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Calgary Herald
2 days ago
- Business
- Calgary Herald
Posthaste: Homeowners up for renewal are in for a wake-up call
Article content Article content Many Canadian homeowners are in for a round of sticker shock because more than half of them are nearing their mortgage renewal time. Article content A whopping 60 per cent of outstanding mortgages are up for renewal in 2025 or 2026, according to the Bank of Canada's 2025 Financial Stability Report. Article content 'Most of these are five-year, fixed-rate mortgages that were secured during the pandemic, when interest rates were historically low,' Zoocasa Inc. said in a report. 'As a result, a large number of households will see their monthly payments increase, with some experiencing a significant rise.' Article content Article content Assuming a 10 per cent down payment and a 4.94 per cent fixed rate in 2020, homeowners in Vancouver and Toronto would face monthly payment increases of $132 and $117, respectively, according to real estate platform Zoocasa calculations. Article content Article content The report said people in every single one of Canada's 26 most populated regions would pay more per month if they had to renew their mortgage, though just five would pay more than $1,000 annually: Fraser Valley, B.C., ($2,496), Greater Vancouver ($1,584), Greater Toronto Area ($1,404), Victoria ($1,188) and Hamilton-Burlington ($1,020). Article content 'For regions like Fraser Valley, where affordability was already stretched, these changes represent a more dramatic shift in household budgets,' Zoocasa said. 'This highlights a crucial point for homebuyers: it's not just about the sticker price of the home. The long-term cost of borrowing can vary widely depending on where you live and how much room you have in your budget when the rates inevitably change.' Article content Article content There are, however, pockets where the increases amount to less than $1 per day. Article content Article content Mortgage holders in Saint John, N.B., and Trois-Rivières, Que., would see the lowest annual increases at an additional $300, while those in Saguenay, Que., ($324) and Newfoundland and Labrador ($336) would only witness moderate increases. Article content On top of growing mortgage payments, Canadians are also facing more debt than ever before. Equifax Canada recently said 1.4 million Canadians missed a credit-card payment in the first quarter.
Yahoo
2 days ago
- Business
- Yahoo
Posthaste: Homeowners up for renewal are in for a wake-up call
Many Canadian homeowners are in for a round of sticker shock because more than half of them are nearing their mortgage renewal time. A whopping 60 per cent of outstanding mortgages are up for renewal in 2025 or 2026, according to the Bank of Canada's 2025 Financial Stability Report. 'Most of these are five-year, fixed-rate mortgages that were secured during the pandemic, when interest rates were historically low,' Zoocasa Inc. said in a report. 'As a result, a large number of households will see their monthly payments increase, with some experiencing a significant rise.' Assuming a 10 per cent down payment and a 4.94 per cent fixed rate in 2020, homeowners in Vancouver and Toronto would face monthly payment increases of $132 and $117, respectively, according to real estate platform Zoocasa calculations. The report said people in every single one of Canada's 26 most populated regions would pay more per month if they had to renew their mortgage, though just five would pay more than $1,000 annually: Fraser Valley, B.C., ($2,496), Greater Vancouver ($1,584), Greater Toronto Area ($1,404), Victoria ($1,188) and Hamilton-Burlington ($1,020). 'For regions like Fraser Valley, where affordability was already stretched, these changes represent a more dramatic shift in household budgets,' Zoocasa said. 'This highlights a crucial point for homebuyers: it's not just about the sticker price of the home. The long-term cost of borrowing can vary widely depending on where you live and how much room you have in your budget when the rates inevitably change.' There are, however, pockets where the increases amount to less than $1 per day. Mortgage holders in Saint John, N.B., and Trois-Rivières, Que., would see the lowest annual increases at an additional $300, while those in Saguenay, Que., ($324) and Newfoundland and Labrador ($336) would only witness moderate increases. On top of growing mortgage payments, Canadians are also facing more debt than ever before. Equifax Canada recently said 1.4 million Canadians missed a credit-card payment in the first quarter. But there is some optimism for buyers in the condo market as prices fall and the number of available units grows in many parts of the country. Condo sales in the Greater Toronto Area fell 21.7 per cent year over year in the first quarter of 2025 as new listings climbed 25.2 per cent. 