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

Global Real Estate Bubble Index 2024

This graphic shows real home price growth in real estate bubble markets over the last decade

Global Real Estate Bubble Index 2024 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.

New Canadian Mortgage Rules 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
Neontra makes it easy to create a custom budget, so you can spend less time worrying about your money →

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 is the Most Expensive Province in Canada to Live by the visualcapitalist 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.

How Much You Need to Earn to Afford a House in Each Major Canadian City in 2024 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?

The World’s Least Affordable Housing Markets in 2024 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

  1. Bulk up your savings
  2. Build your credit
  3. Apply for grant and loan programs
  4. Secure an assumable mortgage
Priced out of buying a home? These strategies can help →

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 →

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.

What You Need to Earn to Own a Home in 50 American Cities 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.

Which Cities Have Bubble Risk in Their Property Markets? 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

Rising interest rates brought pain for new homeowners - and opportunity for house hunters

Saving Podcast: Stress Test by columnist Rob Carrick and editor Roma Luciw →

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.

Saving 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 →

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.

Mapped: How Global Housing Prices Have Changed Since 2010 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.

Saving First Home Savings Account (FHSA) →

← Curating the web to find the most interesting and helpful information about your money.