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Ask the Expert: Steve Garganis – How Trump’s tariffs will affect your Canadian mortgage

I will start with a quote from Trump’s book, The Art of the Deal

“I aim very high and then I just keep pushing and pushing and pushing to get what I’m after. Sometimes I settle for less than I thought but I still end up with what I want.“

In the summer of 2016, ahead of the U.S. election, I was sitting at a business dinner. In attendance was one guest who was from the U.S., who had a distinct southern drawl which drew attention from us Canadians.

At the time, presidential hopeful Donald Trump was being mocked and ridiculed by the media as joke. Nobody thought he would be voted in. Then this southern gentleman made this statement: I think Trump will win. We all laughed, but he said the people were tired of the status quo. They didn’t like where the country was going. They were not happy.

And that’s really what it came down to for him: When the masses are not happy in a democratic country, eventually there will be change.

The change happened quickly, and not just for Americans:  Read more – Interview with Steve.

 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

Ask the Expert: Steve Garganis – Solutions for a flatlining condo market and New Year predictions

With 2024 behind us and the new year upon us, the housing market is in a delicate balance. Interest rates are declining, which is great news for borrowers. However, these cuts are giving way to a small rebound in the housing market, and, to many real estate watchers, threatening to bring on another affordability crisis.

At the same time, no jumbo cut nor government incentive to bring first-time homebuyers into the field seems to be helping a stagnated condo market.

In my interview with RATESDOTCA, I shared my thoughts on what buyers and sellers can expect in 2025 and some moonshot ideas on how to revive condo development in Canada. Read more – Interview with Steve.

 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 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”