Mortgage management

By Stefania Di Verdi on October 23, 2012
Estimated reading time: 1 minute

More than a third of Canadians are making sacrifices to meet their mortgage obligations.

One-third of Canadian homeowners have made cutbacks in other areas to make their monthly mortgage payments, a new BMO study suggests. A full-three quarters said they’d feel the pinch after even a modest rise in interest rates. Luckily for them, Bank of Governor Mark Carney left interest rates unchanged at 1% Tuesday, though rates are expected climb back to more normal levels eventually.
Have you noticed your quality of life decline since the Great Recession? According to researchers at the University of Waterloo, quality of life in Canada deteriorated by 24% between 2008 and 2010. The institution’s well-being index reveals long-term declines in environment and leisure time, as well as a sharp, sudden drop in living standards.
MoneySense Editor Jonathan Chevreau is known for challenging the traditional definition of retirement. For him, the ultimate goal could be better defined as financial independence. It turns out he’s not alone. Some 2,300 Canadians recently told TD what the dream means to them. More than half said retirement isn’t about stopping work or slowing down but rather about freedom and flexibility. The bank awarded $1,000 to Kim from Toronto for her submission. She defined retirement as: “FREEDOM!!! I would be able to relax and do the things that have meaning for me.”
RBC confirmed reports that it plans to buy Ally’s Canadian operations, including its auto loan and high interest savings lines of business, for more than $3 billion.
Here’s an infographic by Consolidated Credit Counseling Services of Canada on Halloween spending in Canada and ways to save:
Tell us how much you plan to spend on Halloween this year by answering our poll question below:

Comments Cancel reply

News

GST holiday break: Is it good for Canada’s economy?

Economists share how the temporary tax cut and relief cheques may play into Canada’s growth picture.

GST holiday break: Is it good for Canada’s economy?

Investing

MoneySense at the MoneyShow: ETFs & Investing Strategies

Here’s how to get your free ticket to attend the MoneyShow virtual expo.

MoneySense at the MoneyShow: ETFs & Investing Strategies

Stocks

Nvidia’s earnings: Blackwell AI chips play into (another) stock price rise

Nvidia beats earnings expectations as investors eye demand for Blackwell AI chips.

Nvidia’s earnings: Blackwell AI chips play into (another) stock price rise

2 figurines of miners hold a golden Bitcoin coin

News

Bitcoin approaches USD$100,000 as post-election rally continues

The world’s biggest cryptocurrency topped USD$98,000 on Nov. 21. As it inches ever closer to six figures, investors wonder:...

Bitcoin approaches USD$100,000 as post-election rally continues

Mortgages

Why are mortgages so expensive in Canada?

A plaque on a building with the words Bureau of Statistics

News

Canada’s inflation rate increased to 2% in October

Canada’s inflation rate rose to 2% last month, up from 1.6% in September, but a December interest-rate cut is...

Canada’s inflation rate increased to 2% in October

Shopping

Inflation is on target in Canada, so why is food (and other stuff) still so expensive?

Why Canadians are still feeling the squeeze of high food costs, and what to do about it.

Inflation is on target in Canada, so why is food (and other stuff) still so expensive?

Shopping

Deal or no deal: What to know before shopping Black Friday and Cyber Monday sales

If you’re one of the many Canadians looking for Black Friday and Cyber Monday discounts, here’s how to know...

Deal or no deal: What to know before shopping Black Friday and Cyber Monday sales

A for rent sign outside a home in Toronto

News

Where are rent prices headed in Canada?

A new Desjardins report predicts rent inflation will slow in the next few years.

Where are rent prices headed in Canada?

News

Couldn’t get Eras Tour tickets? Industry practices, lack of competition could be to blame

High demand has made it challenging to get tickets for Taylor Swift and other big artists in Canada, and...

Couldn’t get Eras Tour tickets? Industry practices, lack of competition could be to blame

Mortgage management

Comments Cancel reply

Related Articles

GST holiday break: Is it good for Canada’s economy?

MoneySense at the MoneyShow: ETFs & Investing Strategies

Nvidia’s earnings: Blackwell AI chips play into (another) stock price rise

Bitcoin approaches USD$100,000 as post-election rally continues

Why are mortgages so expensive in Canada?

Canada’s inflation rate increased to 2% in October

Inflation is on target in Canada, so why is food (and other stuff) still so expensive?

Deal or no deal: What to know before shopping Black Friday and Cyber Monday sales

Where are rent prices headed in Canada?

Couldn’t get Eras Tour tickets? Industry practices, lack of competition could be to blame