your all transactions by essential, non-essential, debt payments and saving contributions so you can see what percentage of your expenses are going to housing →Did you know?
The word "mortgage" comes from the old French phrase "mort gaige." Literally translated, mort gaige means death pledge. Once the mortgage is paid off, the loan dies.
10 Weird Facts About Home Mortgages →Saving
How To Avoid Being House Poor And Other Homebuyer Horror Stories
Half Banked Podcast: Hosts Cadeem and Bethan focus on what buying a home is like, particularly for first-timers →Infographic of the week
What You Need to Earn to Own a Home in 50 American Cities
Between skyrocketing prices, stagnating wages, and now rising interest rates, the deck seems to be increasingly stacked against home ownership. Using May 2023 data tabulated by Home Sweet Home, the Visual Capitalist maps out the annual salary needed to afford a 30-year mortgage (at 6.37%) to buy a home in America’s 50 most populous metropolitan areas.
The Least and Most Affordable American Cities to Own a Home →Infographic of the week
Which Cities Have Bubble Risk in Their Property Markets?
Despite higher mortgages and sharply correcting prices, some cities’ property markets are still in bubble-risk territory.
The UBS Global Real Estate Bubble Index →Word of the week
Amortization
The amortization period is the length of time it takes to pay off a mortgage in full. The amortization is an estimate based on the interest rate for your current term.
Learn more on how your amortization period affects your costs →Saving
Tempted to buy a home with siblings or friends? Here’s what you need to know
Podcast: Stress Test by columnist Rob Carrick on what you should know before buying a home with others →Saving
Recession-beating tips for the job market, housing, investing and the cost of living
Podcast: Stress Test by columnist Rob Carrick on on how to prepare for the changes in the job and housing markets, investing and the cost of living →Saving
Rising interest rates brought pain for new homeowners - and opportunity for house hunters
Podcast: Stress Test by columnist Rob Carrick and editor Roma Luciw →Serious stuff
The Bank of Canada has increased its benchmark interest rate to 5 per cent, the highest in 22 years.
What happens when interest rates rise in Canada. What does that mean for you →Saving
In 2022, the number of people moving to Alberta hit its highest level in almost a decade. At the same time, a record number of people left Toronto for other provinces.
Podcast: Why millennials and Gen Z are Alberta-bound for a more affordable life →Serious stuff
After years of soaring home prices, there was hope that rising interest rates would lead to lower prices in 2023 and give young Canadians an entry point into the market.
Podcast - Why more Canadians are giving up on home ownership →Saving
The First Home Savings Account launched April 1st!
Who should have one, who offers them and key rules →Infographic of the week
Mapped: How Global Housing Prices Have Changed Since 2010
Houses fulfill a rare mix of necessity, utility, sentimentality, and for many, also act as a primary investment to build wealth. And it’s that last angle, combined with increasing demand in many countries, that is driving housing prices skyward.
See how Canada measures up →Did you know?
Asking rents in Canada increased 9.7% annually to an average of $1,984 in February. The annual rate of rent inflation has been moderating since reaching a high of 12.4% in November 2022.
Learn how much rent inflation has grown in your neighbourhood →Saving
A first home savings account (FHSA) is a registered plan allowing you, as a prospective first-time home buyer, to save for your first home tax-free (up to certain limits). You will be able to open an FHSA starting April 1, 2023.
First Home Savings Account (FHSA) →← Curating the web to find the most interesting and helpful information about your money.