Stop Ghosting Your Credit Score — It Notices

Your credit score can influence your mortgage options and the borrowing costs available to you, making it important for both current and future homeowners. But how much do you really know about this three-digit number?

In Canada, a credit score is a 3-digit number that you build (up or down) based on your use of credit products, such as loans, credit cards and bills. It is constantly changing, so monitoring and improving it is a life-long process.

Interested in how your score is calculated?

Here’s the breakdown:

Payment history of credit cards, car loans, student debt, mortgages, department store credit, and other loans, including tracking any late or missed payments, makes up 35% of your score
Credit history is mostly about how long you’ve had credit for and a track record of how you’ve managed it, and it makes up 15% of your score
Used credit vs available credit, which looks at revolving credit only, and includes your lines of credit and credit cards. Here it’s about a balance of having the credit vs using it, and makes up 30% of your score.
Credit mix means a variety of types of credit being used, and makes up 10% of your score
Credit inquiries, which are done by lenders every time you apply for credit, and make up 10% of your score

What credit score should you aim for?

When it comes to your credit score, a higher number is better. A bruised score (anything under 560) means you’ll need help getting approved for credit, including a mortgage, car loan, or credit card. Getting a mortgage isn’t out of reach with the help of a mortgage broker, as we have access to alt-A, near prime, alternative and private lenders with more flexible lending requirements, some that are exclusive to DLCG.

A good score is up to 724, a very good score is up to 759, and an excellent score covers 760-900. Higher scores mean you’ll have access to more credit and lower borrowing rates, so aiming for something over 660 is a good starting point.

When you apply for credit, a lender will perform a credit check. That check is referred to as a hard hit, and applying for a mortgage is a great example of this. It’s also another reason to use a mortgage broker when you shop for a mortgage—we only do one hard hit on your credit, compared to shopping around yourself and having each lender perform their own. A hard hit is visible on your credit report and impacts your credit score negatively. A soft hit, on the other hand, is something that doesn’t impact your credit score, like requesting your own credit report.

Myths about credit are common.

Here are a few things that won’t impact your score.

Getting married or divorced
Using debit instead of credit when making a purchase
Salary changes
Seeing a credit councillor
Requesting/monitoring your own credit report for accuracy and fraud

Speaking of monitoring your credit – this is a great way to prevent fraud. Requesting your free credit report from Equifax or TransUnion once a year and looking for inaccuracies or signs of fraud is a great start. You should also be sure to notify banks and creditors when you move.

Want to improve your credit score?

Here are the basic principles:

Pay your bills on time, every time. You don’t have to pay off the full balance of a revolving credit line, but you do need to ensure you make at least the minimum payment on credit cards, lines of credit, etc. A good figure to keep in mind is having the outstanding balance no more than 30-35%.
Use less credit. Paying off loans, paying down revolving credit sources, and keeping balances as low as possible will reduce your debt load. Don’t apply for new credit if it’s not necessary.
Keep old accounts. Spring cleaning isn’t going to help you here – you want to keep the accounts you have the most history on open. An old credit card or hydro account can provide a valuable credit track record.

If I messed up in the past, am I doomed forever?

No! Over time, and with better credit management, you can overcome financial missteps. The amount of time it takes will vary based on how serious the mistake was though.

If you filed for bankruptcy, you’re looking at that staying on your credit report for 7-10 years. One late payment or a few hard hits will typically take less time to recover from. Regardless, it’s going to take some time, so be patient, put in the effort, and be diligent about future money decisions.

Overall, your credit is important to pay attention to, as it can really impact your life – be it the car you drive or the home you live in. When it comes to your mortgage, I can help you get qualified no matter what your score is – that’s the beauty of using a mortgage broker.

Whether it’s a difficult qualification or negotiating the best rate for the best credit histories, I’m here to help.

Let’s Talk About Your Mortgage Goals

Buying, renewing or refinancing? Let’s explore mortgage options that fit your goals and financial situation.

Jag Dhamrait
Mortgage Agent Level 2
Phone: 647-883-7790
Email: jag@jagdhamrait.com

Apply Now

Economic Insights from Dr. Sherry Cooper – October 2026

Economic News Jag Dhamrait 6 Oct

Economic Insights from Dr. Sherry Cooper on Canada trade diversification

Dr. Sherry Cooper shares economic insights on Canada’s trade diversification, global partnerships, and economic outlook.

The Federal Open Market Committee, the Bank of Canada’s equivalent of the Governing Council, announced last week that it would raise the overnight federal funds rate by 25 basis points to 3.75%-to-4.0%. The key question is whether it’s a one-off or the start of something deeper and longer.

We suspect the latter. The Fed has more work to do. Resilient U.S. growth, easy financial conditions, and persistent inflation pressures point to another hike in December and further tightening in the first half of 2027.

