Embracing Life Beyond Parenthood: Navigating the Empty Nest Transition

Home Tips 1 Sep

Couple relaxing with coffee beside a window overlooking autumn trees.
 

Fall for parents has always meant back to school – but what about when school isn’t local anymore? Or you have a child who has finally spread their wings and moved out of your home? No matter what your relationship is with your kids, living without them is a big life adjustment. Although everyone experiences it differently, here are a few universal ways to help you navigate that change.

Declutter: Decluttering a large home can be emotional, empowering, or exhausting – or all three! Take your time going through each room. Set up piles for donate, sell, and garbage so you can see all your progress. Enjoy the extra space you’re creating in your existing home and all the things you can do with it… like using it for a new hobby.

Find a New Hobby: Now that you have extra space in your home, and extra time on your hands, and maybe even extra money in your wallet, it’s the perfect time to start a new hobby (or pick back up an old one!). There are birds to watch, macrame is making a comeback, pickleball is everywhere, the gym is waiting with open arms, travel is easier than ever, cooking can be incredibly satisfying… the list is endless! Spending time on a new hobby opens the door to new interests, learning and growing as a person, and maybe even meeting new people with similar interests. Or maybe you find out that someone you already know has the same passion.

Reconnect with Friends: Life gets busy when you have kids! Plenty of people face the same struggle and are open to reconnecting once they aren’t driving to soccer, hockey, dance, swimming, horseback riding and debate club every evening and weekend. Consider reaching out via text or social media for a low-stress, low-pressure reunion with old friends. You may have even more in common now than you ever did and be able to create new shared experiences together.

Dreamsize: Consider what you could do with some of the equity in your home if you were to move to something smaller or to a different area. Or maybe you want to be in a different neighbourhood, have more amenities, live in a 55+ or other specialized community. Dreamsizing is about the opportunity to make a housing or mortgage change in this new stage of life.

If you aren’t keen on any of these strategies, consider what will help you continuously improve relationships with your kids, spouse, and yourself. Set up new routines like phone calls or weekly video chats. Schedule date nights. Try journaling. Plan the next times you can look forward to seeing your kids so that you can stay positive throughout their transition to adulthood and independence.

When to seek professional help: depression, extreme sadness or loneliness, anxiety, and other factors should be strong indicators to seek help. Consider therapy or seeing your family doctor for their medical advice if you’re having prolonged bouts of these feelings. Take your mental health seriously, as you have plenty to look forward to.

And no matter what other tactics you choose, put patience first! For yourself, for your kids, for your spouse, for your friends, and anyone else. It’s a big life change, and not everyone will understand what you’re going through. Accept the changes as they come and look forward to the next stages of life for your capable offspring!

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

From Browsing to Buying: When to Get Prequalified or Preapproved

Mortgage Tips 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

Economic Insights from Dr. Sherry Cooper

Economic News 7 Jul

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. Canada’s resale housing market showed its first broad signs of stabilization in June 2026. National home sales rose 0.5% month-over-month, a third consecutive monthly gain that left activity roughly 7% above its March level.

New listings fell 1.3%, tightening the sales-to-new-listings ratio (SNLR) back above the balanced-market midpoint for the first time this year. The National Composite MLS Home Price Index (HPI) was flat month-over-month, ending a run of declines that had persisted since January 2025, though it remained 3.6% below a year earlier.

Resale Market by Region

The seasonally adjusted annual rate (SAAR) of housing starts fell 6% from May to 238,971 units, and the six-month trend eased 2.8% to 248,123 units, which is the lowest level we’ve seen in about a year.

Across the provinces, sales momentum was broadly positive. Most provinces posted a month-over-month sales gain. Price performance split cleanly: benchmark values fell year-over-year in B.C., Alberta, Ontario, and Nova Scotia, and rose everywhere else, led by Newfoundland & Labrador (+10.8%). Manitoba, Saskatchewan, Alberta, and Quebec were tight seller’s markets, while Ontario was the only outright buyer’s market and B.C. the most oversupplied.

