goose travel insurance canada

Goose Insurance 12+

Insurance at your fingertips‪.‬, goose services insurance inc., designed for ipad.

• 4.7 • 751 Ratings

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Description.

Insurance in 60 seconds to cover your tail feathers! Goose Insurance is your ticket to fast, easy, and affordable insurance. On the Goose app, you can buy Life Insurance, Cancer Insurance, Critical Illness Insurance, Travel Insurance, and more in just seconds. No agent, no medical exams, and 30 Day money-back guarantee. You can buy Life Insurance coverage for as low as $5 per month for up to $50,000 of coverage. Travel insurance day passes start at only $4 for your day trip with coverage for up to $10 million. You can purchase single-day or multi-day policies and buy even after you've left Canada*. Life Insurance, Cancer Insurance, Critical Insurance highlights: - Up to $1 million of Individual Term Life Insurance - Up to $250,000 of AD&D Insurance - Up to $100,000 of Group Life Insurance - Up to $50,000 of Critical Illness Insurance - Coverage start as low as $5 per month - Guaranteed Acceptance* - No Medical Questions* - No Agent - 24/7 Support Centre - No Medical Exam - 30 Day money-back Guarantee - Cancel Anytime Travel Insurance Highlights: - Emergency travel medical insurance of up to $10 million* for each traveler - Pre-existing medical condition coverage for up to $10 million* for each traveler - Day passes for as low as $4 per day - Trip cancellation and interruption insurance - Baggage insurance - 24-hour Support and Claims Centre - Children travel for free on Family plans COVID-19 Travel Insurance Highlights: - Up to $500,000* of coverage when traveling within or outside of Canada for COVID-19 related emergencies - Includes Meals and Accommodation benefits in case you have to quarantine - Coverage is valid for unlimited 30-day trips for 12 months. - Policies as low as $99 a year. Accidental Death and Dismemberment Insurance highlights: - Up to $250,000 of coverage - Guaranteed Acceptance - $5 per month - No Agent - No Medical Exam - Cancel Anytime - 30-day money-back Guarantee Goose does all the work so you have peace of mind: - Reminding you to buy travel insurance every time you are near a border or airport. - Locating hospitals, pharmacies, and clinics near you, no matter where you are. - Dialing local ‘911 equivalent’ numbers for Ambulance, Fire, or Police services anywhere in the world. - Providing access to 24/7 emergency claims and support center Goose has you covered! Available for residents of British Columbia, Alberta, Saskatchewan, Manitoba, Ontario, Quebec, Nova Scotia, and New Brunswick. Have questions or feedback? Send us a message at [email protected]. *Exclusions and limitations may apply to all coverages. Guaranteed Acceptance and No Medical Question offers are valid to new Goose members who buy the coverage within the first 30 days of becoming a Goose member for the Group Life Insurance.

Version 4.2.0

We are excited to share with you the new Goose app which has been updated with new features and to make buying affordable insurance as easy and convenient as possible. We have also taken care of some of the bugs and deployed fixes. - Introducing our new and improved home screen! We've revamped the interface to enhance your experience and make navigation easier than ever. With a sleek design and intuitive layout, you can easily access all the features you need at your fingertips. From managing your policies to exploring new offerings, everything is now just a tap away. Enjoy a seamless browsing experience and stay connected with us effortlessly. - New Term Life Product! We are extremely excited to launch our revamped Term Life Insurance for our Canadian members. You can get up to $1million of coverage in just minutes. We have worked really hard with our underwriters and carrier partners to develop better question sets and make term life more accessible and affordable.

Ratings and Reviews

751 Ratings

Fast and simple. Got coverage for my trip to Vegas. Super cheap and no hassles. Also got an extra $10 credit for referring a friend.

I love insurance?&@!

Tough to say this; but in my multiple decades on this planet I can not ever thing when I bought insurance and said “that was painless, quick, and kinda a fun experience”... we had our yearly family plan (kids are free) done in under 2 minutes. 10 out of 10. One of the best apps, so well thought out. Thanks Goose!

Developer Response ,

Thank you so much for your feedback and review!

Why doesn’t the Goose app ask which country I’m going to when buying travel insurance? Right up to the payment page it does not prompt for the country or region that I plan to visit. Some countries are high risk and medical partners may be hard to come by. What happens if a buy a policy and then call them from Nigeria or Pakistan trying to start a claim?