Under Kevin Warsh, the Fed appears increasingly willing to base policy on observable outcomes rather than uncertain model estimates. US growth remains above trend, unemployment is low, initial unemployment insurance claims are below 200,000, financial conditions remain supportive, capital spending is booming, and inflation has exceeded its 2% target for five and a half years. These conditions explain the unanimous hike and the signal of another hike before year-end, while reinforcing perceptions of the Fed’s political independence and credibility as the Fed and Treasury pull in opposite directions.

The Iran war has been more than an energy shock; it is another global supply-chain disruption. Although far smaller than COVID, it is still significant—and its timing could hardly be worse after years of central-bank inflation overshoots.

Commodity prices are surging, suggesting a broader and more powerful shock than the initial response to Russia’s 2022 invasion of Ukraine. Metal demand, energy demand, and agricultural prices have all increased, contributing supply strain, resulting the overall inflation.

So where does this lead the Bank of Canada when they next meet on October 28? I am sorry to say that the odds favour a rate hike, although it is a close call. I would assign roughly a 60% probability to a hike and a 40% chance of another (the eighth) rate hold. Markets are taking a similar view. As of September 21, CORRA (Canadian Overnight Repo Rate Average)- based pricing implies about a 63% chance of an October hike. The Fed’s rate hike reinforces a broader global tightening cycle.

Canadian headline inflation, though below the US, is still running at a 3% pace. High oil and refined-product prices are lasting longer than the Bank of Canada expected. The longer they remain elevated, the greater the danger that transportation, food and other business costs begin spreading into broader inflation. Canadian counter-tariffs will add some upward pressure to costs, even if the initial effect is modest. Q2 growth was a surprisingly strong 3.3% annualized, with gains in consumption, exports and business investment. Waiting until December could allow inflation expectations and pricing behaviour to become less well anchored.

The Bank’s September deliberations were quite revealing: The Governing Council explicitly said that if energy inflation began spreading into other CPI components, “it could require a monetary policy response.”

Bottom Line

The Bank will not hike simply because the Fed did. It will hike if the October Monetary Policy Report concludes that high energy prices and tariffs are beginning to produce persistent, broader inflation.

My call today: October 28: 25-basis-point hike to 2.50%, accompanied by cautious language and no commitment to a continuing series of hikes.

The decisive evidence will be the next two CPI reports—especially CPI excluding gasoline, core measures and services inflation—along with September employment, wage growth and the Bank’s revised estimate of the output gap. A further weak employment report combined with core inflation remaining near 2% would probably produce another hold.

Let’s Talk About Your Mortgage Goals

Buying, renewing or refinancing? Let’s explore mortgage options that fit your goals and financial situation.

Jag Dhamrait
Mortgage Agent Level 2
Phone: 647-883-7790
Email: jag@jagdhamrait.com

Apply Now

Want to Avoid Costly Home Repairs This Winter? Start Here

Home Tips Jag Dhamrait 16 Sep

Repair professional inspecting a house in autumn. Text reads: “Winter Is Coming. Is Your Home Ready?”

With a cold and snowy winter right around the corner, it’s time to get your home ready for what might be a long period of hibernation. Here we look at the top maintenance items, their costs, and how to budget and finance the repairs you need before the snow flies!

What should you get a temperature check on?

Furnace: Annual cleaning and maintenance will prolong the life of this cold-weather essential. Getting an inspection now gives you the chance to get small repairs done right away so you can fire up the furnace when the temperature does drop. You’ll also find out if a full replacement is on your horizon, which typically runs between $5,000-$15,000 with installation.

Roof: Are there any missing shingles, leaks, or other issues? If your roof needs repair, get it done right away. Not only will you prevent bigger problems down the road, but you’ll also be able to delay a more costly roof replacement. Already too late? A new roof will likely cost you between $10,000-$30,000.

Windows: If it’s just a single window you need to replace, that might only set you back $300-$900. Think big picture too, making sure all the windows are properly sealed. Homes typically need full window replacements every 25-30 years, so factoring in the age of your home will help you decide if it’s better to maintain or more practical to do a full replacement, which will vary depending on how many you have. You could be looking at a price tag over $20,000.

Painting: If your house needs a new coat, or your deck needs waterproofing, now is the time to get it done, Exterior painting season ends soon, but can seal out bugs, water and other hazards. Interior painting can cheer your up while you’re indoors, and you’ve still got time to keep the windows open to ventilate. Budget $2000 for a small space, or up to $20,000 for a larger home.

Siding: Inspect your exterior for any damage, animal nesting, vegetation, cracks or other visible issues. Getting these things resolved can save a ton on heat this winter and increase the value of your home. If you find bigger issues that mean replacing the siding, budget for $10,000-$25,000 depending on the amount of siding.

How do you budget for future repairs?

