Skip to content
A vintage balance scale with a model house on one side and stacks of coins on the other
Posted Bank News

Real Estate, Interest Rates, and Market Reality: Why It’s Time to Take a Deep Breath

Lately, whenever I talk to clients, friends, or family across Ontario, I hear the same thing: people are anxious. They’re worried about where interest rates are going, what their homes are worth, and how they’re going to handle their upcoming mortgage renewals.

There is a lot of noise out there right now. Headlines are designed to panic you, and constant political changes don’t help. My goal here is simple: to give you the straight facts, share what I’m seeing after over 35 years in this industry, and help restore a little calm.

Rule #1: The 7-Year Real Estate Rule

If you take only one thing away from this article, let it be this: A home should always be purchased with the plan of holding it for 7 years or more.

Continue reading “Real Estate, Interest Rates, and Market Reality: Why It’s Time to Take a Deep Breath”
Posted Bank News

Ask the mortgage expert: Is now a good time to buy a cottage in Canada? (2026)

Following the herd rarely gets you the best deal is one thing I have learned through almost four decades in the mortgage and real estate industry. When everyone is rushing into the market, bidding blind, and waiving conditions, you end up paying a massive premium. But when everyone is sitting on the sidelines—waiting for the “perfect” moment or letting economic headlines dictate life’s choices—that is precisely when smart money makes its move.

Right now, in the summer of 2026, Canada’s cottage country landscape offers a unique real estate opportunity not seen in recent memory. In a nutshell: I think this is a buyer’s market. Continue Reading…

I hope you will enjoy this article and if you have any questions or would like to discuss I am always available.

Your best interest is my only interest. I reply to all questions and I welcome your comments. Like this article? Share with a friend.

Steve Garganis: 416-224-0114; steve@canadamortgagenews.

Canadian housing affordability comparison 1989 to 2024 with rising home prices and slower income growth
Posted Bank News

Mortgage Expert alert: Why Canadian housing seems unaffordable in 2026: A 35-year real estate disconnect

The dream of home ownership in Canada appears distant in today’s mathematical reality. Housing costs account for nearly 30% of household income. Older generations survived 12–18% interest rates in the 1980s and early 1990s. At the time, home prices equaled two or three years of household income. In today’s market, buying a home feels like embarking on a lifetime of debt.

This is an in-depth study on what it housing really has been costing us over the last 35 years. I looked at average rents, average incomes, average mortgage payments, average mortgage payments over the last 35 years. Continue reading..

I hope you will enjoy this article and if you have any questions or would like to discuss I am always available.

Your best interest is my only interest. I reply to all questions and I welcome your comments. Like this article? Share with a friend.

Steve Garganis: 416-224-0114; steve@canadamortgagenews.

Posted 2 Comments on The Wake-Up Call: What a Carney Majority Actually Means for You Consumer Debt

The Wake-Up Call: What a Carney Majority Actually Means for You

(The Tax Squeeze, The Delusion, and The Multi-Trillion Dollar Gamble)

Most Canadians were simply too busy trying to keep their heads above water to notice what was happening right under their noses. But the dust has settled, and here we are. It is April 2026, Mark Carney has secured a parliamentary majority, and the academic gloves are officially off.

People look at his tailored suits and his calm, banker-like demeanor and assume we are getting a moderate. I’m not so sure. What if we are looking at the policy framework of a Prime Minister that wants to change everything? What if we are staring down the barrel of a deliberate, aggressive rewiring of the Canadian economy?

Here is what I am seeing, and here is what you can expect now that he has the absolute power to execute his vision. And for the record, I hope I am wrong about all of this. I want Canada to be a safe, prosperous, welcoming country. Proud of it’s heritage. Proud of it’s global reputation of friendly and kind people.

1. The Incoming Tax Slaughter (The Middle Class Foots the Bill)

Let’s stop pretending a “green transition” and massive market restructuring just pay for themselves. Who do you think is going to fund this multi-trillion-dollar experiment? It isn’t the ultra-rich—they have the accountants to move their capital offshore.

Continue reading “The Wake-Up Call: What a Carney Majority Actually Means for You”
Cartoon house character juggling stacks of cash and buildings with for sale signs
Posted Bank News

Part 2: Beating the Math: How Buyers Can Win in a Broken Mortgage Market

(click here to read Part 1: Breathing the Math: Why Politicians are failing Canadians and what you can do.)

If you are a first-time buyer trying to get into today’s market, you cannot wait for the government to save you. Take back control of your own life.  There are old-school strategies and a few specific tools you can leverage to force your way through the door.

1. “House Hacking” (Rent a Portion Out)

This isn’t a new concept. Exactly 31 years ago, I bought my first house, and the only way I could make the math work was by renting part of it out. Having a tenant pay down my mortgage is exactly how I built my equity. Look for properties with secondary suites or basement apartments. Use that projected rental income to help you qualify for the mortgage and cover your carrying costs.

2. Maximize the RRSP Home Buyers’ Plan (HBP)

The government recently enhanced this, and it is a game-changer.

  • The Limits: You can now withdraw up to $60,000 per person (or $120,000 per couple) from your RRSP entirely tax-free.
  • The Strategy: This cash doesn’t just have to be for the down payment. It can be used to cover massive closing costs, land transfer taxes, and legal fees. You have up to 15 years to pay it back into your RRSP, making it a highly effective self-loan.
Continue reading “Part 2: Beating the Math: How Buyers Can Win in a Broken Mortgage Market”