Whether it’s a palatial residence, a trendy condo or a tiny bungalow, a home is the most expensive thing most Canadians will buy in their lifetime.
For a nation known for its love of discounts and reward programs, you’d think we’d be all over getting the best possible deal on our mortgages. But over and over, research suggests the opposite is true. Most recently, a global poll by banking giant HSBC found that Canadians were the least likely among current and prospective homeowners in 10 countries to have done some research looking for the best mortgage rate. A mere half of respondents in Canada said they had shopped around, well below the global average of 61 per cent. By comparison, among the French, who topped the ranking, the share of bargain hunters stands at nearly 80 per cent.
Needless to say, comparison shopping can save you a pretty penny when it involves something worth hundreds of thousands of dollars. But with interest rates now creeping up, it’s arguably even more important not to sleep-walk into your mortgage agreement.
So how does deal-hunting work when it comes to mortgages?
>>SEE VIDEO HERE