There are three popular ways to create your home repair and maintenance budget:

The $1 rule: Set aside $1 for every square foot of real estate per year. This is the easiest, but least accurate, way to budget.
The 1% rule: Set aside 1% of your home’s value per year. This is a more accurate, albeit likely more expensive, way to budget.
The bottom-up estimate: Review every potential expenditure, break them down by year and cost, then add up each year’s predicted needs. This is the most accurate, but also most complicated way to budget.

Another factor to consider when budgeting is inflation. Homeowners’ maintenance and repair costs increased by 19.2% from September 2018 to September 2024. That’s prices on things like paint, drywall, flooring, and shingles, plus electrical and plumbing labour. It’s important to increase your budget accordingly!

What financing options are available for immediate needs?

Financing a home renovation or repair is easier if you can budget and save ahead of time. But it doesn’t always work out that way! If your home is in need of major repairs in the next couple of months, a financing solution might be your best option. Talking to a mortgage broker (like me!) can help you identify options that best suit your needs. Some things we can consider:

A Home Equity Line of Credit (HELOC) gives total flexibility in when and how you spend and repay financing. It works just like the overdraft on a bank account. You access funds as you need them, which is perfect for renovations and paying contractors when amounts and timing can change. Plus, you only make payments once you’ve made a withdrawal—which can be as much as you want or as little as interest only.
A Second Mortgage is good for a large lump sum with a reasonable interest rate. It preserves the rate you may have on your existing 1^st mortgage and avoids any penalties for breaking that contract. There are also more flexible lenders with more flexible qualification guidelines, so approval can be easier than other options.
Refinancing can help to consolidate other debts into one lower payment, freeing up cashflow. However, there may be penalties if you break your existing mortgage too early in the term. The rate is always important, and if you’ve got a high rate on your existing financing, we might even be able to find a lower option. A refinance is particularly timely if you’re nearing the end of your term and are ready to tackle a home repair project without touching your existing savings.
A Reverse Mortgage is great for those 55 and older who want total flexibility in repayment. With a reverse mortgage, there is no required monthly payment, although you can repay it if and when you want. You will never owe more than the value of your home, and you can clear up any funds owing when you sell the property if you choose.

If you think repair needs won’t apply to your home, consider that 24% of Canadian households need minor repairs, and 9.8% need major repairs. With that in mind, now is the time to check your home for warning signs, create a plan to mitigate losses, complete needed repairs, and get ahead of trouble! Call me any time to discuss financing options.

Let’s Talk About Your Mortgage Goals

Buying, renewing or refinancing? Let’s explore mortgage options that fit your goals and financial situation.

Jag Dhamrait
Mortgage Agent Level 2
Phone: 647-883-7790
Email: jag@jagdhamrait.com

Apply Now

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From Browsing to Buying: When to Get Prequalified or Preapproved

Mortgage Tips Jag Dhamrait 21 Aug

Woman meeting with two people across a desk, with documents in front of her.

If the idea of buying a home is a blip anywhere on your radar in 2026, you need to know about the prequalification and preapproval process. I’ve got you covered with this Q&A that will give you confidence no matter how far out your home purchase is.

Q: What exactly is a prequalification?

A: A prequalification is a preliminary review of your finances and home purchase budget. It gives you a rough estimate of how much you can afford to spend on a home, and how much financing you could reasonably expect to qualify for. You’ll learn rate types and terms and start considering what will work best for you.

Q: So then what’s a preapproval?

A: A preapproval is a more detailed look at your finances, including substantiating paperwork and other documents. It requires a credit check, your personal information, and detailed financials. Realtors and sellers take this as serious interest in the property.

Q: Does a preapproval guarantee your mortgage financing?

A: No. Because a preapproval is not specific to a property, it’s not a guarantee you can get financing for just any property. The property has to be approved, may need an appraisal, and the final purchase price must meet income ratio guidelines. You’ll apply for a full approval once you’ve selected and made an offer on a home.

Q: At what point should I get a prequalification?

A: BEFORE you start house shopping. When you first start thinking you might have enough for a downpayment, and you want to get a rough idea of what you could afford.

Q: At what point should I get a preapproval?

A: When you’re ready to start seriously house shopping. You’ve got a neighbourhood and some requirements in mind. You’d like to start going to open houses, and ideally make a purchase within the next 1-4 months. You’ll have a more confident and comfortable buying experience if you have one before you make an offer on a home. Just a note here that the property you put an offer in on will still need to be approved by your lender before a mortgage is guaranteed approval.

Q: Where do I get a prequalification or a preapproval?

A: There are two sources for these. The first source is a mortgage broker (like me!), who will review your numbers and shop around to a variety of appropriate lenders on your behalf. I won’t lend you the money directly, but I’ll be the bridge between you and a lender. The second source is directly from a lender (like a bank, credit union, or private lender), which you have to search out and request yourself from each individual lender. With a broker, you’ll have more options and do less work, often for no fee.

Q: How long does it take to get a prequalification or a preapproval?

