Craig Sebastiano

Oct 21, 2024 | rates.ca | Craig Sebastiano

As people grow older and their kids move out, some homeowners choose to downsize and move into a condo or a retirement home. In some cases, they might have to move into an assisted living facility or long-term care home. But others might want to stay and age in place. Aging in place is the ability for someone to live independently, safely, and comfortably in their own home. According to a 2022 survey by Ipsos, 95% of Canadians aged 45 and older would prefer to age in place.

Sep 19, 2024 | forbes.com | Craig Sebastiano |Courtney Reilly-Larke

The Wealthsimple Cash account is a chequing account with no monthly fees, minimum balance requirements to open an account, or overdraft fees. It also has a competitive interest rate, similar to a high-interest savings account (HISA). Like any other chequing account, you can use it to pay bills. The account comes with a Cash card, which functions like a debit card, but earns 1% cash back on your everyday spending.

Sep 2, 2024 | forbes.com | Craig Sebastiano |Aaron Broverman

Just a few decades ago, paying $1 million for a home seemed like a lot of money. Back then, when housing was more affordable, even a $500,000 home was considered expensive. But with a housing affordability crisis in Canada and houses reaching their peak prices in 2022, big price tags on homes are the new norm—for better or worse. According to the Canadian Real Estate Association, the average national home price was $696,179 in June 2024. However, prices in Vancouver and Toronto are much higher.

Aug 14, 2024 | rates.ca | Craig Sebastiano

When choosing a mortgage, you usually have the option of getting one from a bank or credit union. But, if you’re having a hard time qualifying, you can get a mortgage from a mortgage investment corporation (MIC). The ABCs of MICsMICs, which are sometimes known as mortgage investment entities, are private lenders. They were created in 1973 as a way to stimulate private lending and to make it easier for smaller investors to invest in residential mortgages and real estate.

Jun 26, 2024 | forbes.com | Craig Sebastiano |Courtney Reilly-Larke

RBC doesn’t specify minimum borrower requirements. However, many lenders have the same requirements. While the bank doesn’t specify what your minimum credit score should be, most large lenders like RBC want a minimum credit score of at least 680. The minimum down payment for every lender is the same.