Skip to content

CategoryMortgage Trends

Posted 1 Comment on Why Everyone Should Choose The Longest Amortization Possible Bank News

Why Everyone Should Choose The Longest Amortization Possible

One of the most common requests I get when discussing mortgage options with my clients is that they want the shortest amortization they can afford. They want to pay their mortgage off as soon as possible.  I get it! And then I hit them with an unexpected recommendation. I tell them to take the longest amortization possible. Sounds contradictory?  I’ll explain.

Continue reading “Why Everyone Should Choose The Longest Amortization Possible”
Posted 2 Comments on The Great Mortgage Reset Bank News

The Great Mortgage Reset

A FOUR PART SPECIAL EDITION… PART 4 of 4

THE GREAT MORTGAGE RESET… MY RECOMMENDATIONS.

This policy of making it harder to borrow money has only hurt the little guy, the first time buyer and second time buyer.  Those with a higher net worth and accumulated savings can more easily buy a home.  This goes against what CMHC stood for. Their mandate was to promote housing in Canada. Somewhere along the way, this goal has been lost.  We need to bring it back.

Here are the changes that I would propose to make life more affordable immediately:

Continue reading “The Great Mortgage Reset”
Posted Bank News

The Great Mortgage Reset

A FOUR PART SPECIAL EDITION… PART 3 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.

KNOWING THE PAST WILL HELP OUR FUTURE.

I’m going to list some of the changes that have handicapped Canadians from buying and renting.  There are over 30 changes over the last 18 years but I’m just going to list the ones that have had the greatest impact.  Notice the pattern of ever tightening government lending rules that increase a homeowner’s

Continue reading “The Great Mortgage Reset”
Posted Bank News

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

    Continue reading “The Great Mortgage Reset”