Variable mortgage rate hits record low
Homebuyers in Canada can now get a variable rate mortgage below one per cent according to The best five-year variable mortgage ranked on its website is now 0.98 per cent offered by Ratehub’s in-house mortgage brokerage CanWise Financial. “If you’re comfortable with a little more risk, it’s not going to cause you anxiety that your mortgage rate can, and probably will, change at some point during the five-year term of your mortgage – it’s still likely the variable will save you money,” said James Laird, co-founder of and CanWise Financial president. 
Canada’s housing market pushes some to the brink
There are two types of Canadians: The ones who comfortably own their home, and the others who stretched themselves too thin trying to get into the market while rates are low. According to RATESDOTCA, one in eight Canadian homeowners spend more than half their take-home pay on home carrying costs such as a mortgage, property tax, insurance and utility payments. For homeowners with mortgages, one of the biggest threats to their household budget is a higher mortgage rate. Rob McLister, RATESDOTCA mortgage editor, looks into the data supporting why Canada has a two-tiered housing market. 
Four steps to ensure you can trust your advisor 
One in three Canadian millennials are prepared to go it alone and drop their investment advisors - while only 21 per cent of Generation X and 11 per cent of Baby Boomers feel the same. With skepticism towards professional advisors growing, the B.C. Securities Commission lists four steps to help determine if an advisor is registered, in good standing with regulators, and the right fit for the investor. Personal Finance Columnist Dale Jackson outlines what those steps are. 
Thinking of buying a vacation property? 
Many Canadians during the pandemic bought cottages and cabins to escape the city life and those who missed out on the initial phase of purchasing a second property are looking to get one now. However, you may be surprised borrowing for a vacation home may be different than the typical home buying process; be prepared to consider mortgage alternatives. 
Canadian home sales continue to tumble 
Home sales in Canada dropped 8.4 per cent in June, the third consecutive decline after hitting an all-time record in March, according to data from the Canadian Real Estate Association. Despite the slowdown, last month still saw the highest sales ever for the month of June. There remains a shortage of supply in many parts of the country, but at least there isn’t the same level of competition among buyers we were seeing a few months ago,” said Cliff Stevenson, the real estate association’s chair, in a press release.  

“It is OK to be a little frugal, buy a smaller home than you think you can afford, spend more money on experiences than things, work more and follow the crowd less. In other words, follow the golden rule and live below your means,” – CTV’s Chief Financial Commentator, Pattie Lovett-Reid.