A: A prequalification can be done pretty quickly and easily, usually in under half an hour. A preapproval means you’re confirming documents and validating finances, so this takes longer. Sometimes as little as an hour, but sometimes a couple days.

Q: Do I automatically get a rate hold?

A: First, a rate hold is exactly what it sounds like – the lender will hold a specific rate for you. This protects against any rises, but if rates fall, that’s still good news as the lender will provide you the new lower rate. Back to the question – where the answer is both no and yes. A prequalification doesn’t include a rate. A preapproval on the other hand does include a rate hold, valid up to 120 days. Be sure to confirm how long the rate is on hold for as that can vary from lender to lender.

Q: What do I need to get a preapproval?

A: You’ll need to bring a list of your assets (including proof of your downpayment), income confirmation documents (like a pay stub), and a detailed account of all your debts (including what the debt is, the outstanding amount, and the payments on it). You’ll also have to provide identification.

Q: How long do my prequalification and preapprovals last?

A: The prequalification is just an estimate, so as long as your finances and employment don’t change, you will still have the same prequalification. Your preapproval on the other hand is based on confirmed documents and usually lasts 90-120 days. Sometimes it’s as little as 60, and in some cases, it can be extended – depending on the lender and your application. Talk to me to confirm the terms for yours.

If you still have questions about a prequalification or preapproval, I’m here for you! Give me a call or send me an email any time.

Let’s Talk About Your Mortgage Goals

Buying, renewing or refinancing? Let’s explore mortgage options that fit your goals and financial situation.

Jag Dhamrait
Mortgage Agent Level 2
Phone: 647-883-7790
Email: jag@jagdhamrait.com

Apply Now

Small Extra Payments = Big Mortgage Wins

Mortgage Tips Jag Dhamrait 18 Jun

Extra mortgage payments can help reduce interest and shorten your amortization, subject to your mortgage terms.

Small extra mortgage payments can make a big difference over time by helping reduce interest and shorten your amortization.

Having some extra cash on hand might give you some breathing room on rising gas and food prices, building an emergency fund, or even the ability to make a big purchase you’ve delayed. But – should you pay down your mortgage instead? If you’re considering paying down your mortgage, you’re in luck, because today we’re going to look at how a lump sum payment can transform your mortgage future.

Base Case Scenario

Here we’re going to look at a mortgage with a $500,000 balance at a rate of 4.99% and a 25-year amortization. In this scenario, your monthly payment would be $2,905.18. If we fast forward 25 years to the end of that mortgage, having made no lump sum payments, you’ll have paid $371,554 in interest and a total of $871,554 in payments for your $500,000 mortgage. Although your rate will vary over the course of your mortgage, in this example we’re going to keep it consistent at 4.99%.

Payment Options

When we’re talking about paying down your mortgage early, there are three main ways you can do this. The first is to save a lump sum of cash, which you put down all at once, one time per a year (for example, on your mortgage anniversary). You don’t have to make this payment every year, but you likely have the option to put down a flexible amount of cash with upper and lower limits every year of your mortgage.

The second option is to round up your regular payments to a set amount. Again, there will be upper and lower limits on how much you can pre-pay, but you’ll likely be able to round up by a couple hundred dollars or to the nearest $100, for example.

The third option is to go with accelerated payments, which are normally offered weekly or bi-weekly. Here the lender will calculate the specific amount for you.

Each of these options will help you pay less in interest over the lifetime of your mortgage, with varying impact on the total amount of interest. Below is a chart showing how these three prepayment types can change your mortgage.

As you can see, even a small monthly increase in your payment can save you tens of thousands of dollars on your mortgage. The biggest impact you can make on your own financial future is to change your payment frequency – the more often you pay, the less interest you pay, and the sooner you pay off your mortgage in full! Even if you don’t have a new mortgage, you can start any of these strategies at any time. Whenever you do start prepaying, you’ll start saving time and money over the rest of the term of your mortgage.

Be Aware: It’s important to consult your lender about what prepayment types and amounts allowed within your current mortgage. Many lenders set prepayment amounts as a percentage of your outstanding mortgage balance, although some lenders offer more unique options like doubling a payment.

If you want to run this scenario for your own mortgage, with whatever numbers you have, and different prepayment amounts, I’ve got great news. You can download my app and do it all – easily and for free – whenever you want. And if you have questions, you can DM or call me right in the app for help!

Let’s Talk About Your Mortgage Goals

Buying, renewing or refinancing? Let’s explore mortgage options that fit your goals and financial situation.

Jag Dhamrait
Mortgage Agent Level 2
Phone: 647-883-7790
Email: jag@jagdhamrait.com

Apply Now

Economic Insights from Dr. Sherry Cooper

Economic News Jag Dhamrait 3 Jun

Outlook for the Canadian Housing Market, 2026–2027

Canada’s housing market is set to undergo a period of slow recovery and structural adjustment in 2026 and 2027.