Hi Fzn Khn, Thanks for leaving us a review. Goose policies covers travellers worldwide with two options; Worldwide Including USA or Worldwide Excluding USA - that is why we ask you if you are going to the United States. I am sure you remember that questions being asked when generating a quote. So it doesn't matter if you are going to Nigeria, Pakistan, India, or Greece; with Goose you are covered as long as your not travelling to a country where the Canadian government has an active Travel Advisory Against (i.e Avoid All Travel). You can find a list of Travel Advisory notices by country here https://travel.gc.ca/travelling/advisories. Also you can make a claim from anywhere and TuGo who is our third party administrator and manages claims has direct pay set up with thousands of hospitals across the globe. Hope this answers your questions and I hope you will reconsider your ratings of the Goose app. Thank you!

App Privacy

The developer, Goose Services Insurance Inc. , indicated that the app’s privacy practices may include handling of data as described below. For more information, see the developer's privacy policy .

Data Linked to You

The following data may be collected and linked to your identity:

• Contact Info

Data Not Linked to You

The following data may be collected but it is not linked to your identity:

• Financial Info
• Identifiers
• Diagnostics

Privacy practices may vary, for example, based on the features you use or your age. Learn More

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HelloSafe » Travel Insurance » Goose

Is Goose travel insurance the best in 2024?

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Information verified by   Alexandre Desoutter

Our articles are written by experts in their fields (finance, trading, insurance etc.) whose signatures you will see at the beginning and at the end of each article. They are also systematically reviewed and corrected before each publication, and updated regularly.

Visiting another country or province without travel insurance can be a costly mistake. Indeed, did you know that an overnight stay in a hospital in the United States can exceed $14,000 CAD? Some countries might even refuse to help you if you are unable to prepay for treatment.

It is not fun to think about, but travel insurance is a necessity when you are away from home . It guarantees your ability to get and pay for health care, if and when you need it. Beyond medical emergencies, travel insurance can also help with flight issues and lost luggage, amongst other things.

That being said, what to think about Goose travel insurance in Canana? What coverage is Goose providing? For what price? What are its pros and cons? Read our review on Goose's medical travel insurance, get a quote, and see how the competitors fare.

Our 2024 review of Goose travel insurance

Stay insured for medical emergencies and travel interruptions with Goose Insurance. With budget-friendly packages, customizable options and an mobile app-based interface, Goose Travel Insurance ensures that travel plans continue hitch-free.

See below Goose's travel insurance pros and cons:

Why Goose could be right for you:

A mobile app for purchasing and managing insurance 24/7 customer service with a single call to their toll-free number. Easy to use website for online applications and inquiries. Easy to use website for online applications and inquiries. Live chat with agents on Goose's website

Why Goose may not be right for you:

Need to download the app or call for in-depth information about plans. Many sports and outdoors activities are excluded from coverage

Before choosing Goose travel insurance, compare options and quotes. A little shopping around can help you to save money and find a coverage that really fits your needs:

Compare the best travel insurance plans on the market!

What does Goose travel insurance cover?

Is Goose Travel insurance any good? Goose travel insurance offers a large variety of budget friendly packages. These cover for recreational travel activities, medical emergency assistance, and travel interruption benefits. Here are the major plans with Goose travel insurance:

Single Trip Medical Coverage

Offering comprehensive medical coverage, the Single Trip Medical coverage from Goose travel insurance is capped at $10 million.

The plan comes with both emergency and general medical intervention coverage. Emergency dental coverage is also available.

Coverage for trip cancellation or interruption is up to $5,000 depending on the coverage plan and budget. COVID-19 coverage is up to $500,000 per trip.

Multi-Trip Medical Coverage

This plan is for avid travelers. Goose offers multi-trip medical coverage for up to 60 days spent outside the country all year round. Coverage peaks at $10 million and comes with emergency medical and dental intervention, drug prescription and family transportation.

Trip protection against cancellation and interruption reaches up to $5,000 to guard against sudden change of travel plans. COVID-19 coverage is up to $500,000 per trip.

For more information on Goose travel insurance, download the PDF below:

Good to know

Most credit cards offer some king of travel coverage . It rarely is as covering as a travel plan purchased with a private insurance company.

How much does a travel insurance with Goose cost?

The cost of travel insurance coverage with Goose depends on several variables:

• Your desired coverage and otpions.
• Your deductible.
• Your waiting period.
• Your destination(s).
• The lenght of your trip.

Therefore, we advise you to get a customized quote for an accurate rates for Goose travel insurance.

Before settling on Goose travel insurance, check out other travel insurance plans, coverages and prices using our free comparison tool below:

How to purchase a travel insurance plan with Goose?

Goose insurance can be purchased through its mobile app our by calling 1-888-374-6673.

How to file a travel insurance claim with Goose?

With Goose, you can file a travel insurance claim directly on the website.

You can also call the following phone number to file your claim: 1-604-305-0500.

Does Goose cover Covid-19-related travelling issues?

