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Drivers who ignore the rules of the road may get slapped with a traffic conviction and higher auto insurance premiums for up to three years. Find out the most ticketed cities in Alberta.
November 23, 2021
7-minute read
Hayley Vesh is an editor/writer in the personal finance space. Her work has also appeared in Global News. She is passionate about financial literacy and the pursuit of knowledge through lifelong learning.
June 19, 2023
The first few questions that come to mind for most drivers are: What kind of car insurance do I need? And how much cover... Read more
June 1, 2023
Generally, the riskier you're seen to insure, the higher your premiums will be. But some drivers are considered too high... Read more
Is owning a house in Toronto even possible anymore? Well, the reality is, it depends on how much you make. We break down exactly what salary you have to take home to afford a $1-million house in the Big Smoke.
November 16, 2021
6-minute read
This article has been updated from a previous version.
Oh, Toronto housing.
Until recent years, hopeful homebuyers in Toronto would often start their housing journey by scooping up a starter home. In many cases, they could get a single-detached home with a few bedrooms and a spacious backyard.
Jessica Mach is a freelance writer for LowestRates.ca. She's covered the documentary film industry at realscreen, and her work has also appeared in The Hairpin.
When you buy a home in Canada with a down payment that is less than 20%, you’re required to buy mortgage default insurance. This type of insurance protects the lender if you default on your mortgage payments.
This type of insurance is also referred to as “CMHC insurance” because the country’s largest provider is the government-owned Canada Mortgage and Housing Corporation (CMHC). However, you can also obtain mortgage insurance from two private insurance companies: Sagen (formerly Genworth Canada) and Canada Guaranty.
October 25, 2021
5-minute read
There are two options for paying your mortgage default insurance:
The LowestRates.ca writing team focuses on telling original stories and bringing you the latest news in the world of personal finance.
When you buy a home, condo or other property in Canada, you’ll have to pay some type of fee to transfer ownership. The amount charged is usually based on the property’s value. Most provinces charge a certain percentage of land transfer tax, while others only charge transfer and registration fees (which end up costing much less). LowestRates.ca’s calculator will help you estimate how big your tax bill will be in every province that charges land transfer taxes. Keep scrolling to learn more about the tax rates and fees in every province and territory.
October 20, 2021
British Columbia charges a property transfer tax based on the fair market value of the property on the day the transfer is registered with the Land Title Office.
Like Alberta, Saskatchewan doesn’t charge a land transfer tax. However, it does charge a land title transfer fee based on the price of the property.
Quebec charges one of two types of land transfer tax depending on whether a home is located in the city in Montreal, or the rest of Quebec.
There are two steps to calculate Quebec’s transfer duties. First, you have to figure out the property value. The property value is the greatest of the following amounts:
New Brunswick’s land transfer tax is pretty simple to calculate: it’s 1% of the assessed value of the property. For example, if you buy a home assessed to be worth $200,000, you would pay $2,000 in property transfer tax.
In Nova Scotia, homebuyers pay a municipal deed transfer tax. The tax rate depends on the municipality where your home is located. Kentville is the only town in the province that doesn’t charge a municipal deed transfer tax.
In Northwest Territories, homebuyers must pay two types of registration fees based on the mortgage amount and the property value.
The mortgage amount is taxed at $1 for every $1,000 or part thereof (minimum charge of $80).
The LowestRates.ca writing team focuses on telling original stories and bringing you the latest news in the world of personal finance.
