Mortgage – Prosper Canada Learning Hub

Credit scores and credit reporting in Canada

While your credit score is a number to quickly show how creditworthy you are, your credit report is more detailed. It covers your entire credit profile and includes information such as personal information, credit account (including credit cards, lines of credit, mortgages...), bankruptcies...

Watch this video by Scotiabank to learn what a credit score is and why it matters.

Then learn how to check your credit score for free in Canada.

You may also learn how borrowing can impact your credit score.

If you check your credit report and your credit score is low, follow these tips for how to help increase credit scores.

Your financial toolkit

A comprehensive learning program that provides basic information and tools to help adults manage their personal finances and gain the confidence they need to make better financial decisions. Learn more about the program and how to use the learning modules.

Financial literacy self-assessment quiz

Take this self-assessment quiz to figure out how your financial literacy skills and knowledge measure up compared to other Canadians.

Thriving or surviving study 2022

Urban Spotlight: Neighbourhood Financial Health Index findings for Canada’s cities

This report examines the financial health and vulnerability of households in Canada’s 35 largest cities, using a new composite index of household financial health at the neighbourhood level, the Neighbourhood Financial Health Index or NFHI. The NFHI is designed to shine a light on the dynamics underlying national trends, taking a closer look at what is happening at the provincial/territorial, community and neighbourhood levels.

Update July 22, 2022: Please note that the Neighbourhood Financial Health Index is no longer available

Trading Equity for Liquidity: Bank Data on the Relationship Between Liquidity and Mortgage Default

For many, homeownership is a vital part of the American dream. Buying a home represents one of the largest lifetime expenditures for most homeowners, and the mortgage has generally become the financing instrument of choice. For many families, their mortgage will be their greatest debt and their mortgage payment will be their largest recurring monthly expense.

In this report, we present a combination of new analysis and previous findings from the JPMorgan Chase Institute body of housing finance research to answer important questions about the role of liquidity, equity, income levels, and payment burden as determinants of mortgage default. Our analysis suggests that liquidity may have been a more important predictor of mortgage default than equity, income level, or payment burden.

Debt and assets among senior Canadian families

Using data from the Survey of Financial Security (SFS), this article looks at changes in debt, assets and net worth among senior Canadian families over the period from 1999 to 2016. It also examines changes in the debt-to income ratio and the debt to-asset ratio of senior families with debt.

This study finds that the proportion of senior families with debt increased from 27% to 42% between 1999 and 2016.

Mortgage and Consumer Credit Trends Report

The Canada Mortgage and Housing Corporation (CMHC) publishes a quarterly report on Canadian trends relating to mortgage debt and consumer borrowing. Find out the level of Canadian household indebtedness, and emerging trends in outstanding debt balances in different urban areas and by age group.

Credit scores and credit reporting in Canada

Your financial toolkit

Financial literacy self-assessment quiz

Thriving or surviving study 2022

Trading Equity for Liquidity: Bank Data on the Relationship Between Liquidity and Mortgage Default

Debt and assets among senior Canadian families

Mortgage and Consumer Credit Trends Report

Mortgage Calculator

Renewing and Renegotiating Your Mortgage

Shopping Around for a Mortgage

Understanding Variable Interest Rate Mortgages

Buying Your First Home: Three Steps to Successful Mortgage Shopping

Mortgage Prepayment; Know Your Options. Smart mortgage decisions start here

Paying off Your Mortgage Faster

Fair Lending Report of the Consumer Financial Protection Bureau