There is a COVID-19 coverage plan of up to $500,000 with Goose travel insurance for unlimited trips up to 30 days, with ambulance and 24/7 emergency response.

How can I contact Goose travel insurance?

Contact Goose Ttravel Insurance via online chat or by telephone:

• North America toll-free number 1-888-374-6673
• International toll-free number 1-604-305-0500

Save up to 25% on your travel insurance with our partner soNomad

Get a quote

1-888-550-8302

Alexandre Desoutter has been working as editor-in-chief and head of press relations at HelloSafe since June 2020. A graduate of Sciences Po Grenoble, he worked as a journalist for several years in French media, and continues to collaborate as a as a contributor to several publications.

Getting life, travel, and health insurance just got a lot easier

Good news! Square One has partnered with Goose to bring you best-in-class insurance policies for life, travel, income protection, kids, and more. The best part? You can get all these coverages in minutes with the Goose mobile app. No agents, no medicals, no paperwork, and instant coverage. Download the Goose app today and sign up.

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Travel insurance

Travelling is fun. But, unexpected delays, illnesses, global pandemics, and other dreadful surprises can ruin even the best vacations. Get worldwide travel medical coverage, including COVID-19 insurance, in just 60 seconds. Policies start as low as $4/month.

Goose travel medical policies offer up to $10 million of emergency travel medical coverage worldwide. There is no age limit, and you can even get coverage for unstable, pre-existing medical conditions.

Plus, Goose offers COVID-19 policies that meet the entry and quarantine requirements of many countries worldwide. You can also enhance your travel insurance with trip cancellation and interruption coverages as well as baggage insurance.

Download app now

Income protection insurance

Income protection insurance is the simplest way to protect your income if an accidental injury prevents you from working. You get tax-free coverage, whether you’re injured at work or at play. For only $10/month, income protection pays you $1,500 per month, plus up to $50,000 of medical coverage to help with medical bills.

This is the easiest and most affordable way to cover lost income.

Life insurance

With up to $1 million in Life insurance coverage, you can rest assured you’re protecting what matters most. Best of all, you can get coverage directly from the Goose app; no awkward medical exams, no agents, and instant approval.

You can purchase a policy on flexible terms of 10, 15, 20, or 25 years. Typically, the older you get, the shorter the terms you will be eligible for, and the higher your premiums will be. Plus, your overall health may change over time, so it’s always recommended you choose the longest term available while healthy.

Critical illness insurance

When you’re sick, you should be focused on recovery. The last thing you want to do is to worry about your financial obligations.

Critical illness insurance means financial security for you and your loved ones while you recover from serious illnesses such as cancer, heart attack, stroke, and 22 others.

Policies start for as little as $10/month for up to $50,000 in coverage.

Accidental death and dismemberment insurance

Accidents happen, even when you’re careful.

Accidental death and dismemberment insurance (AD&D) provides you or your beneficiaries a lump sum cash payment in the event of accidental death or injury from loss of body parts or their functions. Get up to $250,000 in AD&D coverage with policies for as little as $5/month.

To see the full suite of insurance products Goose offers, download the app and sign up for free today.

Insurance can be complicated, but with Goose it doesn’t have to be.

The Goose app is the easiest way for Canadians to protect what matters most, with the right travel, life, and health coverage. All Goose policies are underwritten by globally trusted partners such as iA Financial Group, AIG, Tugo, MSH International and Teachers Life.

Download app

Travel, Life, and Health insurance policies are sold by Goose Insurance Services and underwritten by various companies. For more licensing information, please visit gooseinsurance.com .

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Reviews 3.3.

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I purchased a medical policy for travel…

I purchased a medical policy for travel outside of the USA. Goose told me the policy was excellent as it covered up to 1 million in medical expenses and no deductible. I was taking a two week trip to Thailand. I had a great time till the last two days of my trip. I ended up in the ER with an obstructive kidney stone. It required action as it was too large to pass and my kidney was enlarged. Goose has provided NO help with my claims for this event. I was told they would help and they have done nothing. I hope that they will not disappoint me in this matter. If they do provide the help I need to get my claim processed I will revisit my rating. As of now, their customer support is not good.

Date of experience : December 31, 2023

Excellent COVID coverage

Good customer service in procuring COVID travel insurance from Canada. I would rate higher, but on my 2nd call to them I had to leave a VM, which doesn't leave a good feeling of customer support. After chatting a bit via IM they called me back, and answered all of my questions. They also provided clear policy language so you know what you are getting - just make sure you get the right policy language for the type of insurance you are interested in.

Date of experience : February 10, 2022

Great experience with this company

Great experience with this company. All is an app on your phone!

