This article has been updated from a previous version.

The Canadian government requires banks to “stress test” hopeful homebuyers to prove they can make mortgage payments if interest rates rise.

This article has been updated from a previous version.

When people try to figure out whether they can afford a home, they’ll typically focus on their down payment and mortgage numbers. While this instinct is understandable — these factors account for the bulk of homeownership costs — paying down the actual price of your home isn’t all there is to it. Depending on the property, homeownership costs can also span utilities, condo fees, maintenance fees, and insurance.

You’ll have to pay property taxes no matter the property you own, though.

This article has been updated from a previous version.

The federal government introduced the First-Time Home Buyer Incentive (FTHBI) in September 2019. The program involves the government buying equity stakes in homes purchased by qualified home buyers, allowing for smaller mortgages and lower monthly payments.

Below, we break down all the key details of how the incentive works and who it is right for.

This article has been updated from a previous version.

A few years ago, a close relative of mine (she asked that her name not be used) was going through her bank statement when she discovered a withdrawal that she didn’t recognize. As it turns out, some $30.52 was being plucked from her chequing account once a month under the description “mortgage protect/ins.”

This article has been updated from a previous version.

If you’ve ever heard of so-called “one-way” auto insurance policies, you might be wondering if it’s a good idea and if it saves you money.

The truth is, it really depends on what kind of car you drive and how much risk you’re willing to take on.  The answers to the following questions can help you find out if one-way car insurance is right for you.