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The Bank of Canada has increased interest rates for the first time in 7 years. As a result, the Canadian economy is in an interesting state. Governor Stephen Poloz increased the central bank’s key overnight rate from 0.5 to 0.75 percent. Due to this increase, adjustable-rate mortgages and home equity lines of credit were immediately affected….

Mortgage rates in Canada are on the move for the first time in nearly 7 years. The Bank of Canada finally increased mortgage rates on July 12th, 2017.  The Bank of Canada raised the mortgage rate 0.25 percentage points to 0.75 percent. A big question to ask homeowners now is that should they stay with a variable…

Canadian debt, is once again making news headlines. Articles talk about how if interest rates on mortgage payments increase by 1 percent, many homeowners will be in trouble. Then you have articles claiming that interest rates are set to rise over the next couple of years. The Bank of Canada stated that its trendsetting rate…

Headlines have been talking about the potential for interest rates to increase in Canada. With historically low interest rates on mortgages and mortgage debt, house prices have increased substantially. Since interest rates are so low, it is only a matter of time until the market decides to balance itself out. The Canadian Parliamentary Budget Office…

Mortgage payments are presenting a potential crisis for residence in Canada. The crises being that the average monthly payment is growing faster than inflation as stated by the Canadian Mortgage Housing Corp. 75 percent of Canadian homeowners already find it difficult to pay off their mortgage if their payments were to increase by 10%. For…

Canadians are now using fewer credit cards, yet, credit card debt continues to increase. A survey conducted by TransUnion, the credit agency, revealed some interesting results. Canadians are racking up more credit card debt even though the number of active credit cards have decreased by 800,000. Fewer Canadians are opening-up new credit cards and, instead,…

Canadian homeowners have more of a challenge managing debt as summer approaches. There are many different types of debt that an individual can have. The most common types of debt include pay day loans, auto loans, tax debt, student loans, credit card debt, and mortgages. Mortgage rates have been a hot topic among Canadian homeowners…

Ontario’s Fair housing plan is a great tool towards debt protection. With Toronto’s unbearable renting market, this couldn’t come soon enough. A 1 bedroom apartment in Toronto is around $1800.00 per month which works out to $21,600.00 per year. Based on the average hourly rate of pay in Toronto, an individual can earn around 30,000.00…

Consumer debt is not only a hot media trend, it is also a reality for a large number of Canadians. The stigma of consumer debt is usually associated with people who are incompetent, but, that is far from the truth. An article from Macleans covers an interview with a debt consultant. The debt consultant describes…

There is no surprise that a majority of Canadians are victims to consumer debt. With a higher cost of living, fewer full-time jobs, and low interest rates, getting into debt is easier then ever. So, what can be done to protect yourself from consumer debt? The best way to approach this issue is by becoming…