Have You Considered Going Tankless?

Marci • October 2, 2015

If you are looking for ways to be more responsible with energy costs around your home (and save a little money in the process), considering a tankless water heater is probably already on your radar. But is it really worth it? There are certainly a lot of factors that will go into your decision about equipping your house with one of these units! Here are a couple things you should consider!

What are you trying to accomplish by going tankless?

The most common reasons people choose a tankless water heater are:

1. Not to have to wait for hot water.

2. Not to have the hot water run out.

3. To save space by not having a huge tank.

4. More environmentally responsible.

5. To save money long term on heating costs compared to a hot water tank.

However, before rushing into buying a tankless water heater, you should ask yourself?

1. How long am I currently waiting for hot water?

2. Am I currently running out of hot water on a regular basis?

3. Is saving space a concern for me?

4. How efficient is my current water heater? Obviously going tankless will be more efficient, but just how much more? There is a good chance your current unit is performing at a level that isn’t horrible.

5. How much money will I save yearly with a tankless heater compared to a hot water tank? Make sure you understand how long it will take to recover the added upfront costs of going tankless through the long term money savings on your energy bill! If it’s going to take you 75 years to recoup your money, is it really worth it?

Just as each house is different and has unique needs, so is each person and family. There is certainly no cut and dry, right or wrong answer when it comes to Tank vs Tankless. The best you can do is evaluate your needs and make an informed decision!

Transcript

Water heating can account for 25 per cent of the energy bill for many Canadian homes – especially those with large families that use lots of hot water. Hot water usage can be reduced by installing low-flow shower heads, faucet aerators, insulating pipes, and water efficient appliances.

You may also be able to reduce your water heating bill by installing an “on-demand” or “instantaneous” water heater. These compact water heaters use high inputs of gas or electricity to instantly heat water as it is needed. As high-efficiency tankless water heaters don’t have to keep large volumes of water heated 24 hours a day, studies have shown that they can reduce energy consumption for water heating by 40 per cent.

Tankless water heaters can be hung on a wall and require little floor space making them attractive for smaller homes. But they need to be properly located, sized and installed to meet your household’s needs. For instance, gas-fired instantaneous water tanks may need different venting arrangements and perhaps larger gas pipes to deliver higher gas flows to the heater.

Keep in mind that the energy savings from an instantaneous water heater can literally go down the drain if their “endless” hot water capabilities just mean longer showers by household members.

Whatever system you choose, it’s always a good idea to know the costs and potential savings so you can make an informed decision. Ask a qualified contractor to assess your hot water needs and recommend a water heating system that will meet them as efficiently and cost-effectively as possible. To learn more about tankless water heaters, or for more information on sustainable features for your home, visit cmhc.ca.

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How to Maximize Your Mortgage Renewal Opportunity

By Marci Deane • October 7, 2026
Your Lender Is Not Obligated to Renew Your Mortgage Many homeowners assume that if they’ve made every mortgage payment on time, their lender is automatically required to renew their mortgage at the end of the term. That’s a common belief—but it isn’t true. When you sign a mortgage, you’re agreeing to a contract for a specific term . Once that term ends, the lender has the legal right to either renew the mortgage or call the loan . There is no obligation to offer a renewal. In practice, most lenders do renew mortgages—but certain situations can prevent that from happening. Reasons a Lender May Decline to Renew A lender may choose not to renew if: Mortgage payments were missed during the term A bankruptcy or consumer proposal has occurred There is a separation or divorce Employment or income has changed A borrower on the mortgage has passed away The lender no longer prefers the property’s location or market The lender is no longer licensed to lend in Canada Even one of these factors can change how a lender views the risk. Why This Matters Because renewal is not guaranteed, waiting until the last minute can put you in a difficult position. Understanding this reality early gives you time and control. How to Protect Yourself at Renewal The best approach is to be proactive. Ideally, you should begin reviewing your options 120 days before your mortgage term ends . This gives you enough time to explore alternatives and make informed decisions—rather than reacting under pressure. Even if your current lender offers a renewal, that’s just one option , not automatically the best one. The lender that was right for you years ago may no longer offer the most competitive rate, terms, or flexibility today. The goal at renewal isn’t convenience—it’s reducing your total cost of borrowing and choosing terms that align with your current situation. Why Work With an Independent Mortgage Professional Working with an independent mortgage professional ensures someone is advocating for you , not the lender. Instead of being limited to one set of products, you can compare options across multiple lenders and choose the solution that best protects your interests. Final Thoughts Whether your lender is offering a renewal or not, the smartest move is to review all your options before signing anything. If your mortgage is coming up for renewal—or if you want to plan ahead—feel free to connect anytime. I’d be happy to help you protect your options and make a confident decision.