After several years marked by aggressive rate increases, deteriorating affordability, and uneven regional performance, the market is more likely to stabilize than to stage a dramatic rebound. Forecasts from the Canada Mortgage and Housing Corporation (CMHC), the Canadian Real Estate Association (CREA), and the major financial institutions broadly converge on the same picture: modest price growth, subdued sales activity, and continued supply shortages in key regions over the next two years.

Monetary policy is the central driver of this outlook. The Bank of Canada has lowered the overnight rate from its 5% peak—reached during the inflation-fighting cycle of 2022–2024—to 2.25% today, and the policy rate is expected to remain near current levels through most of 2026.

Market-determined interest rates, however, have moved in the opposite direction. Since the outbreak of the U.S.–Israel–Iran war nearly three months ago, oil prices have surged and inflation expectations have re-priced sharply higher, triggering a broad-based sell-off in government bonds and a meaningful back-up in longer-term yields. The result is a widening gap between the policy rate and the borrowing costs that households and businesses actually face.

Mortgage rates nonetheless sit well below their late-2023 highs, improving affordability at the margin and drawing some sidelined buyers back into the market. A return to the ultra-low borrowing costs that fuelled the pandemic-era boom is not in the cards. The Bank of Canada has been explicit that inflation risks remain elevated—particularly from global energy markets and ongoing geopolitical uncertainty—so rates are likely to hold around current levels through most of 2026 before gradually normalizing in 2027.

Economic growth is expected to remain weak this year, which will cap housing demand. CMHC forecasts Canadian GDP growth of just 0.7% in 2026, making it one of the weakest non-recessionary years in decades. Elevated household debt, soft labour market conditions, and slower income growth are weighing on consumer confidence, which has fallen to a record low. At the same time, reduced immigration targets and slower population growth are easing some of the demand pressures that intensified the housing crisis earlier in the decade.

Home prices are expected to rise only modestly over the next two years. CREA forecasts the national average price to increase roughly 1.5% in 2026 and less than 1% in 2027, leaving prices effectively flat in real terms. CMHC similarly anticipates only limited gains following the price declines recorded in 2025.

Taken together, the market is transitioning out of the speculative conditions of the pandemic era toward a more balanced environment. Buyers have become more price-sensitive, while sellers face stiffer competition from elevated inventory in many urban markets.

Regional divergence will remain one of the defining features of the Canadian market. Ontario and British Columbia are expected to underperform the rest of the country, as affordability remains severely stretched in both provinces. Toronto and Vancouver condominium markets look particularly vulnerable: investor demand has weakened, while developers face rising construction costs and slower pre-sales. CMHC expects housing starts in these markets to remain below historical averages through 2027.

Alberta and parts of Quebec, by contrast, are likely to outperform. Calgary and Edmonton continue to benefit from better affordability, strong interprovincial migration, and comparatively resilient economic growth driven by the energy sector. Quebec’s market has remained more stable thanks to lower average prices and a broader mix of housing types. Even these stronger regions, however, are expected to cool somewhat as national population growth slows and rental supply expands.

Housing supply remains the market’s central long-term challenge. Canada continues to build far fewer homes than are needed to restore affordability. CMHC estimates that the country requires roughly 430,000 to 480,000 new homes annually through 2035 to return affordability to 2019 levels. Yet housing starts are forecast to fall from approximately 259,000 units in 2025 to about 247,000 in 2026 and 223,000 in 2027. Developers are delaying projects in response to financing costs, weaker demand, labour shortages, and elevated construction costs. Condominium development is especially weak, while purpose-built rental construction remains the strongest area of activity.

The rental market is gradually moving back toward balance. A large pipeline of apartment completions in major cities is easing pressure on vacancy rates and slowing rent growth. Rents will remain high by historical standards, but the rapid increases recorded between 2021 and 2024 are expected to moderate. That easing should reduce the urgency for many would-be first-time buyers, a large share of whom have remained renters because ownership costs are still prohibitive.

Overall, the Canadian housing market in 2026 and 2027 is best characterized by a cautious recovery rather than a rapid expansion. Lower policy rates and gradually improving affordability should support a modest pick-up in sales activity, but economic uncertainty, geopolitically driven volatility in market rates, and persistent supply constraints will keep growth in check. Prices are likely to remain relatively stable nationally, with significant divergence between weaker high-cost markets and stronger affordable regions. Over the longer term, Canada’s housing affordability problem will remain unresolved unless construction activity rises substantially above current levels.

Fraud Awareness: Essential Info for Today’s Digital World

Personal Finance Jag Dhamrait 1 Mar

Senior man on cell phone - Fraud awareness for phone scams and digital fraud

Fraud awareness starts with recognizing red flags in calls, emails, texts, and online messages.

March is fraud awareness month, a great reminder that no matter who you are, scams are lurking right around the corner (or in the next email, call or post!). 2026 will undoubtably throw more sneaky, compelling, and downright dastardly scams than ever. So, we’re going to look at how and why fraud scams work, spotlight the techniques scammers use, give you tips on how to recognize a scam, and teach you what you can do to protect yourself.

