CategoryMortgage Trends

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.

Rental properties as a secure long-term investment

Posted February 1, 2024 Finance

Population Crisis Part 2: The Good News

Hopefully you read Part One of this article where I discuss the Canadian government’s delusional (and incredibly damaging) immigration strategy. With no meaningful plan to absorb 500,000 newcomers per year, we’re looking down the barrel of a number of crises to come: a jobs crisis, a healthcare crisis, an infrastructure crisis, and of course, a housing crisis.

Posted November 22, 2023 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.

Posted June 26, 20231 Comment Mortgage Rates

Looking To Buy? Now Might Be the Right Time

You’ve probably heard me say this before: it’s never a good idea to time the market. But there are moments in time where if you’re looking, it might be better to act sooner than later. These times are rare, but when they do come around, they present a unique opportunity if you play your cards right. This is one of those times.

Posted February 27, 20231 Comment Case study

Problem & Solution: I Bought A New Home, But Haven’t Sold My Old One

Higher interest rates are causing a lot of problems for homeowners. Not just in terms of being able to purchase a home – but also in terms of being able to sell the existing one. Unfortunately, this is a problem I’ve been getting far too many calls about these days. Finding a new home is really only half the battle. Selling your current home to complete the transaction is the real challenge, especially in this market.

It’s easy to feel stuck when you’re in this situation. Luckily, with the right people and the right guidance, there’s always a solution. Here’s an example of a client we were able to get out of a pretty tight corner.