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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

Tariffs Up but Mortgage Rates Down

 A quick note… we’ve all heard about the Trump Tariffs. It will make everything more expensive. Canada and also in the USA. It will put people’s jobs at risk, we are likely to see layoffs, and economists are forecasting for a recession. This is if the tariffs do go through and continue for over a month.

Now that I’ve cheered you up, here’s the good news. And there is some.  Mortgage rates are headed lower. Fixed rates and variable rates. The old rule of bad economic news brings lower interest rates is true. A few things to point out about How interest rates are calculated.

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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 on how the US impacts Canadian mortgage rates

We all know that whatever happens in US it will affect Canada. Here is my next interview with RatesDotCa for their Ask The Expert edition – Steve Garganis on how the US impacts Canadian mortgage rates.

With President Trump making his return to the White House, financial markets are scrambling to make sense of what’s to come. And whatever our neighbours to the south do, Canada tends to follow. Here’s how this might shape your fixed mortgage rate in the near future. 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 Mortgage News

TIME TO ELIMINATE AIRBNBS?.. (No, I don’t think so)

TIME TO GO AFTER AIRBNBS?.. (No, I don’t think so)

Canada wants to eliminate all Short Term Rentals (STR). And they are going to punish anyone that has rented out their properties for short term stays. 

The federal gov’t has already changed tax laws that disallow expensing interest costs on STRs in major urban centers. Effectively making it more costly to own a short term rental property.

Changes to short-term rental rules – link to article

And here’s another tax.  Have you seen this?

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