Date of experience : September 01, 2023

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Goose Travel Insurance Launches Across Canada

Aug 14, 2018 | Posted by Insurance-Canada.ca

Founders behind Square One Insurance Services raise $2.25 M Seed Round, launch mobile app that provides Canadians with affordable travel coverage in 60 seconds for as little as $4

Vancouver, BC (Aug. 14, 2018) – Launching across Canada today, the Goose mobile app provides Canadians with instant access to travel medical insurance. This mobile-first, self-serve solution allows Canadians who travel out of country to purchase travel medical insurance in under 60 seconds through the Goose mobile app (iOS & Android), for as little as four dollars; it is available for up to seven days after a vacation has begun.

Today’s launch follows the company’s successful raise of a $2.25 million seed round, led by Impression Ventures.

“We know that if travel insurance is more accessible and affordable, Canadians will opt in and avoid thousands of dollars in medical bills during a travel emergency,” says Dejan Mirkovic, Founder & CEO of Goose Insurance Services as well as Co-Founder & Director of Square One Insurance Services. “Square One modernized home insurance solutions for Canadians, and now Goose is poised to do the same for travel insurance. Consumers deserve to have access, transparency and convenience when it comes to their insurance.”

“Insurance is a space that is ripe for digital transformation and we’re thrilled to support the incredible team at Goose as they take off and modernize the insurance industry,” says Maor Amar, Managing Partner Impression Ventures. “We’re excited to start seeing the positive effects that affordable and convenient travel insurance can have on Canadians.”

According to a research study conducted by Goose, approximately 50% of Canadians are travelling uninsured. And those travelling to the United States by car, and for just one day, are most at risk of travelling without insurance protection. Goose is the first in the industry to offer a day pass that starts at $4 per person, making it the most affordable travel insurance policy in Canada.

How it works: Users download the Goose app, select coverage and click to buy. In less than 60 seconds Goose will provide up to $10 million in travel medical insurance. Once insured, users can use Goose in case of emergency. The app includes hospital locators, 911-equivalents and instant agent chat options. Additionally, the app will send a reminder honk when it detects that the user is near an international airport or US border.

Download the Goose app in the App Store or get it on Google Play .

About Goose Insurance

Founded in 2017, Goose Insurance Services helps ensure Canadians cover their tail feathers when they travel. Founded to address the gap between the antiquated insurance industry and ‘on-demand’ needs of consumers today, Goose is on a mission to protect Canadians. Pioneering access to mobile-first travel and medical insurance, Goose provides Canadians with unprecedented, affordable coverage, in only 60 seconds, via their mobile app. For as little as $4 per day, Canadians can be insured for up to $10 million with no lengthy application process, hefty price tags or hidden fees. Goose currently serves British Columbia, Alberta, Saskatchewan, Manitoba and Ontario. Goose is based in Vancouver, BC. For more information, visit www.gooseinsurance.com .

Goose Insurance Services is licensed and regulated by the Alberta Insurance Council , Financial Services Commission of Ontario , Insurance Council of British Columbia , Insurance Council of Manitoba , and the Insurance Council of Saskatchewan .

About Impression Ventures

Impression Ventures is a leading Canadian independent fintech-focused Venture Capital Firm with offices in Toronto and Montreal. They lead late seed or early Series A financing rounds for start-ups by making a first investment of approximately $1.5M. Post financing, they follow up with extensive and ongoing support. Impression’s team of partners and advisors has significant experience as entrepreneurs, software engineers, product managers and financial services executives. Impression Ventures has provided Seed and Series A capital to portfolio companies including Wealthsimple, Sensibill, Brim Financial, Symend, Goose Insurance, Elefant.ai and Finaeo. For more information, visit https://impression.ventures/ .

SOURCE: Goose Insurance

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Goose Insurance is now SmartBunny Insurance in the USA 🇺🇸

The Only Insurance App You Need.

SmartBunny has designed and curated quality insurance products to help you protect what matters most.

Download the App!

Trusted by 150,000+ members

What Policyholders Say

With happy customers across Canada and the United States, we pride ourselves with the feedback we get from our members.

749 Ratings

734 Ratings

It was so affordable and easy to get life insurance. Although the coverage amount is not big, it’s really just the cost of a few cups of coffee.

Email review

Quick, easy, cheap, convenient. Couldn’t ask for more.

App Store Review

During this trying time, the level of service is simply amazing. I have never seen any insurer that takes ownership and sees things through like Goose!

Facebook review

Goose had the best price and the best policy I could find for travel insurance. I’m only using Goose from now on!

Google review

Lots of companies claim an easy sign-up, instant life insurance and the lowest prices. But so far none offer as low a price as Goose.

