Recent home buyers, your financial priority for the next few years is clear.
Pay down your mortgage. Give the tax-free savings account and registered retirement-savings plan a brief rest and pay down your mortgage.
I contradict myself here. In a June, 2014 column, I argued that people were obsessing over paying down their mortgages in a way that could cause them to neglect retirement savings. Now, particularly in high-priced cities such as Toronto and Vancouver, mortgages are the more serious worry.
High prices mean big mortgages and serious vulnerability to higher mortgage rates. Ease the financial strain of having to renew a mortgage at higher rates by paying down your mortgage as soon as you can after you buy.