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CategoryMortgage News

Posted Finance

Housing crisis.. Made in Canada

It’s really not that complicated.  If you really want to resolve the housing crisis you just need to do these FIVE things

  • 1. Bring back 35 year amortization periods and increase qualifying home prices to $1,250,000 or higher.
  • 2.Remove rent control rules.
  • 3.Halt new immigration until we can build up enough support services to handle what we have already. *(exception below)
  • 4.Cut back on the municipal, provincial gov’t Red Tape to build any type of residential housing and that includes purpose built rental apartment buildings.
  • 5.Create a hiring program to entice and incentivize people to get into skilled trades …and bring over people from outside Canada if you have to (this would be my exception to point 2 above)
  • Do this and you’ll soon have more housing units available than you could even dream of.  It could be done in 3 to 5 years.  It’s just not that complicated.
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Posted Finance

Are You Ready For Lower Rates?

As expected, rates are starting to trend in a downward direction. This might make life easier for some homeowners. But for others, lower rates might lead to more questions than answers. What should I do next? How can I benefit? Should I get a variable rate and ride the wave? Or should I stick with fixed?

There are no easy answers – but here’s some info that might point you in the right direction.

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Posted Mortgage News

The 2024/2025 Rate Forecast

At the Mortgage Professionals Canada conference last month, Benjamin Tal, Deputy Chief Economist at CIBC World Markets, gave a very hopeful and informative presentation.

Mr. Tal always has a keen sense of what’s next both nationally and internationally. He is extremely apt at making sense of global economics, then breaking down in simple terms what it means for Canada. This time he came forward with a positive forecast that I agree with: rates are due to fall.

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Posted 1 Comment on How To Navigate Three Common Mortgage Scenarios Debt

How To Navigate Three Common Mortgage Scenarios

It’s a confusing time to be a homeowner. Rates are up, and everyone has an opinion on what will happen next. It’s easy to get sucked into social media rabbit holes and make decisions motivated by fear. But at times like these, it’s crucial to block out the noise and do what’s right for you.

To that end, here are three common scenarios along with my recommendations on how to save money and hang onto some peace of mind.

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Posted 1 Comment on The Bank of Canada Does It Again Bank News

The Bank of Canada Does It Again

Some not-so-great news from the Bank of Canada yesterday: the target rate was raised yet again by 0.25%. This one wasn’t a complete surprise. Rates have been climbing for the last year to battle red hot inflation. Inflation is now at 4.4%, which is huge progress from 8.1% this time last year. But last month’s Consumer Index Report logged an unexpected 0.1% jump in inflation from the previous month.

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