In my multiple decades on this planet, I cannot ever think when I bought insurance and said 'that was painless, quick, and kinda a fun experience.'

App Store review

Easy to use, completely inexpensive and peace of mind! Love it. I’ll never 'fly' with anyone else ever again!

Impressive and simple app design. Easy to follow, and got my travel insurance in 2 mins! Thank you.

The App was amazing, and thought the premium was more than fair. No printed documents, etc.

I was happy to find Goose for my critical illness insurance. Everything they were offering (price, coverage, and terms) seemed perfect for me.

The quote process was fast and very user friendly. The price is on par or better than a couple other companies I got quotes from.

I went with Goose after watching their ad on TV, since the rate for the same coverage elsewhere is at least $50.00 higher.

It's All On The App!

SmartBunny offers accessible and affordable insurance products at your fingertips! No complicated forms, no awkward conversations , no medical exams - simple straightforward coverage in minutes. And the best part is your coverage is with on the SmartBunny app no matter where you go.

INTRODUCING

Phone Insurance

Affordable coverage that protects your phone from loss, theft, and damage.

Final Expenses

Secure final expenses to provide financial support during challenging times. Find peace of mind, knowing that this coverage will help cover funeral costs, outstanding debts, and other essential expenses for you or your loved ones.

Renters Insurance

Protect your belongings from the unexpected! With policies as low as $15 per month, get the coverage instantly and have the peace of mind that your stuff is protected.

Travel Insurance

Whether you are looking for travel medical insurance or trip protection, SmartBunny has you covered so you can travel worry free. Get up to $5 million of coverage instantly.

Life Insurance

If you were wondering...

How long has SmartBunny Insurance been around?

Our app was launched in the United States in 2020, we initially operated under the brand Goose Insurance Services which is our parent company. Since then we pivoted under the SmartBunny Insurance Services brand and offer travel insurance, life insurance, renters insurance, phone insurance, and much more.

Who underwrites SmartBunny insurance policies?

SmartBunny Insurance has bespoke and exclusive coverages offered in partnership with various partners including but not limited to AIG, iA Financial, Lloyds of London, IMG to name a few, check our partner's page to learn more.

How do I make a claim?

At SmartBunny Insurance we work with different claims administrators for each of the coverages we sell. You can readily find this information on our claims page or under the Claims section in the SmartBunny mobile app.

Do I really need Insurance?

Yes, is the short answer. Insurance is the most affordable way to protect yourself and your loved ones against unexpected financial losses.

Protect your herd

Download the SmartBunny app today and cover your tracks.

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Ask the Expert: What you need to know about travel insurance before you go on a trip

Canadians looking to ditch the cold this winter for a sunny destination may want to be prepared in case something goes awry.

While most of the travel issues from the pandemic aftermath are mostly resolved, the industry is still working out the kinks and travel insurance can provide protection in case things don’t go as planned, according to Matt Hands, vice-president of insurance at Ratehub.ca.

“The travel industry is still in a state of flux. It's in a much better position today than it was a year ago, but flight delays will happen,” Hands said in a recent interview with Yahoo Finance Canada.

“There’s a lot of baggage loss that happens. So having that peace of mind in coverage, which isn't quite expensive to add on to a policy – the most expensive part is obviously travel medical — is just something to give peace of mind in case something goes wrong.”

Despite this peace of mind, not everyone buys a travel insurance package before their trip. A 2022 survey from insurance software firm Ancileo found about 68 per cent of Canadians planned to buy travel insurance, while Baby Boomers (73 per cent) were most likely to purchase travel insurance.

Still, there are some tricks to travel insurance that can ensure you’re covered in case your dream trip doesn’t go as smoothly as you envisioned. Yahoo Finance Canada spoke to Hands and Suzanne Morrow, senior vice-president at InsureMyTrip.ca, to discuss all things travel insurance.

What kind of travel insurance plan do I need?

Both experts say a base travel insurance package is appropriate for a short road trip or weekend getaway in the U.S., but anything longer or further may need a more comprehensive plan.

“If you're doing any sort of risky activity, maybe you're going skiing overseas, or maybe you’re going paragliding … this is where it gets a little bit more complex,” Hands said. “You'll want to have a specific type of policy that covers more risky activities and medical coverage because standard policies won't do that.”

Additionally, pre-existing health conditions, the cost of the trip, the modes of transportation you will be using and your destination are things to consider before choosing the level of coverage you may need.

Morrow says any trip with a non-refundable portion that has already been paid is a candidate for insurance as a means to protect against cancellation or interruptions.

“If they're planning a trip and they've put money on the line, they may want to have coverage should something happen to cancel their trip,” she said

Read the fine print and check your credit card insurance

Many Canadians will have some level of travel insurance coverage through either their credit card plan or employer, but it’s important to check exactly what level of coverage these plans provide.