Housing Starts by Region

National starts fell 6% to a 238,971 SAAR, below the ~258,000 markets expected, with the decline concentrated in multi-unit construction. Ontario, Alberta, and B.C. led the pullback; Quebec and the smaller Prairie provinces bucked the trend. Among major metros, actual year-over-year starts rose in Toronto (+25%) and Montréal (+10%) but fell sharply in Vancouver (−35%).

Sales-to-New-Listings Ratio by Region

The SNLR is the clearest single gauge of market balance: readings above ~60% lean toward sellers, below 45% toward buyers, and the 45–65% band is broadly balanced. The distribution captures June’s core theme — the Prairies, Quebec, and much of Atlantic Canada are tight, seller-favouring markets with rising prices, while Ontario and British Columbia remain loose and price-soft.

Key Takeaways

  1. Stabilization, not recovery. Sales rose for a third straight month and the benchmark price stopped falling for the first time since January 2025, but the improvement is driven more by falling supply than surging demand.
  2. Price weakness is concentrated. Year-over-year benchmark declines are confined to B.C. (−5.0%), Ontario (−4.6%), Alberta (−1.7%), and Nova Scotia (−1.3%); every other province posted gains.
  3. Construction is cooling. Starts fell 6% with the trend at a one-year low, led by Ontario, Alberta, and B.C.; Quebec and the smaller Prairie provinces bucked the trend.
  4. Metro divergence in building. Toronto (+25%) and Montréal (+10%) starts rose year-over-year while Vancouver dropped 35%.

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 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.

Home Décor Trends to Elevate Your Space

Home Tips 24 Mar

Home décor trends with blue kitchen cabinets and modern finishes

A contemporary kitchen renovation remodeling featuring a center island, hardwood floor and quartz counter.

Minimalism is dead.

In 2026 we’ve moved on, adding colour, vibrancy, new features and personality galore into our homes.

Here are the biggest trends you can keep your eyes (and budget) set on this year:

Grandma Chic: If your birth year starts with 19, you’ll probably feel nostalgic about this trend. Things like florals, ruffles and pleated skirts are back on couches and chairs. Lamp shades, antique clocks, China cabinets and anything else you saw in your grandma’s house in the 80’s is back in style. Your entire house doesn’t need grandma’s approval, but it’s time to proudly and stylishly display any heirlooms she passed down.

Dark Design: Terracotta, dark green, chocolate brown, darker woods… the stylish home has plenty of these colours in 2026. If you want to try it, consider painting your existing cabinetry, adding a chair or couch in a moody shade, or even choosing an area rug that does double duty in style and function while it hides the fact you haven’t vacuumed this week (or month).

Feeling Blue: Blue may not be the Pantone colour of 2026 – but it’s everything in fashion, design, social media content, makeup, even dining. Any shade will do, from icy to electric. It’s super easy to add to your home with things like furniture, dishes, artwork, rugs, or even knickknacks (those are back too… keep reading).

Bidets: Thanks to the explosion in bidet popularity, it’s easy to find an attachment, toilet seat, sprayer or entirely new toilet to bring the bidet lifestyle into your home. Plus, they reduce toilet paper use, saving your home plumbing and the environment! They’re fairly easy to install yourself so if you’re keen on trying one, a trip to your local hardware store is probably all you need.

Walls Are the Art: Wallpaper is back, baby! There are infinite cool patterns and colours to choose from, including some really interesting and personal choices. And don’t forget the fifth wall to every room – the ceiling! Paint it or wallpaper it too, adding drama, interest, and even heights to the space.

Personal Storytelling: This unique approach is about telling your own story, piece by piece. Any room can feel welcoming because nothing is too precious or perfectly styled. It won’t happen overnight though. It’s a rebellion against fast fashion and staged decorating, as you collect everything over your lifetime rather than in one trip to Pottery Barn. Display your travel souvenirs, favourite knickknacks, unique furniture and thrifted gems and enjoy sharing a memory or telling an origin story of your favourite treasures to your guests.