Why do scams work?

Here are my 4 E’s of an effective scam:

Ego: Some people think they are too smart to fall prey. Their overconfidence says they don’t need to be cautious and that exposes them to unnecessary risk.
Evolution: Scams are diverse and sophisticated – it’s not a Nigerian Prince asking you to share his millions anymore! The constant changing and diversification of scams is fuelled by new technology, making it harder to spot a fake.
Education: A lack of awareness means you’re a step behind a fraudster, and you’re unlikely to recognize the newest and greatest plots.
Exposure: We’re online a LOT, constantly seeing fake ads, sharing our email addresses to get discount codes, commenting on social media posts – you name it. We constantly expose ourselves to predators.

Techniques Scammers Rely On

The first strategy scammers use is emotional manipulation. They’ll create uncomfortable feelings like fear or urgency to get you to act quickly. They’ll also go the sympathy and goodwill route to appeal to your good nature and empathetic side so you help them.

The second strategy scammers use is cognitive bias. It’s our predisposition to a certain mindset that would make you more willing to comply. A few examples:

Optimism Bias: You don’t automatically suspect a scam
Truth Bias: You assume people are telling the truth
Authority Bias: You trust and comply with authority figures (like police or government)

The third strategy scammers use is influence. They’ll compliment you or pretend to have similar likes so they build a relationship with you. They’ll act as experts or authorities so that you trust them. And, they’ll commit to it, starting slow and building over time and increasing their requests.

How Did Scammers Get So Good?

They practice. They aren’t afraid to fail. They don’t take no as an answer. And, perhaps most importantly, they embrace technology. It catches victims unaware and drastically improves their reach and persuasiveness. Here are their fanciest tools.

AI: AI makes it easy for scammers to create professional-looking websites, social media content, online ads, fake photos, persuasive emails and texts, and so much more.
The Dark Web: Scammers can buy nearly any data they want, plus fake identities, malware tools, stolen credit card numbers, ransomware, a fake escrow service or even hire hackers.
Deepfakes: Fake videos that clone real people and real voices are easy to create with free or cheap specialized software. These fake videos can promote products, laud fake charities or causes needing donations, even endorse ponzi schemes and pump-and-dump investments.
Spoofing software: Fraudsters can mimic legitimate phone numbers, emails, or websites and even trick you into thinking you’re dealing with a real person you know.

Red Flags

Scammers aren’t just straight up asking for your SIN and banking info anymore. Here are some common themes to watch for:

Urgency, including limited time offers or requests to act now
Threats, like an account will be closed, you’ll be arrested, or a fine is forthcoming
Uncommon payment forms, like wanting gift cards, cryptocurrency, or Venmo transfers
Secrecy, warning you not to tell friends or family or alert law enforcement
Poor quality, like spelling errors, weird links, or other telltale signs AI has been hard at work
Reciprocity, as in you get hired but you pay for your own training, or you won a prize but you have to pay to receive it

How to Avoid Falling for Scams

If you don’t want to be blindsided by a scam, the first step is to know that scams exist. Staying current on the latest schemes will go a long way. Be skeptical about almost everything online! Installing ScamShield, call blocking or anti-virus software can help prevent a scam artist from contacting you. Multi-factor authentication is a great way to stop scammers from accessing your online accounts.

If you get faced with a scam, take a step back and think about the legitimacy of the situation. Call a trusted friend or loved one and run the situation by them. Just hearing it out loud might make you come to your senses! Practice saying no. Disconnect from the situation and reach out to the company independently (like the CRA, bank, cell phone company or store) to confirm the request or offer is real. Finally, monitor your accounts for any unauthorized activity if you think you might have given away too much information.

Conclusion

If you’d like to learn more, the FCT fraud insights centre is a great place to start. Or, get your information in video form in Mastercard’s Anatomy of a Scam docuseries. Hopefully shining a spotlight on these tactics keeps your safety top of mind. Or as Bert and Gert would say, “Stay Alert, Stay Safe”!

Reverse Mortgages: A Modern Tool for Retirement Planning

Mortgage Tips Jag Dhamrait 23 Feb

Loving senior couple smiling in front of their house. Reverse mortgage retirement planning for Canadian homeowners 55 and older

A reverse mortgage can help homeowners 55 and older access home equity while continuing to live in their home.

Visualize this: It’s 1986. You’re an accountant in Vancouver. You’re seeing seniors living longer, healthier and more self-sufficient lives than ever. But they don’t have enough cash to pay their day-to-day expenses.

You want to help them. So, you create a financial product that lets them access home equity without giving up ownership.

You call it… the Canadian Home Income Plan, and lovingly refer to it as a CHIP. Your product – a reverse mortgage – gives seniors a way to stay in their homes, access the equity without selling, and have complete flexibility and control over the funds. It has a slow start, but over the next decade it catches on across Canada.