“With credit card (travel insurance), anything you want coverage for has to be purchased through your credit card, which makes sense,” Morrow said.

“If it's limited coverage for things that you're concerned about, you may want to look into buying something in the retail market.”

Morrow adds that many employers only offer emergency medical insurance through company benefits, meaning travellers will likely need to look elsewhere for trip cancellation insurance.

“Know what you have so that you can plan for what you may need to buy,” she said.

“The biggest mistake that we hear about is people assume that they are covered. They don't check, they don't verify, they just assume they're good.”

What snowbirds need to know

Snowbirds, or older Canadians who spend their winters in a warmer climate, should consider their own type of insurance package, Hands says. These packages offer multi-trip coverage over an extended stay and include robust coverage for medical expenses, he adds.

“They're all-inclusive, they include a lot of travel medical coverage, because they're designed with an older clientele in mind, so they're expecting them to need potentially hospital treatment, medical supplies, ambulance services, or physician services, or even as much as emergency dental work, or emergency return to Canada,” Hands said.

According to Statistics Canada , as many as 375,000 Canadians spend at least part of their winter in the U.S. or Mexico. The number of snowbirds may soon rise as well, as Canada’s population ages and U.S. officials consider loosening restrictions on snowbird travel.

Hands says snowbirds considering spending more than a month away from home should tell their home insurance provider about their travel plans.

“If you were to leave, and you had nobody checking on your house, or you didn't do the proper precautions in terms of pipes freezing someone and something happens, they can easily reject your claim,” he said.

Ben Cousins is a freelance journalist based in Toronto. Follow him on Twitter @cousins_ben .

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While we work hard to provide accurate and up to date information that we think you will find relevant, Forbes Advisor does not and cannot guarantee that any information provided is complete and makes no representations or warranties in connection thereto, nor to the accuracy or applicability thereof.

The Cheapest Cities To Live In Canada And Whether You Should You Move

Updated: Jun 7, 2024, 12:18pm

Table of Contents

Top 15 most affordable cities to live in canada, should you move to a cheaper city, is now a good time to move, the bottom line.

If you live in one of Canada’s hottest housing markets, the exorbitant cost of real estate might be getting you down. You may have even considered whether it’s worth moving to a more affordable city. If this sounds like your own thoughts, you’re not alone.

According to a recent Royal LePage survey of Canadians living in Toronto, Montreal and Vancouver, half of those polled said they would consider buying a property in one of Canada’s most affordable cities if they could find a job or work remotely. Sixty percent of renters said they would consider relocating, compared to 45% of current homeowners.

Thunder Bay, Ont., tops the list of Canada’s 15 most affordable cities, followed by Saint John, N.B., and Red Deer, Alta. No cities in the provinces of British Columbia or Nova Scotia made the cut. Affordability was determined by the percentage of income required to service a monthly mortgage payment, rather than simply the most affordable homes based on price.

“There’s an old saying in real estate, ‘drive until you qualify.’ As housing affordability continues to deteriorate and Canadians face increasingly higher barriers to entry when buying a home, this adage is becoming more of a reality,” said Karen Yolevski, COO, Royal LePage Real Estate Services Ltd., in a release. “Many aspiring homeowners in the country’s largest and priciest urban centres are seriously considering relocating to less expensive cities in order to get a foot on the property ladder.”

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Lower than the national average

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Mortgage Rates

Variable 3-year interest rate: N/A; Fixed 1-year rate: 6.84%, Fixed 2-year rate: 6.49%; Fixed 3-year rate: 5.39%; Fixed 4-year rate: 5.19%;Fixed 5-year rate: 5.14%; Fixed 10-year rate: N/A

Undisclosed

According to the latest statistics by the Canadian Real Estate Association (CREA) , the national average home price was $703,466 in April 2024, down 1.8% year-over-year. While prices have remained relatively stable in most markets across Canada, prices have ticked higher in Calgary, Edmonton and Saskatoon.

The Greater Vancouver Regional District tops the list of the most expensive real estate market in Canada at $1.2 million, up 2.8% year-over-year, with Toronto at a close second at $1.12 million, down 1% year-over-year. While significantly cheaper, a home in Montreal will still set you back $530,300, a 3.3% increase since April 2023.

What’s more, to purchase a property in these markets, you’ll need to make a minimum 20% down payment for a home over $1 million, so that’s $240,000 and $224,000, respectively for the Vancouver and Toronto properties. For that Montreal home, you’ll need to put down 5.28%, or $28,000, plus over $20,000 in mortgage default insurance .

