Mindblown: a blog about philosophy.

Buying your first home in Canada involves significant financial responsibility and effective budgeting. Key steps include understanding your financial situation by reviewing income, expenses, and debts; saving for a down payment, ideally 20% to avoid mortgage insurance; factoring in additional costs like property taxes and maintenance; improving your credit score for better mortgage terms; and…

Getting a mortgage in Canada involves several steps, including organizing your credit, determining affordability, choosing the mortgage type, comparing lenders, and applying for pre-approval. Key factors include your credit score, which should ideally be 680 or higher, and your yearly income, which varies by location. The process can take from 24 hours to 10 business…

Residential developers are increasingly focusing on purpose-built rental housing, which now accounts for 70% of all housing starts in Canada, driven by government support and market shifts. In the Greater Toronto and Hamilton Area, condo sales and starts have declined sharply, while rental starts remain strong. High rents and down payment requirements trap many in…

Qualifying for a mortgage primarily based on investment income can be challenging, as lenders typically focus on traditional income sources. However, some lenders offer "net worth mortgages," allowing borrowers to qualify based on liquid assets like stocks, bonds, and cash. Requirements vary by lender, with some, like Scotiabank, requiring a minimum of $250,000 in liquid…

Securing a mortgage is crucial when buying a home. To improve approval chances, enhance your credit score to above 680, reduce existing debt, and save for a larger down payment. Establish a realistic budget, including closing costs, and obtain a mortgage pre-approval to understand your borrowing capacity and protect against rate increases. Being well-prepared can…

To pay off your mortgage faster, consider making biweekly payments to reduce interest and add an extra payment annually. Increase your payments yearly if possible, and make lump-sum prepayments using bonuses or tax refunds. Review your mortgage terms at renewal to negotiate better rates or switch lenders. Create a budget to find extra funds for…

Canada's rental market is adjusting after years of growth, with immigration declines in most provinces, especially Ontario, Alberta, and British Columbia. Population growth slowed to 0.1% due to stricter immigration policies. Rents dropped in major cities like Toronto and Calgary, but interprovincial migration boosted demand in regions like Alberta and the Atlantic provinces, keeping rents…