Getting a mortgage

Becoming a homeowner is a quintessential part of the Canadian dream; 66.5% of Canadians owned their home as of 2021, and for most of them, that property represents their largest financial asset. I

It’s been a tumultuous few years for housing prices. The national average hit a high of $816,720 in February 2022, as record-low mortgage rates drove buyer demand. Once the Bank of Canada started hiking interest rates in March 2022, though, price growth quickly chilled.

On the market to buy a home? Purchasing a home in Canada requires plenty of preparation – both mental and financial.

You’ve got your mortgage pre-approval in hand, and you’re ready to embark on your house hunt – but then you find a home that pushes the limits of the loan you’ve been offered.

The last year and a half has been a rough time to be a variable-mortgage holder. The cost of borrowing has ballooned just shy of 5% since March …

This piece was originally published on July 11, 2023, and was updated on March 5, 2024. …