'Ultimately, this might encourage more leveraged landlords to resort to forced sales and add supply to a market that is already softening,' Zoocasa said. to get Posthaste delivered straight to your of Nvidia Corp. have rebounded more than US$1 trillion in the past two months and investors expect the stock to climb even higher. The computer chip company quelled concerns about issues such as U.S. trade tensions and revenue growth at a recent investors' meeting, which has led to the sudden surge. The stock has now rallied more than 45 per cent since April, but is still down eight per cent from January. Read more here. 9:45 a.m.: Bank of Canada interest rate announcement Today's Data: Labour productivity for the first quarter, U.S. ADP National employment report Earnings: Dollar Tree Inc., MongoDB Inc. Bank of Canada expected to hold policy rate as bar to cut is 'quite high' Airline traffic in Canada is up — just not to the United States BMO sees Bank of Canada rate falling to 2% Trump's 'revenge' tax could see dollar dive 5% Summer is approaching and it's important to make a budget, including any camps children plan on attending, day trips and longer vacations, says credit counsellor Mary Castillo. Often, a staycation is the most cost-effective strategy, but treating it like a true vacation is important. Read more on how to have fun this summer, but spend less. Are you worried about having enough for retirement? Do you need to adjust your portfolio? Are you starting out or making a change and wondering how to build wealth? Are you trying to make ends meet? Drop us a line at wealth@ with your contact info and the gist of your problem and we'll find some experts to help you out while writing a Family Finance story about it (we'll keep your name out of it, of course). Want to learn more about mortgages? Mortgage strategist Robert McLister's Financial Post column can help navigate the complex sector, from the latest trends to financing opportunities you won't want to miss. Plus check his mortgage rate page for Canada's lowest national mortgage rates, updated daily. Visit the Financial Post's YouTube channel for interviews with Canada's leading experts in business, economics, housing, the energy sector and more. Today's Posthaste was written by Ben Cousins with additional reporting from Financial Post staff, The Canadian Press and Bloomberg. Have a story idea, pitch, embargoed report, or a suggestion for this newsletter? Email us at posthaste@ Canadians are missing credit payments at rates not seen since the financial crisis Burning your mortgage is going the way of rotary phones and station wagons Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Vancouver Sun
2 days ago
- Business
- Vancouver Sun
Posthaste: Homeowners up for renewal are in for a wake-up call
Many Canadian homeowners are in for a round of sticker shock because more than half of them are nearing their mortgage renewal time. A whopping 60 per cent of outstanding mortgages are up for renewal in 2025 or 2026, according to the Bank of Canada's 2025 Financial Stability Report . 'Most of these are five-year, fixed-rate mortgages that were secured during the pandemic, when interest rates were historically low,' Zoocasa Inc. said in a report. 'As a result, a large number of households will see their monthly payments increase, with some experiencing a significant rise.' Assuming a 10 per cent down payment and a 4.94 per cent fixed rate in 2020, homeowners in Vancouver and Toronto would face monthly payment increases of $132 and $117, respectively, according to real estate platform Zoocasa calculations . Start your day with a roundup of B.C.-focused news and opinion. By signing up you consent to receive the above newsletter from Postmedia Network Inc. A welcome email is on its way. If you don't see it, please check your junk folder. The next issue of Sunrise will soon be in your inbox. Please try again Interested in more newsletters? Browse here. The report said people in every single one of Canada's 26 most populated regions would pay more per month if they had to renew their mortgage, though just five would pay more than $1,000 annually: Fraser Valley, B.C., ($2,496), Greater Vancouver ($1,584), Greater Toronto Area ($1,404), Victoria ($1,188) and Hamilton-Burlington ($1,020). 'For regions like Fraser Valley, where affordability was already stretched, these changes represent a more dramatic shift in household budgets,' Zoocasa said. 