Fools Rush In

Marci • February 27, 2012

 

Buying a house is the largest single financial transaction most people make in their lifetime. It is NOT like buying shoes! You need to make a wise choice as it will have a lasting impact on numerous aspects of your life. Yet you’d be surprised how many people spend more time contemplating shoes than a house purchase.

 

When someone ‘falls in love’ with a home they often rush ahead with the purchase afraid they will ‘lose’ the house to another buyer. While it is normal to have some emotion in the process, don’t let it lead you too fast.

 

With rushed home-buying decisions, your head may be convinced by your heart to pay as much as it takes to get the house. What if, down the road, you need to sell? You may not be able to get the amount you spent. People also fall in love with one or two aspects of a home but the rest of the property doesn’t fit their needs. By taking a pause you’ll be better able to assess the house’s fit to your lifestyle and the pricing and offer strategy.

 

We’ve all heard stories about the “money pit” that a friend of a friend bought. Chances are they rushed into the purchase. When houses are selling fast, it’s easy to get caught up in the excitement, but proper due-diligence gets missed, which can be costly financially and emotionally.

 

Prices rising dramatically, (as we saw around 2004), is not an indicator to ‘buy now’. Often it signals a reduction in pricing down the road. If you buy at a high and the market dips, you can’t sell your house for what you paid, leaving you in a complicated financial situation. Do your research and talk to a good realtor who will explain the market trends.

 

In a market that is moving quickly, you can take 24 hours to think about your offer strategy. However, you must ensure that the property is inspected and there is a bank assessment if you are not going to put these conditions on your offer.

 

In a slower market, 7 to 10 days is reasonable.

 

In all cases, make sure you have your pre-approval with your mortgage specialist in place, know the neighbourhood and make your decision on a solid combination of facts and emotion. You don’t ever want to be making a purchase with emotion leading the charge.

 

Take the time you need to consider the pros and cons and ask for input from others. Yes, it is difficult when you lose a property you had your heart set on, but sometimes, when the heart is deciding, it’s the best decision to let it go. Let facts and logic guide your heart on the purchase of your next home.

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RRSP Home Buyers’ Plan Explained: A Smart Way to Buy Your First Home

By Marci Deane • July 22, 2026
Saving for a down payment is one of the biggest challenges first-time buyers face. What many don’t realize is that the Canadian government offers a program designed to make it easier—the Home Buyers’ Plan (HBP) . This program allows you to withdraw money from your RRSP to help purchase your first home, without immediate tax consequences. Here’s how it works: Who Qualifies? To be eligible, you generally need to be a first-time home buyer. In practical terms, this means you must not have owned a home in the past four years, nor lived in a property owned by your spouse or partner during that time. There are also special allowances if you’re living with a disability or helping a relative with a disability. In these cases, you can use the HBP even if you’ve owned a home more recently. How Much Can You Withdraw? Under the program, you can access up to $35,000 from your RRSP as an individual. Couples can combine their withdrawals for a total of $70,000 . These funds must have been in your RRSP for at least 90 days before you take them out. Paying It Back The HBP isn’t “free money”—it’s an interest-free loan from your own retirement savings. You’ll have 15 years to repay the full amount back into your RRSP, starting in the second year after withdrawal. Each year, the CRA will send you an HBP Statement of Account outlining how much needs to be repaid. If you don’t make your repayment in a given year, that amount will be added to your taxable income. Why It’s a Smart Strategy The HBP can give first-time buyers a powerful boost toward homeownership. It helps you put together a larger down payment, which can reduce your mortgage amount and monthly payments. Just remember: it’s important to balance the short-term benefit of homeownership with the long-term impact on your retirement savings. Next Steps Thinking about using the Home Buyers’ Plan? Let’s sit down and review whether it’s the right move for you. Together, we can create a strategy that gets you into your first home while keeping your future financial goals on track. 📞 Reach out anytime—it would be a pleasure to guide you through the process.

Bank of Canada Holds Rate at 2.25% — July 15, 2026

By Marci Deane • July 15, 2026
The Bank of Canada announced today that it is holding its target for the overnight rate at 2.25%, with the Bank Rate at 2.5% and the deposit rate at 2.20%. The tone of today's announcement is notably more optimistic than previous months. Here's what's changed and what it means for you.

Let’s Talk About Getting Top Dollar for Your Property

By Marci Deane • July 8, 2026
When it comes to selling your home, most people think the first call should be to a real estate agent. But the smartest first step often isn’t with your agent—it’s with an independent mortgage professional. Why? Because your mortgage plays a bigger role in your bottom line than most people realize. Planning to Buy After You Sell If selling means you’ll also be purchasing another property, you’ll want to know exactly where you stand financially before listing. Mortgage rules change regularly, and qualifying once doesn’t guarantee you’ll qualify again. Getting a pre-approval in place ensures you know what you can afford and eliminates surprises later. On top of that, reviewing the terms of your existing mortgage could uncover options you may not have considered. For example, porting your mortgage instead of arranging a brand-new one could save you thousands. Selling Without Buying Even if you aren’t planning to buy right away, there’s still an important step: understanding the cost of breaking your mortgage. Unless your mortgage is open, penalties apply—and they can be significant. By reviewing the numbers with a mortgage professional, you might find that simply adjusting your timeline could reduce or even avoid costly fees. Navigating Life Changes In situations like a marital breakdown, it can feel like selling the family home is the only path forward. But that’s not always the case. With the right guidance and a legal separation agreement, one spouse may be able to buy out the other, keeping the home and providing stability for everyone involved. The Bottom Line Selling your property is more than just putting a sign on the lawn—it’s about creating a financial plan that protects your equity and positions you for the best possible outcome. Before you take the leap, let’s sit down and review your options. 📞 If you’re ready to talk strategy and make sure you get top dollar for your property, I’d be happy to connect anytime.