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

At the Mortgage Professionals Canada conference last month, Benjamin Tal, Deputy Chief Economist at CIBC World Markets, gave a very hopeful and informative presentation. Mr. Tal always has a keen sense of what’s next both nationally and internationally. He is extremely apt at making sense of global economics, then breaking down in simple terms what it means for Canada. This time he came forward with a positive forecast that I agree with: rates are due to fall. What’s behind Tal’s forecast Tal predicts that rates will start to come down by late spring or early summer 2024 and continue to fall i ..read more

There’s a lot of uncertainty surrounding the housing market right now, and with uncertainty comes negativity. Clickbait headlines. Grim forecasts. Pessimistic chatter. It all gets in the way of seeing the opportunities that can arise during challenging times like the one we’re in. But if you’re someone who sees the big picture, you might want to keep reading. There might just be a unique investment opportunity right under your nose. A Brief History of the Rental Market Before jumping into the opportunity, it might be helpful to understand how we got here. The modern rental market started to ta ..read more

It’s a confusing time to be a homeowner. Rates are up, and everyone has an opinion on what will happen next. It’s easy to get sucked into social media rabbit holes and make decisions motivated by fear. But at times like these, it’s crucial to block out the noise and do what’s right for you. To that end, here are three common scenarios along with my recommendations on how to save money and hang onto some peace of mind. Scenario #1: My mortgage is up for renewal this year The lowest rates you’ll find right now are 5-year fixed rates. That does NOT mean you should lock into a 5 year commitment. R ..read more