'This highlights a crucial point for homebuyers: it's not just about the sticker price of the home. The long-term cost of borrowing can vary widely depending on where you live and how much room you have in your budget when the rates inevitably change.' There are, however, pockets where the increases amount to less than $1 per day. Mortgage holders in Saint John, N.B., and Trois-Rivières, Que., would see the lowest annual increases at an additional $300, while those in Saguenay, Que., ($324) and Newfoundland and Labrador ($336) would only witness moderate increases. On top of growing mortgage payments, Canadians are also facing more debt than ever before. Equifax Canada recently said 1.4 million Canadians missed a credit-card payment in the first quarter. But there is some optimism for buyers in the condo market as prices fall and the number of available units grows in many parts of the country. Condo sales in the Greater Toronto Area fell 21.7 per cent year over year in the first quarter of 2025 as new listings climbed 25.2 per cent. 'Ultimately, this might encourage more leveraged landlords to resort to forced sales and add supply to a market that is already softening,' Zoocasa said. Sign up here to get Posthaste delivered straight to your inbox. Shares of Nvidia Corp. have rebounded more than US$1 trillion in the past two months and investors expect the stock to climb even higher. The computer chip company quelled concerns about issues such as U.S. trade tensions and revenue growth at a recent investors' meeting, which has led to the sudden surge. The stock has now rallied more than 45 per cent since April, but is still down eight per cent from January. Read more here. Summer is approaching and it's important to make a budget, including any camps children plan on attending, day trips and longer vacations, says credit counsellor Mary Castillo. Often, a staycation is the most cost-effective strategy, but treating it like a true vacation is important. Read more on how to have fun this summer, but spend less. Want to learn more about mortgages? Mortgage strategist Robert McLister's Financial Post column can help navigate the complex sector, from the latest trends to financing opportunities you won't want to miss. Plus check his mortgage rate page for Canada's lowest national mortgage rates, updated daily. Visit the Financial Post's YouTube channel for interviews with Canada's leading experts in business, economics, housing, the energy sector and more. Today's Posthaste was written by Ben Cousins with additional reporting from Financial Post staff, The Canadian Press and Bloomberg. Have a story idea, pitch, embargoed report, or a suggestion for this newsletter? Email us at posthaste@ . Bookmark our website and support our journalism: Don't miss the business news you need to know — add to your bookmarks and sign up for our newsletters here
Yahoo
3 days ago
- Business
- Yahoo
15 Cities Where Even the Upper-Middle Class Can't Afford a Typical Home
A middle-class income ranges all the way from two-thirds to twice the median income, which means that homes are affordable for some middle-class Americans but not others. A recent Zoocasa report analyzed housing affordability in 100 major cities and found that lower-middle-class earners cannot afford a median-priced home in any of the cities, while upper-middle-class buyers can afford a median-priced home in 85 cities. That means that in 15 major cities, even upper-middle-class Americans can't afford to buy a median-priced home. Find Out: Read Next: Here's a look at the cities where upper-middle-class Americans may be priced out of the housing market. Median home price: $2,020,000 Highest middle-class income: $272,458 Max affordable home price: $1,223,956 Difference between max affordability and median home price: -$796,044 Explore More: Median home price: $1,450,000 Highest middle-class income: $169,744 Max affordable home price: $762,536 Difference between max affordability and median home price: -$687,464 Median home price: $1,450,000 Highest middle-class income: $171,828 Max affordable home price: $771,898 Difference between max affordability and median home price: -$678,102 Median home price: $1,320,000 Highest middle-class income: $193,656 Max affordable home price: $869,956 Difference between max affordability and median home price: -$450,044 Median home price: $1,165,100 Highest middle-class income: $169,814 Max affordable home price: $762,851 Difference between max affordability and median home price: -$402,249 Median home price: $1,450,000 Highest middle-class income: $255,978 Max affordable home price: $1,149,923 Difference between max affordability and median home price: -$300,077 Median home price: $1,178,000 Highest middle-class income: $212,116 Max affordable home price: $952,883 Difference between max affordability and median home price: -$225,117 Median home price: $1,320,000 Highest middle-class income: $253,460 Max affordable home price: $1,138,612 Difference between max affordability and median home price: -$181,388 Median home price: $660,000 Highest middle-class income: $107,636 Max affordable home price: $483,530 