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CategoryPersonal growth

Posted 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.

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Posted Bank News

Refinance today before you can’t tomorrow

Alright, let’s talk mortgages. Because right now, for a lot of Canadians, that word “mortgage” isn’t exactly synonymous with “sweet dreams and financial freedom.” No, for far too many, it’s becoming a four-letter word that brings with it a whole lot of anxiety.

I’ve been in this business a long time, seen a lot of market cycles. But what we’re witnessing today is something else entirely. The sheer volume of people hitting their mortgage renewal dates with rates dramatically higher than what they signed up for just a few years back? It’s unprecedented. The “payment shock” isn’t just a buzzword; it’s a gut punch for a massive percentage of Canadian households.

Think back to 2020, 2021. Interest rates were practically giving money away. We saw fixed rates dipping below 2%, variable rates even lower. People bought homes, stretched their budgets, maybe even consolidated a little bit of debt with that sweet low-rate mortgage. Life was good, financially speaking.

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Posted 1 Comment on A Financial Crisis Or Is It? Bank News

A Financial Crisis Or Is It?

2025 will go down in history as one of those years filled with volatility and turmoil. There’s a quote from a book I read that seems appropriate today. “People want certainty versus accuracy.”  I hope to give you certainty by sharing my 36 year experience in financial services and having lived through 5 financial crises and living through a 6th crisis today.  

I’m going to take a risk and speak very bluntly.  This may anger or upset some of you. I apologize, I have to say some things. I have to point out the obvious.   

FIRST THE BAD NEWS…

I’m a math guy. Work with numbers every day. The stats don’t lie. Our economy, GDP, cost of living, housing costs, have all gone into the toilet.  You don’t need to look very far to believe this. Many of you have contacted me about job losses, or potential job losses.  Those secure in their jobs call me because they have increased their debt levels and this can be for many reasons.  The point is, many are having a hard time paying their debts.  

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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”
    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.
    Continue reading “Housing crisis.. Made in Canada”