Fast forward to 2026 and the reverse mortgage has evolved into a useful tool for so many Canadians. We’ve seen a 40% increase in usage of reverse mortgages in the past 3 years alone! There are several reasons for this, including skyrocketing property values, inflation driving up the cost of living, people living longer and healthier after retirement, and a whopping 71% of those over 75 still owning homes. So, older Canadians are opting to supplement their income with home equity to maintain or improve their standard of living in retirement.

What are the Basics of a Reverse Mortgage?

A reverse mortgage is available exclusively to homeowners aged 55 and older; all applicants must meet that minimum age. You can access anywhere between 15-55% of the value of your home, with your age and the location playing the biggest roles in the amount.

With a reverse mortgage, you can take out money in four different ways:

Use it like a line of credit
Take out a lump sum of cash at any time
Arrange regular ongoing monthly payments
Use a combination of options 2 and 3 above

Also of note is that you must live in the home, maintain the property, and ensure property taxes and insurance are both paid and current. You can get up to 3 reverse mortgages and even qualify for one on multi-unit properties (up to 6 units).

What are the Benefits?

A reverse mortgage doesn’t depend on your credit score or your income for qualification. In fact, you don’t need to have any income at all! You also maintain complete ownership of your home and continue to live in it and build equity.

Another set of benefits are that the funds aren’t considered income, so they’re not taxed and don’t impact any pension or benefits you qualify for. You can even use this as part of your tax strategy (do consult a financial planner about this though).

What Can I Use a Reverse Mortgage for?

These funds are extremely flexible, so you can use them for nearly anything. A few common ways Canadians use them are:

Home renovations or upgrades
Helping family (like a gifted down payment, a living inheritance, or a paying for a wedding)
Buying another property
Paying off higher interest debts
Funding your lifestyle, a vacation, or other expenses

What Will a Reverse Mortgage Cost?

There are two types of costs you’ll encounter with a reverse mortgage.

First, like any mortgage, you’ll be charged interest. The rates are typically 1-2% higher than a regular mortgage, but you have the same flexibility with fixed or variable rates in various terms.

Second, you’ll have upfront costs to fund the reverse mortgage. You’ll need to get independent legal advice, an appraisal on your home, and you’ll most likely pay a lender or setup fee. Those three items will typically cost $1500 – $3000. You might be able to negotiate the rate or even find a promotion that waives the setup fee, so using a mortgage professional to shop around could save you money.

How do I Get Out of a Reverse Mortgage?

Much like a regular mortgage, you can pay off the amount owing in full at the end of the term without penalty. You can also make regular payments to bring down the balance. Lenders may also impose early repayment fees depending on the terms and conditions.

Alternatively, if you sell the property, you repay the amount in full at the time of sale. In the case of death, your reverse mortgage must also be repaid in full, before your estate is disbursed.

Are Reverse Mortgages Regulated?

Yes. The industry is regulated by the Office of the Superintendent of Financial Institutions (OSFI). They’re considered a non-recourse loan, meaning you’ll never have to repay more than the property is worth or sold for. You often see this feature advertised by lenders as a ‘no negative equity guarantee’, but know that’s a legal requirement here in Canada.

Are Reverse Mortgages a Scam?

No. They’re a legitimate and useful way for people to access home equity without selling their home. They’ve been approved and endorsed by the Canadian Association of Retired Persons (CARP), and members can even qualify for a $250 fee rebate upon funding. Plus, the Ontario Teachers Pension Plan invests in one of the main reverse mortgage companies.

However, like any financial product, the reverse mortgage market sees its share of scams. Be sure to use a licensed and experienced mortgage professional to avoid them. Look out for anyone one asking you to sign over the title to your home (never do this), or contractors offering to do the paperwork and get funding for you to fund upgrades or renovations. Those are big red flags!

Are there Alternatives to a Reverse Mortgage?

You always have options! A Home Equity Line of Credit (or HELOC) lets you take out equity and offers up to 80% of the value of your home (although you need income to qualify). You could also sell your home and downsize, rent, or move into another type of residence. No matter what route you go, you’ll want to look at the total cost of each option to help you make the best decision.

What Are the Next Steps to Getting a Reverse Mortgage?

I’d love to help you explore your options. There are several Canadian financial companies that offer reverse mortgages in 2026, each with different fees, requirements and features. I would be happy to compare them and help you pick the best choice for your unique situation. Let’s set up a call to discuss.

Let’s Talk About Your Mortgage Goals

Let’s explore mortgage options that fit your goals and financial situation.

Jag Dhamrait
Mortgage Agent Level 2
Phone: 647-883-7790
Email: jag@jagdhamrait.com

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Estate Planning: Are You Covered?