Difference between max affordability and median home price: -$176,470 Median home price: $862,600 Highest middle-class income: $159,402 Max affordable home price: $716,077 Difference between max affordability and median home price: -$146,523 Median home price: $826,600 Highest middle-class income: $163,212 Max affordable home price: $733,193 Difference between max affordability and median home price: -$93,407 Median home price: $1,036,500 Highest middle-class income: $211,560 Max affordable home price: $950,385 Difference between max affordability and median home price: -$86,115 Median home price: $725,300 Highest middle-class income: $153,154 Max affordable home price: $688,010 Difference between max affordability and median home price: -$37,290 Median home price: $643,900 Highest middle-class income: $137,270 Max affordable home price: $616,654 Difference between max affordability and median home price: -$27,246 Median home price: $974,907 Highest middle-class income: $213,246 Max affordable home price: $957,959 Difference between max affordability and median home price: -$16,948 More From GOBankingRates 25 Places To Buy a Home If You Want It To Gain Value This article originally appeared on 15 Cities Where Even the Upper-Middle Class Can't Afford a Typical Home
Yahoo
4 days ago
- Business
- Yahoo
15 Cities Where Even the Upper-Middle Class Can't Afford a Typical Home
A middle-class income ranges all the way from two-thirds to twice the median income, which means that homes are affordable for some middle-class Americans but not others. A recent Zoocasa report analyzed housing affordability in 100 major cities and found that lower-middle-class earners cannot afford a median-priced home in any of the cities, while upper-middle-class buyers can afford a median-priced home in 85 cities. That means that in 15 major cities, even upper-middle-class Americans can't afford to buy a median-priced home. Find Out: Read Next: Here's a look at the cities where upper-middle-class Americans may be priced out of the housing market. Median home price: $2,020,000 Highest middle-class income: $272,458 Max affordable home price: $1,223,956 Difference between max affordability and median home price: -$796,044 Explore More: Median home price: $1,450,000 Highest middle-class income: $169,744 Max affordable home price: $762,536 Difference between max affordability and median home price: -$687,464 Median home price: $1,450,000 Highest middle-class income: $171,828 Max affordable home price: $771,898 Difference between max affordability and median home price: -$678,102 Median home price: $1,320,000 Highest middle-class income: $193,656 Max affordable home price: $869,956 Difference between max affordability and median home price: -$450,044 Median home price: $1,165,100 Highest middle-class income: $169,814 Max affordable home price: $762,851 Difference between max affordability and median home price: -$402,249 Median home price: $1,450,000 Highest middle-class income: $255,978 Max affordable home price: $1,149,923 Difference between max affordability and median home price: -$300,077 Median home price: $1,178,000 Highest middle-class income: $212,116 Max affordable home price: $952,883 Difference between max affordability and median home price: -$225,117 Median home price: $1,320,000 Highest middle-class income: $253,460 Max affordable home price: $1,138,612 Difference between max affordability and median home price: -$181,388 Median home price: $660,000 Highest middle-class income: $107,636 Max affordable home price: $483,530 Difference between max affordability and median home price: -$176,470 Median home price: $862,600 Highest middle-class income: $159,402 Max affordable home price: $716,077 Difference between max affordability and median home price: -$146,523 Median home price: $826,600 Highest middle-class income: $163,212 Max affordable home price: $733,193 Difference between max affordability and median home price: -$93,407 Median home price: $1,036,500 Highest middle-class income: $211,560 Max affordable home price: $950,385 Difference between max affordability and median home price: -$86,115 Median home price: $725,300 Highest middle-class income: $153,154 Max affordable home price: $688,010 Difference between max affordability and median home price: -$37,290 Median home price: $643,900 Highest middle-class income: $137,270 Max affordable home price: $616,654 Difference between max affordability and median home price: -$27,246 Median home price: $974,907 Highest middle-class income: $213,246 Max affordable home price: $957,959 Difference between max affordability and median home price: -$16,948 More From GOBankingRates 4 Affordable Car Brands You Won't Regret Buying in 2025 This article originally appeared on 15 Cities Where Even the Upper-Middle Class Can't Afford a Typical Home