If those numbers make your head spin and you’re looking for a more affordable home in Canada, here are the 15 cities that made the list:

i) House price based on city-level aggregate home price data from Q1 2024 ii) Monthly mortgage payment based on 3-year fixed term conventional mortgage at 5.71% over 25 years iii) Household income based on provincial median total household income data

Among those Canadians who said they would consider relocating to a more affordable city, the top three reasons for moving were: a lower cost of living (57%), to be closer to nature and/or live in a less populated area (41%) and to experience aa more relaxed pace of life (40%). (Respondents could select more than one answer.)

“It’s clear that lifestyle is an important factor in Canadians’ decisions about where to buy a home,” said Yolevski. “Unsurprisingly, in addition to lower home prices, some Canadians who are contemplating a move to a more affordable city are also seeking reduced everyday expenses, and a break from the hustle and bustle of urban centres. This is a trend that began prior to the pandemic and was accelerated during the real estate boom of 2020 and 2021, when many homebuyers relocated to smaller communities where they could safely social distance whilst enjoying greater privacy, more living space and better access to the outdoors.”

Moving can be a very emotional—and expensive—decision, so before you start searching one of these affordable cities for your next home, you might want to consider the following:

• Cost of living: Your cost of living includes necessities such as housing, food, transportation and childcare. While this poll looks at the cost of living related to housing, it’s important to consider other costs. For example, if you need to commute to your job, gas prices can vary substantially between provinces. If you look at the GasBuddy price map, the average gas price in Newfoundland is currently 186.1 cents per litre, compared to 137.68 cents in Manitoba. To help you compare the cost of a basket of groceries between provinces to give you a sense of food costs, Statistics Canada provides an Average Retail Food Prices Data Visualization Tool . For example, a grocery basket costing $676.42 in Nova Scotia would cost $625.86 in Ontario.
• Quality of life: Quality of life means different things to different people, so it’s important to be clear on what matters most to you. If you have children, you’ll want to research what the schools are like in the neighbourhoods you favour. Do you want to be closer to nature, parks or playgrounds or are museums and art galleries more your style? Other measures may include whether there are churches nearby, access to health care or hospitals, and the political lean of a particular riding.
• Job opportunities: If you’re fortunate enough to work from home or can arrange a transfer with your current employer, this is less of a consideration. But if you need to find a new job, you’ll want to consider both how a move will affect your career opportunities and advancement, as well as the paycheque you’ll be taking home.
• Family: Saving money on your mortgage may be an enticing incentive to move away, but if you currently live close to extended family members, this decision should consider more than just the emotional cost of leaving. If you’re used to having grandparents helping with childcare, for example, you’ll need to replace that support in your new community—and that can be costly. According to StatCan , in 2022 parents paid an average of $7,790 per year for full-time child care. You’ll also need to consider the cost of travel for family occasions such as birthdays and holidays.
• Taxes: This is less important if you’re moving within the same province, but if you’re moving out of the province, it’s a good idea to consider the different tax rates and the impact on your budget. For example, if you look at the tax brackets and income tax rates by province, income up to $49,231 is taxed at 5.05% in Ontario, but in Quebec, up to $49,275 is taxed at 14%. Then there are also three different sales taxes in Canada: PST, GST and HST. Alberta only charges 5% GST, while Manitoba charges PST (7%) and GST (5%), and Nova Scotia charges 15% HST. You should also compare the property tax between different properties, which should be part of any home’s listing.
• Closing and moving costs: Your mortgage isn’t the only cost you’ll need to consider when budgeting for a move. Whether you move down the street or across the country, it can cost you thousands of dollars for expenses such as a home inspection, land survey, appraisal fee, legal fees, land transfer taxes, home insurance and moving costs, to name a few.

Home sales activity fell 1.7% between March and April 2024, according to CREA, while the number of new listings rose 2.8% over the same time period. While the national sales-to-new listings ratio came in at 53.4%, indicative of a balanced market, it is slightly in favour of a buyer’s market.

“April 2023 was characterized by a surge of buyers re-entering a market with new listings at 20-year lows, whereas this spring thus far has been the opposite, with a healthier number of properties to choose from, but less enthusiasm on the demand side,” said Shaun Cathcart, CREA’s Senior Economist

However, with many Canadians waiting for interest rates to come down, inventory levels could change quickly as buyers re-enter the market.

In another Royal LePage survey from February 2024, of the 27% of Canadians who have been active in the real estate market since the BoC started raising rates in March 2022, over half of those said they were forced to postpone their search due to raising rates. Among those, 51% said they would start looking for a home again if rates reversed: 10% said a 0.25% cut would be enough to reboot their house search, while 18% said they were waiting for a cut of 0.50% to 1%, and 23% said they needed a rate cut of more than 1%.

