The process of finding a home—whether through buying, renting, or renewing a mortgage—can often feel overwhelming, especially for newcomers or those unfamiliar with Canada’s financial system. To support individuals and families in making informed decisions, the Financial Consumer Agency of Canada (FCAC) has created a resource, “It Pays to Know”.
This online platform provides clear, practical guidance to help Canadians navigate the complexities of home ownership and renting, while ensuring they are well-equipped to manage their finances responsibly.https://www.canada.ca/en/financial-consumer-agency/campaigns/it-pays-to-know.html
For those considering buying a home, the resource offers tips on budgeting, understanding mortgages, and exploring the true costs of home ownership beyond the price tag. It explains important concepts like down payments, closing costs, and the difference between fixed and variable-rate mortgages. These insights empower prospective homeowners to evaluate their readiness and make choices that align with their financial goals.
Renting also comes with its challenges, and “It Pays to Know” breaks down key information for tenants. It covers essential topics such as lease agreements, rights and responsibilities, and how to create a budget that includes rent and other living expenses. This section is particularly helpful for newcomers to Canada who might be unfamiliar with their rights as tenants or the rental process.
For those renewing or refinancing their mortgage, the resource provides guidance on assessing current needs, comparing options, and negotiating terms with lenders. It encourages individuals to explore how changing interest rates and financial circumstances may impact their decisions, ensuring they secure a deal that works best for them.
By offering straightforward tools, calculators, and educational materials, “It Pays to Know” empowers community members to take control of their financial journeys. Whether you’re buying your first home, navigating a rental agreement, or renewing a mortgage, this resource is an excellent starting point to ensure that your choices are informed, confident, and financially sound.
Photos- Johnny Ayalew
