It’s no secret Canadians struggle with financial literacy, as growing debt levels represent a crushing reality in both large cities and small towns across the country. According to a 2018 report by the Bank of Canada, “the average Canadian owes about $1.70 for every dollar of income he or she earns per year, after taxes.” In total, Canadian households owe nearly $2 trillion in debts, which will have a lasting impact on future generations.
Our aim at LocalBrokers is to empower our clients by providing this easy-to-use mortgage calculator, which can estimate your monthly payments. Simply input a few key pieces of information such as the purchase price, down payment, term, and interest rate. You’ll then see an estimated monthly payment appear on the screen.