On June 5, 2024, the Bank of Canada (BoC) finally cut its key interest rate from 5% to 4.75%—the first policy cut in over four years. This is good news for mortgage holders, especially those with variable-rate mortgages that are tied to the BoC’s rate. If inflation continues to cool, most recently coming in at 2.7% in April, it is likely that we will see further rate cuts this year.

The Big Six Banks have already started cutting their prime rate from 7.2% to 6.95, effective June 6, 2024.

If you’re shopping around for a mortgage, Forbes Advisor Canada has this guide for the Best Mortgage Rates in Canada.

With the skyrocketing prices for homes in Canada’s largest cities, shopping for a home in a more affordable city can help you stretch your money further. But be sure to look at the other costs of a move before you raise that “For Sale” sign.

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The smith manoeuvre: what it is, how it works and should you use it, think financial review 2024, what is a home equity sharing agreement, what is a heloc and how does it work, mortgage rates history, canada’s $10,000 tax credit for first-time home buyers.

Fiona Campbell is a Staff Writer for Forbes Advisor Canada. She started her career on Bay Street, but followed her love for research, writing and a good story into journalism. She is the former editor of Bankrate Canada, and has over 20 years of experience writing for various publications, including the Globe and Mail, Financial Post Business, Advisor’s Edge, Mydoh.ca and more.

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Yahoo Finance

Canada goose holdings inc.'s (tse:goos) stock on an uptrend: could fundamentals be driving the momentum.

Canada Goose Holdings' (TSE:GOOS) stock is up by a considerable 27% over the past month. We wonder if and what role the company's financials play in that price change as a company's long-term fundamentals usually dictate market outcomes. Specifically, we decided to study Canada Goose Holdings' ROE in this article.

Return on equity or ROE is a key measure used to assess how efficiently a company's management is utilizing the company's capital. In simpler terms, it measures the profitability of a company in relation to shareholder's equity.

See our latest analysis for Canada Goose Holdings

How Do You Calculate Return On Equity?

Return on equity can be calculated by using the formula:

Return on Equity = Net Profit (from continuing operations) ÷ Shareholders' Equity

So, based on the above formula, the ROE for Canada Goose Holdings is:

14% = CA$58m ÷ CA$424m (Based on the trailing twelve months to March 2024).

The 'return' is the profit over the last twelve months. That means that for every CA$1 worth of shareholders' equity, the company generated CA$0.14 in profit.

What Is The Relationship Between ROE And Earnings Growth?

So far, we've learned that ROE is a measure of a company's profitability. Depending on how much of these profits the company reinvests or "retains", and how effectively it does so, we are then able to assess a company’s earnings growth potential. Assuming all else is equal, companies that have both a higher return on equity and higher profit retention are usually the ones that have a higher growth rate when compared to companies that don't have the same features.

Canada Goose Holdings' Earnings Growth And 14% ROE

To start with, Canada Goose Holdings' ROE looks acceptable. Even when compared to the industry average of 13% the company's ROE looks quite decent. As you might expect, the 21% net income decline reported by Canada Goose Holdings is a bit of a surprise. So, there might be some other aspects that could explain this. Such as, the company pays out a huge portion of its earnings as dividends, or is faced with competitive pressures.

So, as a next step, we compared Canada Goose Holdings' performance against the industry and were disappointed to discover that while the company has been shrinking its earnings, the industry has been growing its earnings at a rate of 14% over the last few years.

The basis for attaching value to a company is, to a great extent, tied to its earnings growth. It’s important for an investor to know whether the market has priced in the company's expected earnings growth (or decline). This then helps them determine if the stock is placed for a bright or bleak future. Is GOOS fairly valued? This infographic on the company's intrinsic value has everything you need to know.

Is Canada Goose Holdings Efficiently Re-investing Its Profits?

Because Canada Goose Holdings doesn't pay any regular dividends, we infer that it is retaining all of its profits, which is rather perplexing when you consider the fact that there is no earnings growth to show for it. So there might be other factors at play here which could potentially be hampering growth. For example, the business has faced some headwinds.

Overall, we feel that Canada Goose Holdings certainly does have some positive factors to consider. Yet, the low earnings growth is a bit concerning, especially given that the company has a high rate of return and is reinvesting ma huge portion of its profits. By the looks of it, there could be some other factors, not necessarily in control of the business, that's preventing growth. With that said, we studied the latest analyst forecasts and found that while the company has shrunk its earnings in the past, analysts expect its earnings to grow in the future. Are these analysts expectations based on the broad expectations for the industry, or on the company's fundamentals? Click here to be taken to our analyst's forecasts page for the company.

Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com. This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.