Draft:EveryRate.ca
| Company type | Private |
|---|---|
| Industry | Real Estate |
| Founded | August 2024 |
| Founders | Andy Hill, Mark Koning |
Area served | Canada |
Key people | Andy Hill (Co-Founder), Mark Koning (Co-Founder) |
| Services | Mortgage rate comparison |
| Website | everyrate |
EveryRate.ca is a Canadian online platform that enables users to compare mortgage rates from various lenders. Established in August 2024 by Andy Hill and Mark Koning, the platform aggregates mortgage rates from over 300 financial institutions across Canada, including major banks, credit unions, and monoline lenders. Its objective is to provide transparent information to assist individuals in evaluating mortgage options.
History
[edit]EveryRate.ca was founded in August 2024 by Andy Hill and Mark Koning in response to the increasing demand for accessible and user-friendly mortgage comparison tools in Canada. The platform was developed to enhance transparency in the mortgage shopping process. In its initial phase, EveryRate.ca focused on compiling mortgage rates from a wide range of Canadian lenders to offer users a comprehensive comparison tool. The platform's launch was covered by Mortgage Logic News, highlighting its entry into the mortgage rate comparison market.[1]
Services
[edit]EveryRate.ca provides a platform that aggregates mortgage rates from over 300 financial institutions, including major banks, credit unions, and monoline lenders. In addition to rate comparisons, it offers resources on topics such as mortgage refinancing, first-time home buying, and stress test requirements. The platform is designed to simplify the mortgage comparison process and provide rate options that align with users' financial needs.
Surveys and Research
[edit]In collaboration with Leger, EveryRate.ca has conducted several surveys examining Canadian housing and mortgage trends:
- A survey in August 2024 assessed the financial preparedness of Canadian households for rising housing costs.[2]
- Another survey explored how Canadians are approaching housing decisions amid changing interest rates.[3]
- A study investigated when Canadians might choose to buy or refinance their homes based on market conditions.[4]
Media Coverage
[edit]EveryRate.ca has been featured in various publications, providing insights on Canadian housing and mortgage trends:
- The Financial Post examined the strain on Canadian homeowners caused by rising mortgage costs and highlighted EveryRate.ca’s role in helping consumers navigate rate comparisons.[5]
- Toronto.com explored the potential impacts of Bank of Canada rate cuts on borrowers, featuring EveryRate.ca’s analysis of its implications for Canadian homeowners.[6]
- Deeded provided an overview of the Bank of Canada's October 2024 rate cut, with EveryRate.ca offering insights into how these changes might affect real estate and mortgage trends.[7]
- CTV News Atlantic covered a survey conducted by EveryRate.ca, which found that two-thirds of Canadians would struggle to comfortably afford a mortgage payment above $1,700.[8]
- The Peak discussed how interest rate changes are affecting Canadian homeownership decisions, citing EveryRate.ca’s insights on when Canadians are likely to enter the market or refinance.[9]
Design Recognition
[edit]The platform's user interface has been noted for its design. In October 2024, it was featured on Footer Design for its effectiveness in presenting mortgage options.[10]
References
[edit]- ^ "There's a New Rate Site on the Block: EveryRate.ca". Mortgage Logic News. 2024-09-11.
- ^ "Rising Housing Costs in Canada: Are Households Financially Prepared?". EveryRate.ca Blog. 2024-08-15.
- ^ "Canadians Weigh Housing Decisions Amid Interest Rate Changes". EveryRate.ca Blog. 2024-09-10.
- ^ "When Will Canadians Jump Into Buying or Mortgage Refinancing?". EveryRate.ca Blog. 2024-10-05.
- ^ "Canada's Housing Market Draws Blood as Mortgage Costs Soar". Financial Post. 2024-10-14.
- ^ "Jumbo Rate Cuts? Here's What You Need to Know About Potential Bank of Canada Interest Rate Changes". Toronto.com. 2024-10-18.
- ^ "Bank of Canada's October 2024 Rate Cut: Real Estate Impact". Deeded.ca. 2024-10-20.
- ^ "Two-Thirds of Canadians Can't Comfortably Afford Mortgage Above $1,700: Survey". CTV News Atlantic. 2024-10-01.
- ^ "CTN: Canadians and the Housing Market". The Peak. 2024-12-24.
- ^ "EveryRate.ca Design Recognition". Footer Design. 2024-10-15.