How Property Type and Condition Influence Mortgage Financing

By Marci Deane • September 30, 2026
Why the Property Matters When You’re Qualifying for a Mortgage When qualifying for a mortgage, lenders typically look at four core areas: Income Credit Down payment or equity The property itself Most buyers focus heavily on income, credit, and savings—and for good reason. But even if those boxes are checked, the property can still determine whether a mortgage is approved. Why Lenders Care About the Property From a lender’s perspective, the property is the collateral for the mortgage. In the unlikely event of default, they need to know the home can be sold quickly and at fair market value to recover their funds. Because of this, lenders are careful about the condition, value, and marketability of any property they finance. Homes that are in poor repair, unconventional, or overpriced can raise red flags—even when the borrower is well qualified. Appraisals Are Always Part of the Process Every mortgage requires an appraisal to confirm value. Insured mortgages (through CMHC, Sagen, or Canada Guaranty) often use an automated valuation model completed online. Conventional mortgages typically require a full, on-site appraisal by a certified appraiser. This appraisal is not optional and happens after an offer is accepted—not at the pre-approval stage. Why Pre-Approvals Aren’t a Guarantee A pre-approval is a great first step, but it only assesses you, not the property. Once you’ve made an offer, the lender must approve the specific home you’re buying. Understanding this upfront helps avoid surprises and confusion later in the process. The Risk of Buying Without a Financing Condition In competitive markets, buyers sometimes remove financing conditions to strengthen their offer. However, this comes with risk. If the appraisal comes back low—or the lender is concerned about the property’s condition—you could be denied financing after the offer is firm. In that scenario, your deposit may be at risk. Buying a Home That Needs Work If you’re considering a property that isn’t in perfect condition, there are solutions. A purchase plus improvements program allows you to buy a home and include renovation costs in your mortgage. The process is structured and requires planning, but it can be an excellent way to turn a fixer-upper into a great long-term investment. Final Thoughts Mortgage approval isn’t based solely on your finances—the property matters just as much. Knowing this ahead of time helps you make smarter offers, reduce risk, and plan more effectively. If you’re buying a property that needs work or want clarity on how a lender may view a specific home, feel free to reach out. I’d be happy to walk you through your options and help you plan with confidence.

What You Need to Know About Mortgages and Parental Leave

By Marci Deane • September 23, 2026
If the title of this article caught your attention, chances are your family is growing. Congratulations. If you’re thinking now is the right time to move into a home that better fits your growing family—but you’re unsure how parental leave affects your ability to qualify for a mortgage—you’re in the right place. Here’s the good news. Qualifying for a mortgage while on parental leave is possible when it’s done correctly. When you work with an independent mortgage professional, lenders can often qualify you based on your return-to-work income , as long as you can provide documentation confirming you have guaranteed employment waiting for you. A word of caution If you walk into a bank branch and disclose that you’re currently on parental leave, there’s a chance the bank will only allow you to qualify using your parental leave income. That can significantly reduce your borrowing power. Parental leave income is typically limited to 55% of your previous earnings, up to a weekly maximum. Qualifying on that amount alone can restrict your options and impact the type of home you can purchase. Why lender choice matters One of the biggest advantages of working with an independent mortgage professional is choice . You’re not limited to one lender’s rules or products. Some lenders will allow you to qualify using 100% of your confirmed return-to-work income , which can make a meaningful difference in your approval amount and overall options. What you’ll need to qualify Most lenders will require an employment letter that includes: Employer name (preferably on company letterhead) Your job title Original start date (to confirm probation has been completed) Confirmed return-to-work date Guaranteed salary upon return Lenders want reassurance that your income will resume once parental leave ends. You may also be asked to provide income history from the past couple of years, which is standard for most mortgage applications. One important note Whether or not you actually return to work after parental leave is entirely your decision. From a mortgage perspective, qualification is based on having a confirmed position available to you at the time of approval. If you have questions about qualifying for a mortgage while on parental leave—or anything mortgage-related—please connect anytime. I’d be happy to walk you through your options and help you plan with confidence.