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.

Key findings:

• On average, Nissan drivers had the most expensive car insurance rates in Ontario from 2019 to 2021, possibly due to higher claims risk or repair costs. Nissan owners paid 11% more for car insurance than the provincial average during this time frame.
• The Canadian Loss Experience Automobile Rating (CLEAR) system analyzes vehicle data to determine your potential claims costs. A good rating could result in insurance savings.

This article has been updated from a previous version.

In order to operate a vehicle legally in Canada, it has to be insured. Before you take that step, you must first get a vehicle inspection (also known in some auto shops as a “safety”) done in the province you are looking to insure your car or truck in. The reason for these mandatory safety standards inspections is to make sure that our roadways stay safe for all drivers.

Finding a home that meets all your needs is a milestone for all aspiring homeowners. Sometimes, a model home or condo is enough to sell you on what could one day be your own four walls. But when is the right time to get a mortgage on a home that’s not yet built?

Obtaining a mortgage for an existing property begins with one of two avenues for the buyer: a direct lender or a broker. However, buying a pre-build home opens another door — getting a mortgage directly from your builder. Here is how to get the timing just right when securing a mortgage for your future home.