What’s Out

If you’re looking to thoughtfully declutter as you modernize or redecorate your home, here are the top three things to part with.

  • Fake plants. And its cousin, the 2000’s oversized vase with dried wheat.

  • Mass produced wall art. That print of le chat noir or Campbell soup are heading for retirement (or the attic for when they come back in style).

  • Word art. We don’t live laugh or love this look anymore.

I’d love to hear what interior decorating styles and trends you have going on – and if you’re looking at any of these trends to update your existing style. If your home needs a bigger upgrade than just some new design elements, I can always help you sort through the financing options. Call text or email me anytime!

Economic Insights from Dr. Sherry Cooper – Feb 2026

Economic News 3 Feb

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.

Amid significant shifts in global trade dynamics, Canada is redefining its position on the world stage. While the United States continues to make headlines with its assertive trade policies, other nations—Canada included—are forging ahead, adapting and expanding their international relationships.

Last week, Prime Minister Mark Carney’s visit to Beijing marked the first Canadian prime ministerial trip to China since 2017, culminating in a landmark trade agreement. Canada lowered its tariff on Chinese electric vehicles, while China reciprocated by reducing tariffs on Canadian canola seed. Carney emphasized the importance of renewing and strengthening the Canada-China partnership, asserting that these efforts signal a move toward a new global order, with Canadian exporters increasingly seeking opportunities beyond the US market.

Impact on Economic Sectors

The prevailing uncertainty surrounding trade—driven by tariffs and shifting alliances—has contributed to a decline in housing market activity, particularly in Ontario and British Columbia. In contrast, Quebec’s housing market remains more robust, although tariffs on aluminum and lumber have dampened broader economic activity in the province and across Atlantic Canada.

Despite widespread concern about these developments, Canada’s outlook for broadening trading partnerships is stronger than many anticipate. The country possesses substantial competitive advantages that position it well to meet international demand over the next decade.

Canada’s Competitive Advantages

Canada’s strengths lie in its rich natural resources, including oil and gas, uranium, critical minerals, food and agriproducts, fresh water, and Arctic access. These endowments provide a solid foundation for trade diversification.

Historically, 75% of Canadian exports have gone to the US, with agreements like CUSMA offering tariff protections for many Canadian goods. However, recent developments and strategic initiatives are opening new opportunities, especially in the energy and agri-food sectors, where Canada’s geography, resource reserves, and trade agreements align with growing demand from Europe and Asia.

Cross-Cutting Advantages

Resource Endowments

Canada is a leading global supplier of scarce commodities, including crude oil, natural gas, potash, canola, and other agri-food products. Its status as the world’s largest producer of potash is crucial to the US fertilizer supply, and there is significant potential to expand exports to major importers like Brazil, India, and China.

Trade Architecture

Canada benefits from a robust network of trade agreements, including CETA with the EU and CPTPP with Asia-Pacific economies. These agreements lower barriers for exports to Europe and Asia, offering advantages over non-preferential competitors. The country’s trade strategy now aims for a 50% increase in overseas (non-US) exports, a goal already being met ahead of schedule in some sectors.

Reputation and Standards

Canada’s reputation as a politically stable, rules-based, and relatively low-carbon supplier is increasingly valued by global buyers prioritizing security of supply, especially in energy and food. This reputational premium is particularly important for European and Indo-Pacific customers seeking to mitigate risks posed by Russia and certain Middle Eastern suppliers.

Sectoral Opportunities

Oil and Gas: West Coast Egress to Asia

The Trans Mountain Expansion (TMX) and LNG Canada projects have significantly increased Canada’s pipeline and liquefaction capacity, providing direct access to Pacific markets. Since 2017, TMX has enabled a 130% rise in energy exports to overseas destinations, with LNG shipments reaching Japan, South Korea, China, and Malaysia. Chinese purchases of Canadian oil have reached all-time highs.

