CategoryMortgage Tips

Canada Housing disaster 2025: The Great Canadian Shell Game

If you’ve been waiting for a miracle in the Canadian housing market, I hope you like waiting. Despite the “bold” headlines coming out of Ottawa and the provinces, the average Canadian is still getting squeezed until the pips squeak.

I thought it was time to do an annual review on how our governments performed in 2025 regarding the housing shortage crisis. The quick assessment? It is a failure of math, policy, and will.

We’ve had a new budget, a new “housing czar” approach from the Federal Government, and a lot of expensive-looking agencies. But let’s look at the numbers—because the numbers don’t lie, even if the politicians do.

Posted 4 weeks ago Bank News

Stop Bleeding Cash: Why Your Mortgage is the Ultimate Financial Power Tool

Let’s have an honest conversation about the financial squeeze many Canadians are feeling right now.

Prices are up at the pump, at the grocery store, and certainly in utility bills. But for many homeowners, the real pressure isn’t just inflation; it’s the “silent killer” of accumulated consumer debt sitting on top of their mortgage.

I see it every day in my practice. Good people, with good incomes, who have managed to build significant equity in their homes, yet they are drowning in monthly payments because they are financing their lives using the wrong tools. They are using 19.99% credit cards and 11% lines of credit for expenses that should be financed at 4-5%.

It makes absolutely no financial sense.

Posted November 4, 2025 Bank News

Ask the mortgage expert: how Canada’s self-employed can unlock homeownership

For too long, Canada’s self-employed have faced a maddening paradox. The very financial strategies that prove your business savvy—like maximizing deductions to lower your taxable income—often become the biggest roadblocks to securing a mortgage.

As a mortgage broker, I see this scenario play out every week. I meet brilliant entrepreneurs, skilled contractors, and creative freelancers who have thriving businesses and excellent cash flow. Yet, they get turned away by traditional lenders fixated on a single line on a tax return. The story is always the same: “My business is having its best year ever, but the bank says I don’t make enough money.”

If this sounds familiar, take heart. The landscape has changed. Lenders and mortgage insurers now recognize the unique financial reality of the self-employed. A new generation of intelligent mortgage products has arrived, designed to look beyond your declared income and see the true financial strength of your business. The T4 slip is no longer the only golden ticket to homeownership. 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 October 6, 20254 Comments Mortgage News

The Condo Carnage Is Real.. but is it over?

Let’s call this what it is: a day of reckoning. The great Canadian condo delusion, a mass psychosis fueled by cheap money and a fear of missing out, is over. The speculative fever has broken, leaving a trail of financial devastation in its wake. For years, an entire generation was told that buying a condo—any condo, at any price—was the only path to prosperity. They were wrong. Dead wrong. And now, the carnage from that spectacular miscalculation is creating the single greatest buying opportunity we’ve seen in decades.

The numbers don’t just tell a story; they scream it from the rooftops. In the Greater Toronto Area, sales volumes haven’t just dipped; they’ve cratered, falling a gut-wrenching 60% from the peak. In the first quarter of this year, a paltry 1,800 new condo units were sold across the entire GTHA. Let that sink in. We haven’t seen a number that terrifyingly low since 1995. This isn’t a slowdown; it’s a full-blown market seizure, a cardiac arrest of consumer confidence.

Posted August 8, 2025 Consumer Debt

The speed Discharge: Bankruptcy wins over Consumer proposal

In the world of debt relief, two primary options often come to mind: consumer proposals and bankruptcy. While both offer a path to financial freedom, they differ significantly in their implications and long-term effects. This article will argue why bankruptcy, despite its daunting reputation, can often be a more advantageous solution than a consumer proposal for individuals seeking to reestablish their financial footing.

When you’re drowning in debt, the idea of a “consumer proposal” sounds like a gentle breeze, a reasonable compromise. You offer your creditors a portion of what you owe, they agree, and you embark on a multi-year repayment plan. It feels less drastic, less shameful, than declaring bankruptcy. But let’s pull back the curtain on that seemingly gentler option, because from where I’m standing, a consumer proposal often leaves you in financial limbo far longer than the “nuclear option” of bankruptcy.