Tracking the Purchasing Power of the Canadian Dollar The purchasing power of a currency is the amount of goods and services that can be bought with one unit of the currency. For example, one Loonie could buy 2 movie tickets in 1915. Today, it’s the cost of half a litre of gas. In other words, …
Using data from the CREA, we’re able to calculate how much income is required to qualify for a mortgage to buy the average house by province. As interest rates continue to rise, the average income necessary to qualify for a mortgage has skyrocketed. Key Housing Market Statistics (October 2023) The average home in Canada costs $741,400. …
Real Estate Market Statistics: How Much Income Do You Need to Afford a Home in Canada? Read More »
Canada Prime Rates History (1974 – 2023) The prime rate in Canada, often simply referred to as the “prime,” is the annual interest rate that major Canadian banks and financial institutions use to set interest rates for variable loans and lines of credit, including variable-rate mortgages and home equity lines of credit. The prime rate …
Historical 5-year fixed mortgage rates (Bank of Canada) The 5-year fixed rate mortgage is extremely popular in Canada. We’ve got historical data direct from the Bank of Canada, going back as far as 1973. This data shows the average rate that the Bank of Canada found in the market for each week. This weekly 5 …
5 Year Fixed Mortgage Rate History (1973 – 2023) Read More »
A Lifetime of Tax: How much tax will the average Canadian pay over their lifetime? [2023 Edition] The Canadian government collects hundreds of billions in taxes each year, but how much will the average Canadian pay in taxes in their lifetime? Using data from Statistics Canada, as well as recent studies on life expectancy, number of …
