Housing, Housing and More Housing....

Marci Dean • November 23, 2023

Did you hear? The Federal Government released details on their plans for housing in this weeks’ Fall Economic Statement!  It's all about tackling the housing supply and affordability crisis that's keeping politicians and many Canadians up at night. 


The Liberal Government has committed to add a 3.5 million new housing units by 2030. That's a lot of new homes, if they can do it! Finance Minister Chrystia Freeland outlined the details in the House of Commons, saying her government is planning to spend $20.8 billion over six years, from which $6.3 billion is going straight into housing affordability. But here's the kicker – they're expecting a $40 billion deficit this year. Yikes, this plan is expensive! So, like it or hate it, we can all agree we need more housing and unfortunately that comes at a big cost.

 

I am going to steer clear of the politics and the macro economics of this plan and just outline the nitty gritty below. ?

 

Here's a break down of what was announced:


1.  Cracking Down on Short-term Rentals: They're giving a stern talking-to to non-compliant short-term rentals like Airbnb. The government wants more long-term homes for us Canadians, so they're nixing income tax deductions for owners who don't play by the rules. Say goodbye to tax breaks for short-term rentals in places like Toronto, Montreal, and Vancouver.


2.  Incentivizing New Housing: The government is throwing an extra $1 billion into their Housing Accelerator Fund, aiming to help build 100,000 new homes in five years. Plus, they're handing out low-cost loans, and even saying bye-bye to the GST on new rental construction, but that will cost them $1.1 billion.


3.  The Canadian Mortgage Charter: There's a new kid in town – the Canadian Mortgage Charter. It's all about making sure we get fair and timely mortgage relief if we hit a financial rough patch. If you're struggling, the government wants banks to cut some slack, like allowing temporary extensions and not charging interest on interest during relief periods. ***Watch for a lot more to come on this as we in the industry get copies of the actual document!***


4.  Clarifying the Mortgage Stress Test: Good news! The mortgage stress test won't be making a comeback for insured renewals. The stress test is the tool used by lenders to make sure you can handle your mortgage at a higher interest rate. The change is that now borrowers won't have to be “stress tested” at renewal and this applies even if they move lenders at renewal. As far as we can tell, this is “old news” and was released by OFSI a few weeks ago and since it applies to insured mortgages only, this impacts just 1 in 4 mortgages in Canada. The devil is in the details on this one so stand-by for more as soon as I get the full information AND we learn what our lenders have to say about this. 


5.  Canada Mortgage Bond (CMB) Program: They're upping the game on Canada Mortgage Bonds, planning to increase the annual limit from $40 billion to $60 billion. This extra cash – $20 billion worth – is supposed to help build 30,000 new rental apartments every year.


6.  Priority for Construction Workers: In May, the government started giving the VIP treatment to construction workers. They're fast-tracking permanent residency for those with specific skills, education, and certifications in the construction biz. So far, 1,500 lucky workers have scored permanent residency.


7.  Update on First-Home Savings Account: Remember that Tax-Free First-Home Savings Account they talked about last year? Well, it's official – over 250,000 Canadians have jumped on the bandwagon. You can save up to $8,000 a year, tax-free, for that dream home down payment. It's like a mix of the Tax-Free Savings Account and the Registered Retirement Savings Plan, but for your first home! I will be hosting a webinar on this early in 2024 with one of my Financial Planner referral partners. 


There you have it – the government's game plan to fix up the housing situation. Yes, it is expensive but we can all agree the housing shortages are a real problem in Canada. Time will tell but let's hope these initiatives make finding a home a little less stressful! ??

 

As always, please give me a call or book a time to talk below if you want to discuss your specific situation.

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Is Refinancing Your Mortgage a Good Way to Consolidate Debt?

By Marci Deane • December 3, 2025
If you're a homeowner juggling multiple debts, you're not alone. Credit cards, car loans, lines of credit—it can feel like you’re paying out in every direction with no end in sight. But what if there was a smarter way to handle it? Good news: there is. And it starts with your home. Use the Equity You’ve Built to Lighten the Load Every mortgage payment you make, every bit your home appreciates—you're building equity. And that equity can be a powerful financial tool. Instead of letting high-interest debts drain your income, you can leverage your home’s equity to combine and simplify what you owe into one manageable, lower-interest payment. What Does That Look Like? This strategy is called debt consolidation , and there are a few ways to do it: Refinance your existing mortgage Access a Home Equity Line of Credit (HELOC) Take out a second mortgage Each option has its own pros and cons, and the right one depends on your situation. That’s where I come in—we’ll look at the numbers together and choose the best path forward. What Can You Consolidate? You can roll most types of consumer debt into your mortgage, including: Credit cards Personal loans Payday loans Car loans Unsecured lines of credit Student loans These types of debts often come with sky-high interest rates. When you consolidate them into a mortgage—secured by your home—you can typically access much lower rates, freeing up cash flow and reducing financial stress. Why This Works Debt consolidation through your mortgage offers: Lower interest rates (often significantly lower than credit cards or payday loans) One simple monthly payment Potential for faster repayment Improved cash flow And if your mortgage allows prepayment privileges—like lump-sum payments or increased monthly payments—those features can help you pay everything off even faster. Smart Strategy, Not Just a Quick Fix This isn’t just about lowering your monthly bills (although that’s a major perk). It’s about restructuring your finances in a way that’s sustainable, efficient, and empowering. Instead of feeling like you're constantly catching up, you can create a plan to move forward with confidence—and even start saving again. Here’s What the Process Looks Like: Review your current debts and cash flow Assess how much equity you’ve built in your home Explore consolidation options that fit your goals Create a personalized plan to streamline your payments and reduce overall costs Ready to Regain Control? If your debts are holding you back and you're ready to use the equity you've worked hard to build, let's talk. There’s no pressure—just a practical conversation about your options and how to move toward a more flexible, debt-free future. Reach out today. I’m here to help you make the most of what you already have.

