How traffic convictions and collisions impact your auto insurance rate

Among the more important factors weighed by car insurance companies when setting premiums is a person’s driving record, specifically, the kinds of convictions they have and the types of collisions they’ve been in.

These are the top 10 most ticketed cities in Alberta

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.

Hayley Vesh

November 23, 2021

7-minute read

Key findings:

Overall, 36% of Fort Saskatchewan drivers who got a car insurance quote from LowestRates.ca reported having a traffic ticket on their driving record, making it the most ticketed city in Alberta.
Drivers with one minor traffic conviction may not see their auto insurance rate change; however, those with two or more convictions can expect their premium to rise by at least 25%.

About the author

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.

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Can you get a vacant home insurance policy?

If you're planning on travelling during the holidays, just purchased property that you're not moving into right away, or if you happen to own a space that you haven't rented out yet, you may want to familiarize yourself with the insurance implications when it comes to that vacant space.

What income do you need to afford a $1-million house in Toronto?

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.

Jessica Mach

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.

About the author

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.

Mortgage Default Insurance Calculator

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.

LowestRates.ca Staff

October 25, 2021

5-minute read

How to pay mortgage default insurance premiums

There are two options for paying your mortgage default insurance:

About the author

The LowestRates.ca writing team focuses on telling original stories and bringing you the latest news in the world of personal finance.

Land & property transfer tax calculator Canada

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.

LowestRates.ca Staff

October 20, 2021

How to calculate land transfer tax

British Columbia land transfer tax

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.

Saskatchewan land title fee

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 land transfer tax

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 real property transfer tax

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.

Nova Scotia land 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.

Northwest Territories land 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).

Nunavut land transfer tax

Nunavut charges a registration fee based on the value of the property:

Properties valued at less than $1 million:

$1.50 for every $1,000 of value (minimum fee of $60)

About the author

The LowestRates.ca writing team focuses on telling original stories and bringing you the latest news in the world of personal finance.

How to buy car insurance

If you want to head out on the highway, or for that matter, any road in Canada, you’ll need auto insurance — it’s mandatory. Here’s an extensive guide to buying car insurance.

Hayley Vesh

October 12, 2021

9-minute read

Calling the first car insurance company you see on TV or picking your relative’s provider won’t necessarily buy you the best car insurance. That’s because car insurance companies rate every driver differently, using several factors like your age, home address, and driving history — details which are unique to you.

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How to calculate land transfer tax

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