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Cartoon house character juggling stacks of cash and buildings with for sale signs
Posted Bank News

Part 2: Beating the Math: How Buyers Can Win in a Broken Mortgage Market

(click here to read Part 1: Breathing the Math: Why Politicians are failing Canadians and what you can do.)

If you are a first-time buyer trying to get into today’s market, you cannot wait for the government to save you. Take back control of your own life.  There are old-school strategies and a few specific tools you can leverage to force your way through the door.

1. “House Hacking” (Rent a Portion Out)

This isn’t a new concept. Exactly 31 years ago, I bought my first house, and the only way I could make the math work was by renting part of it out. Having a tenant pay down my mortgage is exactly how I built my equity. Look for properties with secondary suites or basement apartments. Use that projected rental income to help you qualify for the mortgage and cover your carrying costs.

2. Maximize the RRSP Home Buyers’ Plan (HBP)

The government recently enhanced this, and it is a game-changer.

  • The Limits: You can now withdraw up to $60,000 per person (or $120,000 per couple) from your RRSP entirely tax-free.
  • The Strategy: This cash doesn’t just have to be for the down payment. It can be used to cover massive closing costs, land transfer taxes, and legal fees. You have up to 15 years to pay it back into your RRSP, making it a highly effective self-loan.
Continue reading “Part 2: Beating the Math: How Buyers Can Win in a Broken Mortgage Market”
Posted Bank News

Ask the mortgage expert: How to buy a home in 2026, between budgets, builders, and opportunities

Every year, homebuyers across Canada hold out for the silver bullet—a policy change that will suddenly make the path to homeownership clearer.

From tax reforms to supply-side stimulus, the landscape is changing. The question is: Are these changes enough to bridge the gap between supply and demand, and how can you leverage them to your advantage?

While there is rarely a single “fix” for a market as complex as ours, the most recent budget cycles and policy updates have introduced significant shifts that every homebuyer needs to understand. Continue Reading ….

I hope you will enjoy this article and if you have any questions or would like to discuss I am always available.

Your best interest is my only interest. I reply to all questions and I welcome your comments. Like this article? Share with a friend.

Steve Garganis: 416-224-0114; steve@canadamortgagenews.

Posted Bank News

Canada Housing disaster 2025: The Great Canadian Shell Game

If you’ve been waiting for a miracle in the Canadian housing market, I hope you like waiting. Despite the “bold” headlines coming out of Ottawa and the provinces, the average Canadian is still getting squeezed until the pips squeak.

I thought it was time to do an annual review on how our governments performed in 2025 regarding the housing shortage crisis. The quick assessment? It is a failure of math, policy, and will.

We’ve had a new budget, a new “housing czar” approach from the Federal Government, and a lot of expensive-looking agencies. But let’s look at the numbers—because the numbers don’t lie, even if the politicians do.

Continue reading “Canada Housing disaster 2025: The Great Canadian Shell Game”
Posted 2 Comments on Our Leaders Are Rolling Up Their Sleeves… To Wave the White Flag Bank News

Our Leaders Are Rolling Up Their Sleeves… To Wave the White Flag

Another week, another series of baffling decisions from Ottawa that leave you wondering what reality our leaders are living in. On September 17th, the Bank of Canada, in a move that surprised no one paying attention to our sputtering economy, chopped its overnight rate by another quarter-point. While this offers a sliver of relief for those of us with variable-rate debt, it’s a glaring admission that the economic engine is stalling.

But the real headline came a few days later, on September 23rd, when Governor Tiff Macklem delivered a speech titled, “Time to Roll up our sleeves.” You’d think that would be a call to action, a rallying cry for Canadian industry. Instead, it felt more like a blueprint for surrender.

A DANGEROUS PIVOT FROM OUR GREATEST ALLY

Governor Macklem’s big idea? After 15 years of dithering, he’s decided Canada has relied too much on the United States. His solution is to now, finally, forge “stronger trade relations” with Europe and, get this, China.

Continue reading “Our Leaders Are Rolling Up Their Sleeves… To Wave the White Flag”
Posted Interest rates

Ask the Expert: Can the new Liberal housing plan solve Canada’s housing crisis?

Recently, Prime Minister Mark Carney and the Liberal party unveiled Building Canada Strong, a new ambitious housing plan to accelerate residential construction with the goal of building 500,000 homes a year. 

Their most notable policies include cutting development fees for new construction, having the government play the role of developer to build and manage affordable housing across Canada (the Build Canada Homes Plan), and to eliminate the Goods and Services Tax (GST) for first time homeowners purchasing homes under $1 million.

This plan comes at an uncertain time — Canadians are contending with high unemployment, stagnating real estate markets in our biggest cities, and an ongoing affordability crisis. Our mortgage expert weighs in on the new Liberal plan and where he thinks mortgage rates are heading in the near future. 

What are your thoughts on the Building Canada Strong plan?

Do you think it goes far enough to solve the housing crisis? Anything you think they could do differently? 

After a rollercoaster election and one of the biggest surprise turnarounds in history, we have a new minority government in Canada for the next four years led by Prime Minister Mark Carney. Love him or hate him, we should all wish the new leader all the best.  His success will translate into our success. 

Being Canadian means supporting your country and that means supporting and respecting your government. It’s okay to criticize when appropriate and necessary. We all do it. But in order … Continue Reading…

I hope you will enjoy this article and if you have any questions or would like to discuss I am always available.

Your best interest is my only interest. I reply to all questions and I welcome your comments. Like this article? Share with a friend.

Steve Garganis: 416-224-0114; steve@canadamortgagenews.