Breaking Down the Real Costs of Homeownership

By Marci Deane • November 26, 2025
Don’t Forget About Closing Costs When planning to buy a home, most people focus on saving for the down payment. But the truth is, that’s only part of the equation. To actually finalize the purchase, you’ll also need to budget for closing costs —the out-of-pocket expenses that come up before you get the keys. Closing costs can add up quickly, which is why they should be part of your pre-approval conversation right from the start. Lenders will even require proof that you’ve got enough funds set aside. For example, if you’re getting an insured (high-ratio) mortgage, you’ll need at least 1.5% of the purchase price available in addition to your down payment. That means a 10% down payment actually requires 11.5% of the purchase price in cash to make everything work. Let’s break down some of the most common expenses you should prepare for: 1. Home Inspection & Appraisal Inspection : Paid by you, this gives peace of mind that the property is in good shape and doesn’t have hidden problems. Appraisal : Required by the lender to confirm value. Sometimes this is covered by mortgage insurance, sometimes by you. 2. Legal Fees A lawyer or notary is required to handle the title transfer and make sure the mortgage is properly registered. Legal fees are often one of the larger closing costs—unless you’re also responsible for property transfer tax. 3. Taxes Many provinces charge a property or land transfer tax based on the home’s purchase price. These fees can range from hundreds to thousands of dollars, so you’ll want to factor them in early. 4. Insurance Property insurance is mandatory—lenders won’t release funds without proof that the home is insured on closing day. Optional coverage like mortgage life, disability, or critical illness insurance may also be worth considering depending on your financial plan. 5. Moving Costs Whether you’re renting a truck, hiring movers, or bribing friends with pizza and gas money, moving comes with expenses. Cross-country moves especially can be surprisingly pricey. 6. Utilities & Deposits Setting up new services (electricity, water, internet) can involve connection fees or deposits, particularly if you don’t already have a payment history with the utility provider. Plan Ahead, Stress Less This list covers the big-ticket items, but every purchase is unique. That’s why it pays to have an accurate estimate of your personal closing costs before you make an offer. If you’d like help planning ahead—or want a breakdown tailored to your situation—let’s connect. I’d be happy to walk you through the numbers and make sure you’re fully prepared.

Why a Mortgage Pre-Approval Protects Both Your Head and Your Heart

By Marci Deane • November 19, 2025
Why a Mortgage Pre-Approval Protects Both Your Head and Your Heart There’s no denying it—buying a home is an emotional journey. In a competitive market, it can feel like you need to stretch beyond your comfort zone or bid above asking just to have a chance. That pressure can make it hard to separate what you want from what you can realistically afford. One of the biggest pitfalls buyers face is falling in love with a home that’s outside their price range. Once that happens, every other property seems like a compromise—even the ones that might have been a perfect fit otherwise. The best way to avoid this heartache? Get pre-approved before you start shopping. What a Pre-Approval Does for You A mortgage pre-approval gives you more than just a number—it provides clarity, confidence, and protection: Know your buying power : Shop within your true price range and avoid disappointment. Spot potential roadblocks : Uncover issues like credit bureau errors before you make an offer. Get organized : Learn exactly what documentation you’ll need so there are no surprises. Lock in a rate : Many lenders hold your rate for 30–120 days, giving you peace of mind if rates rise. Save yourself heartache : Protect yourself from falling for a home you can’t afford. Head vs. Heart Buying a home is about balance. Your head tells you what’s financially sound, your heart tells you what feels right—and both matter. A pre-approval helps bring those two sides together, so you can make confident choices without emotional stress clouding your judgment. The Bottom Line Looking at properties for fun is one thing—but if you’re serious about buying, a pre-approval is the smartest first step you can take. It sets realistic expectations, saves time, and protects your emotions along the way. If you’d like to explore your options and get pre-approved, I’d be happy to walk through the process with you. Let’s make sure you’re ready to shop with confidence.