Mortgage management - MoneySense

Mortgage management

More than a third of Canadians are making sacrifices to meet their mortgage obligations.

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  • One-third of Canadian homeowners have made cutbacks in other areas to make their monthly mortgage payments, a new BMO study suggests. A full-three quarters said they’d feel the pinch after even a modest rise in interest rates. Luckily for them, Bank of Governor Mark Carney left interest rates unchanged at 1% Tuesday, though rates are expected climb back to more normal levels eventually.
  • Have you noticed your quality of life decline since the Great Recession? According to researchers at the University of Waterloo, quality of life in Canada deteriorated by 24% between 2008 and 2010. The institution’s well-being index reveals long-term declines in environment and leisure time, as well as a sharp, sudden drop in living standards.
  • MoneySense Editor Jonathan Chevreau is known for challenging the traditional definition of retirement. For him, the ultimate goal could be better defined as financial independence. It turns out he’s not alone. Some 2,300 Canadians recently told TD what the dream means to them. More than half said retirement isn’t about stopping work or slowing down but rather about freedom and flexibility. The bank awarded $1,000 to Kim from Toronto for her submission. She defined retirement as: “FREEDOM!!!  I would be able to relax and do the things that have meaning for me.”
  • RBC confirmed reports that it plans to buy Ally’s Canadian operations, including its auto loan and high interest savings lines of business, for more than $3 billion.
  • Here’s an infographic by Consolidated Credit Counseling Services of Canada on Halloween spending in Canada and ways to save:
  • Tell us how much you plan to spend on Halloween this year by answering our poll question below:

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