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Archive for January, 2020

Most Canadians would take a pay cut for better well-being support

Individuals at all income levels say they are stressed about their finances and 42% feel they are struggling more than others who earn the same.

A survey by Morneau Shepell shows that 51% of respondents reported financial stress. Stress is such a big issue for Canadian workers that more than three quarters said they would consider leaving their current organization for the same pay if their new workplace offered better support for their personal well-being; 60% would leave for less money but better personal well-being support.

"When it comes to financial stress, the surprising reality is that it's an issue affecting individuals at all income levels," said Paula Allen, senior vice president of research, analytics and innovation. "As well, the fact that Canadians are feeling extreme financial strain but are still willing to accept less money for mental health support speaks volumes. Mental health support needs to be about seeing the full picture and providing the support necessary to help Canadians deal with difficulties across all areas of their well-being, including physical, financial and social, as well as mental."

Financial stress is affecting not only mental health but also workplace productivity and attendance, the survey found.

by Steve Randall

January 2020



Are condos starting to lose their appeal?

Condominiums reported the fastest price appreciation amongst all housing types last year, but it seems their dominance could soon end as millennial homebuyers start to shift their preferences to established homes, according to a market survey forecast by Royal LePage.

Over the past year, the median price of condos rose by 3.3% to $487,525. The Greater Toronto Area witnessed the most significant growth at 7.8%, followed by the Greater Montreal Area's 4.4%.

However, the national price gains were offset by the annual decline in Greater Vancouver, where the median price of a condo decreased by 3.4%.

While the average condo price in the Greater Toronto Area is expected to increase by 6% this year to $600,000, detached homes are quickly catching up — an average two-bedroom home is expected to post price gains of as much as 4.5%.

Royal LePage CEO Phil Soper said millennials are starting to look for bigger spaces for their growing families.

"With kids in hand and dog on leash, these parents are now eyeing the suburbs that their baby boomer parents so coveted. We predict that the period of disproportionately higher price appreciation in the condo segment is drawing to a close as interest in detached homes is reborn," he said.

by Gerv Tacadena

Jan 2020


Canadians on the lookout for lower rates

When looking for a mortgage, Canadians are increasingly prioritizing getting the lowest mortgage rate in the hopes of achieving the greatest savings, according to a study by

Getting a low rate is a crucial factor when getting a mortgage for three in four Canadians, while almost half said it is their number-one mortgage goal.

Many Canadians mistakenly associate lowest rates with the biggest savings, said Rob McLister, mortgage editor at According to the study, only 19% of Canadians said the lowest overall borrowing cost is their primary goal.

"The lowest total borrowing cost, which includes interest, fees and penalties, always matters more than the lowest rate," McLister said.

Canadians are also willing to sacrifice traditional mortgage advice for a lower rate.

Around 45% of Canadians would consider getting a mortgage without talking to people on the phone or in person if it meant getting a lower interest rate. For this group of people, the rate savings would have to be at least 0.05 to 0.2 percentage points. A 0.2-percentage point reduction in mortgage rates could save borrowers up to $195 annually per $100,000 worth of mortgage. "Just as we saw with online stock brokerages a few decades ago, a growing segment of borrowers is willing to make their own mortgage decisions online without a banker's advice," McLister said.

by Gerv Tacadena

 Jan 2020