A five-year conventional mortgage has risen from 4.79 per cent interest at the start of the year to 6.04 per cent. Thirty-year fixed rate mortgages rose above six per cent, a rate not seen since 2008, and 43 per cent of adults are putting their home buying plans on hold.
Relying on homeownership as a way to build your wealth might seem like an impossibility.
While owning a home has traditionally been perceived as a core element for building wealth, there are still ways you can make this happen.
The power of renting
People often tout the benefits of owning a home, but they ignore the benefits of renting.
According to the Canada Mortgage and Housing Corporation, the average rent for a two-bedroom apartment in October of 2021 was $1,771, an increase of about 6.5 per cent from the previous year.
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For the same period,…
