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AuthorSteve Garganis

As an industry insider, Steve will share info that the BANKS don't want you to know. Steve has appeared on TV's Global Morning News, CBC's "Our Toronto" and The Real Life TV show. He's also been quoted in several newspapers such as the Globe and Mail, The Toronto Star, The Vancouver Sun, The Star Phoenix, etc.
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The Great Mortgage Reset

A FOUR PART SPECIAL EDITION… PART 2 of 4

Canada’s mortgage lending rules and policies are broken.  They just don’t work.  And the more our Federal government tries to help, the worse it gets.  This is a 4 part series of what our government can do to make home ownership affordable.

IDENTIFY THE PROBLEMS.

1. QUALIFYING IS TOUGHER THAN EVER BEFORE

    Canadians can’t afford to buy or rent a home due to the high monthly cost. Home prices and rental rates have exploded! No surprise there.  

    Simple math.. Even a below average home, let’s use a $500,000 mortgage @ 4.69% will cost you $2,820/mth.  Add in property taxes, home insurance and

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    10 up and 3 down, unintended consequences!

    LOTS OF MOVEMENT IN MORTGAGE RATES

    Sounds like a football play. But I’m not talking about football even though the NFL season just started and my Buffalo Bills won their first two games. I’m referring to how many times the Bank of Canada’s (BoC) Governor, Tiff Macklem, has changed the Overnight rate since March 2022.  

    Did you know we saw 10 rate hikes totaling 4.75% in just 16 months from March 2022 to July 2023?  That’s never happened before.  And most of those rate hikes

    Continue reading “10 up and 3 down, unintended consequences!”
    Posted Bank News

    New $1.5 million price cap, 30 year extended amortization.. Is it enough?

    The Federal Government announced they would be extending the current amortization on insured mortgages (those buying with less than 20% down) to 30 years.  ONLY if you are a First-time buyer or you are buying a newly built home. I applaud this move but I would have liked for these 2 limitations to have been excluded. 

    I would go further and say we should extend it to 35 or 40 years, maybe even 50 years!

    Continue reading “New $1.5 million price cap, 30 year extended amortization.. Is it enough?”
    Posted 1 Comment on Bank of Canada Rate Cut July 2024: Impact on Mortgages and Economy Bank News

    Bank of Canada Rate Cut July 2024: Impact on Mortgages and Economy

    The Bank of Canada just cut the overnight rate by another 0.25%. For the second consecutive month, they’ve lowered the rate. In total, a 0.50% drop in two months. (not enough, but it’s a start) Great news for anyone in a Variable rate mortgage. It means you will be paying 0.50% less on your mortgage. We can expect further cuts this year and next. Read on for more details.

    Continue reading “Bank of Canada Rate Cut July 2024: Impact on Mortgages and Economy”