One of your first decisions when you buy a home is to decide on a fixed- or variable-rate mortgage. Fixed-rate mortgages allow borrowers to lock in at a particular interest rate for the term of their mortgage, no matter what happens to interest rates. Variable-rate mortgages, on the other hand, fluctuate with the Bank of Canada’s quarterly decisions on interest rates.

In 2020, the COVID-19 pandemic incited a mass exodus from the office and turned 40% of working Canadians into remote employees. If you were one of them, you probably converted your spare room into an office. Or, if you don’t have a spare room, your dining room table, kitchen table, couch or bedroom has now become the office. 

When a marriage ends, there’s no shortage of things that spouses suddenly need to split in two: their finances, their children’s time, even their friends. One of the most difficult things to divide in a divorce — at least monetarily speaking — is a mortgage. A home is often a couple’s most valuable asset, and a mortgage is usually their largest liability. Spouses can part ways with each other, but they can’t simply say goodbye to their debts.