For North Asian markets, Canadian Pacific Coast LNG shipments are much faster than those from the US Gulf Coast, cutting approximately 20 days off voyages to South Korea. This geographic advantage, combined with Canada’s vast gas reserves and political stability, makes it a structurally competitive supplier to Asian gas markets.

Following the Ukraine conflict, Europe and Asia have strong incentives to diversify their energy sources away from Russia. Canada’s new export infrastructure directly supports this demand, with the global LNG market expected to remain tight through the mid-2020s, offering a window for new Canadian supply to secure long-term contracts.

Metals, Steel, Aluminum, and Autos: Input Strength vs. Finished Goods

Canada’s primary advantages are in upstream metals and minerals, such as iron ore and critical minerals, rather than in finished steel and automotive products. Metal and non-metallic mineral exports have grown rapidly—up about 74% since 2017—driven by gold and other metals.

For steel, aluminum, and auto parts, Canada’s ability to market low-carbon content and secure supply is a key differentiator, especially in jurisdictions tightening carbon and supply-chain regulations. While Canada’s participation in multiple free trade agreements provides tariff preferences in Europe and Asia, the integration and scale of the North American auto platform continue to present challenges for diversification in finished goods.

Agriculture: Canola, Potash, and Food Products

Canada plays a central role in global canola and potash markets and faces strong demand from large agricultural economies outside the US. The country supplies roughly 85–90% of US potash imports but is positioned to pivot toward growing markets such as Brazil, India, and China if US trade becomes less attractive.

China is a major buyer of Canadian raw canola seed and has greater processing capacity than other markets. Canada’s access to Asian and European trade channels further supports diversification. According to Farm Credit Canada, approximately $12 billion CAD in food and beverage exports could be redirected from the US to other markets or to domestic buyers, highlighting significant potential for reallocation.

Canada’s surplus potash supply helps keep domestic fertilizer costs low, allowing grain and oilseed exports to remain competitively priced in third markets. Combined with high standards for food safety and sustainability, Canada presents a compelling value proposition in premium and bulk agri-food markets.

Hydropower and Virtual Water

In the near term, “water exports” are primarily realized through hydroelectric power from resource-rich provinces, rather than bulk water shipments. These hydro resources support green power exports, particularly to the northeastern US, and may contribute to future cross-border electricity grids.

As climate risks grow, Canada’s abundance of water and arable land creates long-term advantages in producing water-intensive goods such as grains, oilseeds, forestry products, and certain metals—positioning the country to supply water-stressed regions globally.

Policy and Political Economy

Canada’s federal strategy now explicitly positions trade diversification as central to risk management and economic resilience. Dedicated tools and financing, including Export Development Canada and trade commissioner services, are helping exporters access non-US markets. Combined with private-sector investments in logistics and port capacity, these efforts continue to reduce the costs and barriers associated with reorienting exports.

Conclusion

Canada’s structural advantages enable a gradual reduction in marginal dependence on the US, particularly in energy, agri-food, and some metals and advanced manufacturing sectors. However, full substitution in autos and certain processed goods remains unrealistic and inefficient due to the deep integration of the North American market. Overall, Canada’s expanding network of trading partners and robust resource base position it well for a resilient economic future.

As these successes mount, Canadian consumer and business confidence will rise, re-igniting pent-up demand in housing. As we move through this transition year, optimism will mount, and reduced housing prices, combined with lower mortgage rates, will return housing activity to more normal levels in the hardest-hit provinces of Ontario and British Columbia.

Estate Planning: Are You Covered?

Personal Finance 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.

Ice to Meet You: Build a Skating Rink in Your Own Backyard

Home Tips 20 Jan

Backyard skating rink at home with snow and hockey net

A common winter scene of a backyard hockey rink in Canada

A skating rink in your own backyard? Yes, please!

A skating rink is a great way to keep kids busy, stay active yourself, entertain guests, or even use as a conversation-starting background to your social media content. Here’s how to make this easy, enjoyable feature at home this month.

