Some good news on mortgage rates… Mortgage Brokers are receiving good news this week from many financial institutions.  Wholesale fixed mortgage rates are falling.  Great news for anyone buying, refinancing or renewing their mortgage in the near future.   The news comes as a reaction to lower than expected inflation rates. We saw  2.7% vs the expected 2.9% reported.  And the US economy is finally seeing signs of a sluggish economy. There’s a saying… Bad economic news is good news for mortgage news.   Next week… The Bank of Canada is meeting July 24th for ..read more

Everything is playing out as expected.  Fixed rates have begun to fall, slowly.  But this isn’t unusual or unexpected.  If you’ve followed interest rate hikes and cuts, you’ll see a familiar pattern.   When the cost of funds goes up, interest rates go up almost immediately, usually within a day or two. When the cost of funds goes down, it can take upwards of 3 weeks for rates to come down.  It’s the same with gasoline prices.  You hear in the news that oil prices have gone up and almost immediately, that increase is reflected at the pump.   Whe ..read more

I wrote this article in 2015. At the time, Trump wasn’t even on the radar for the Presidential election bid.  Wow, how quickly things can change! This isn’t so much about Trump but it’s more about one of his long-time advisors, George Ross.  Ross has been successfully investing in real estate for over 50 years.     His advice is worth listening to… One of the things he and I agree on is to forget about the quick flip approach.  Instead, buy and hold for at least 7 years. I’ve been preaching this for over 25 years.  Enjoy the article…. Trump’s George Ross ..read more

Bridge loans are short-term loans that bridge the gap between two different closing dates. More commonly used when an existing homeowner sells their home, and buys another home, with two different closing dates. But bridge loans have become a very popular way to take possession of that new home while it’s empty for 2 or 3 weeks to allow for renos. Best of all, it’s really inexpensive! THE OLD WAY In the past, most homebuyers would have their selling and buying dates match. It’s always been a bit of a juggling act as you have to pack your moving truck and unpack it, all in less than a day. Som ..read more

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 g ..read more

Hopefully you read Part One of this article where I discuss the Canadian government’s delusional (and incredibly damaging) immigration strategy. With no meaningful plan to absorb 500,000 newcomers per year, we’re looking down the barrel of a number of crises to come: a jobs crisis, a healthcare crisis, an infrastructure crisis, and of course, a housing crisis. Housing supply is already in a dire state. Exponential population growth is only going to make matters much, much worse. Trust me, I get it. It’s easy to look at the problem and feel completely helpless. My take? This doesn’t have to be ..read more

Well, it’s safe to say that our federal government has officially lost the plot. Immigration numbers have exploded, and Trudeau has done absolutely nothing to prepare for the mass amounts of newcomers flowing in. Pre-Trudeau, we were receiving on average 200,000 immigrants per year. Under Trudeau, that number ramped up to 400,000, then 500,000, then 1,200,000. Don’t get me wrong – I’m all for immigration. There are tons of social, cultural, and economic benefits when it’s handled properly. But when you’re letting in 1,200,000 new Canadians every year without considering how it will impact thin ..read more

Rates are up, inventory is low, and sales volume is flat. If you’re looking to buy a new home, what are you supposed to do? A lot of people will tell you to wait. After all, rates are dropping soon! Why not just be patient until you can lock into lower monthly mortgage payments?  What these people don’t realize is that waiting can be a dangerous game. I’ve been in real estate for more than 3 decades, and while things change all the time, one thing has remained consistently true: it’s never a good idea to time the market. Why Waiting Is A Bad Idea There are a few reasons why your best bet ..read more

As expected, rates are starting to trend in a downward direction. This might make life easier for some homeowners. But for others, lower rates might lead to more questions than answers. What should I do next? How can I benefit? Should I get a variable rate and ride the wave? Or should I stick with fixed? There are no easy answers – but here’s some info that might point you in the right direction. The Current Landscape Rates are down by around 0.40% from their high just one month ago. This is a nice reduction, and good news: it’s only the beginning. Rates are expected to drop much, much lower o ..read more

A couple weeks ago, the federal government announced they’re cracking down on short term rentals. Property owners will no longer be able to claim their rental expenses against the income they make, thereby making it far less lucrative to rent out properties on sites like Airbnb or VRBO. I think this is a huge mistake. People argue that short term rentals limit the availability of inventory for long term renters, but I believe this view misses the big picture for a few reasons. Less Restrictions = More Prosperity Time and time again we’ve seen how government restrictions have been a big step ba ..read more