Personal Finance Jag Dhamrait 27 Jan

“New Year, new you” may be a cliché but it is for a reason! The New Year always has us thinking about where we are now, and where we want to end up. When it comes to your personal goals, a review of your finances and estate should be at the top of your list.

Proper estate planning can ensure that you have a stress-free year knowing you are covered!

Is your will up-to-date?

The purpose of a will is to outline your assets and determine how they will be distributed, as well as who will be in charge of managing affairs. Some key components to include in this document are:

Up-to-date list of your significant assets; note the location if outside your province or outside Canada.
Who will inherit your assets? And which?
Outline of where you want assets to pass outside your estate to avoid probate fees (e.g., an insurance policy, an RRSP)? Do this via beneficiary designation.
- If they are minors, do you have a trust or other provisions in place?
Is the list of beneficiaries in your will up to date? Have there been recent births, deaths or marriages in your family?
Have you included alternates in case your named beneficiaries predecease you?
Do you want to give to charities or other organizations?
If you have children, have you indicated a guardian and spoken to them?
- Did you include an alternate in case the guardian you chose is unable to commit?
- Have you reviewed your choice of guardian as your child grows older?
Your executor who will carry out your wishes after you die. You can name one executor or two or more co-executors. Be sure to name one or more alternates as well.

Have you assigned a power of attorney?

Another important (and often overlooked!) aspect of estate planning involves naming a power of attorney. This individual is someone you trust to make decisions for you should you become unable to do so due to injury or illness, whether temporary or otherwise. Power of attorney documents are created for you by a wills and estates lawyer (or notary in Quebec) as part of your estate plan.

Do you have mortgage protection insurance?

Through Manulife Mortgage Protection Plan (MPP), you have the opportunity to add a portable insurance policy to your mortgage that helps protect your loved ones and your home should something unexpected happen to you. Unlike bank insurance, MPP is a portable life and disability product that you can take with you, from lender to lender and property to property. This gives you the utmost future flexibility and is unlike bank insurance products which tie you down exclusively to them. To ensure you get the best rate at renewal, you must have invested in an insurance product like MPP that will give you the freedom to move!

Mortgage life insurance will protect your family’s future by paying out your mortgage should the mortgage holder pass away. Manulife will also make your mortgage payments while your claim is being adjudicated, so there is no added stress for a loved one at an already difficult time. Mortgage disability insurance will take care of your mortgage payments plus property taxes if you become disabled. Disabilities from sickness and accidents are relatively common and will affect 1 in 3 borrowers throughout their mortgage amortization. Manulife provides budget-friendly payment options, the ability to top-up your coverage and so much more.

These are all important aspects to consider to ensure your estate and family will be provided for should something happen. While never a fun topic, it is an important one and the better prepared you are, the better off your loved ones will be.

I would be happy to discuss coverage with you to ensure peace of mind for your family and their future.

Economic Insights from Dr. Sherry Cooper – December 2023

Economic News Jag Dhamrait 5 Dec

Economic Insights from Dr. Sherry Cooper – December 2023

As we move into year-end, we have every reason to believe that the economy has slowed and inflation, while still above target, has dropped significantly. But slower inflation does not mean falling prices in most markets. Yes, gasoline prices are down, and food inflation has slowed, but the purchasing power of households has not improved.

Consumer confidence is down as many households fear their mortgage renewals, where rising monthly payments will dig even deeper into their discretionary income.

Mortgage arrears are still at historical lows, but credit card and auto loan delinquencies are rising. Housing markets have slowed considerably, even as lenders cut their fixed mortgage loan rates. Declines in variable-rate loans generally await an easing in monetary policy by the Bank of Canada, which is still likely at least six months away.

The good news is that interest rates have likely peaked. So far, the economy is on a glide path for a ‘softish’ landing. I doubt we will see two consecutive quarters of negative growth. And, if we do, the central bank will respond sooner with rate cuts.

The fiscal authorities’ hands are tied. Many accuse Ottawa of increasing budgetary red ink too quickly over the past eight years, especially during the pandemic. Now that market-determined interest rates have risen sharply, the debt financing costs are spiking. The Liberals’ popularity is waning, and while business is calling for investment tax credits and everyone wants more affordable housing, the feds can only marginally affect these issues, given budgetary and political constraints.

The latest gimmick is to reduce short-term rentals by restricting Airbnb properties in some ways, but that will again have a meagre impact. Encouraging construction with GST elimination and cheaper credit is helpful. Still, even if they do lead to 30,000 new rental properties, that’s a drop in the bucket when planned permanent immigration is slated for 500,000 people per year.

The real rebound in economic activity is coming when the BoC signals it will cut the overnight policy rate. In the meantime, it is now a buyers’ market in many localities as home prices decline. The spring housing market could show a meaningful pickup in anticipation of lower rates and more housing supply. Motivated sellers will be out there, and buyers can pre-approve and take their time finding the right fit. The multiple-bidding wars are over. The housing market will lead the economy upward next year.

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