  1. Get a tarp: You’ll need to line the area you want to skate on with a heavy-duty tarp. You can get all kinds of sizes, so pick one that suits the area you’re looking to cover. Amazon is an easy destination but a hardware store might be a better bet so you can see and feel the quality before buying. If you think you want to make this rink year after year, consider investing in a quality tarp from heavydutytarps.ca.
  2. Frame the area: Set up a border for your rink using wood you have – scraps, 2x4s, logs, whatever! You can also buy long boards at that same hardware store you’re shopping for your tarp at if you don’t have something suitable at home already. Keep the frame secure with brackets or angles. Alternatively, you can use snow for a frame – just be sure it’s firmly packed and fully covered by the tarp. The frame should be a bit smaller than the tarp’s area, as you’ll want the tarp to come at least 10cms up the sides.
  3. Flood your rink: Use your backyard hose to flood the area until it’s at least 5 centimeters deep. Now the hard part – wait for it to fully freeze.
  4. Decorate your creation: Use strings of outdoor lights to illuminate your rink so it can be used well into the evening. Other fun additions are folding chairs with blankets, an old scrap of carpet where you can put skates on and off, a portable fire pit, a cooler to keep your beverages in, or even an outdoor patio lamp style heater (just not too close to the rink!).

I hope you give this a try – and don’t let my invite get lost in the mail if you do!

Here to There: The Bridge Loan Strategy

Home Tips 5 Jan

Bridge loan strategy for buying and selling a home

Overpass and modern architecture photographed in Chengdu at dusk

Timing is everything when you’re buying and selling a home. But… what if it wasn’t?

When you want to purchase your next dream home, you search the market for days, weeks, even months to find the perfect place. And simultaneously, you prep your own home for sale, open it for viewings, and look for the right offer and buyer.

It’s great if the dates for your purchase and sale align and you want to move in exactly one day. But what if that isn’t the case?

Enter: the bridge loan. It’s literally a bridge between your current home and your future home! It fills the gap of financing when you can’t or don’t want to pay for two mortgages for an extended period of time.

Here are some reasons a bridge loan is a great solution for you:

  1. You want to take your time moving rather than do it all in one day
  2. Your new home purchase closes before your existing home sale
  3. You want to renovate before moving in
  4. You need time to clean or empty your existing home
  5. The housing market is hot and you don’t want to miss a perfect property

If you think there must be a catch – there are a few. Here’s what you need to know:

  • Bridge loans are short term, temporary loans between 1-90 days
  • You need a firm sale agreement on your existing home
  • You will be required to make payments on both mortgages during the bridging period when you own both properties
  • A realtor is required to process the transaction
  • Cash will be required to pay realtor and legal fees, plus any mortgage penalties, outside of the bridge loan and mortgage financing

The pros: You’ll have plenty of flexibility in terms of closing and moving dates. It allows you to buy your dream home when you see it, rather than settle for what’s available in a specific time window. You also have flexibility in terms of your new home purchase, as you won’t need a full downpayment for a new home, instead using the equity you’ve already built up in your existing home.

The cons: You will pay interest on the new financing amount at a higher than your regular mortgage. Plus, you might incur fines for breaking your existing mortgage. You also need to have a lump sum of cash to pay for closing and sale costs. You might also have to use any existing financing sources first, like maxing your line of credit.

Bridge Loans for Land: Some lenders will also offer you the ability to use bridge financing for purchasing land. This works well if you don’t have construction financing secured yet, or you haven’t decided what to do with that land right away. There are more considerations than with an existing home, like borrower options, your net worth, the location of the site, etc.

How it works: You’ll need to use a lawyer and a realtor. When you complete your new home purchase, you’ll sign documentation that guarantees you will use the funds from your sale to pay off the bridge loan (you won’t get any cash out of the deal). Your lender may also require a collateral charge on the property you’re selling, depending on their conditions and the amount of the bridge loan.

Next steps: Want to calculate what it would cost, run your scenario for viability, or even apply for a bridge loan? Call or email me! It costs nothing to get my expertise on the financial aspects of your home purchase and financing plans!

Economic Insights from Dr. Sherry Cooper – December 2023

Economic News 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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