Is the Housing Market Turning a Corner?

Marci • August 15, 2018

While Vancouver area home sales are still posting year-over-year declines, signs are appearing in the Greater Toronto Area that the worst of the housing correction is now over.

Experts say that likely won’t be enough to stave off a slowdown in national GDP growth, however, which in part will be impacted by the housing market’s weak performance over the first half of the year.

Is the Housing Market Turning a Corner?

Following weak home sales activity for the first half of the year, recent data is suggesting the housing market may be adapting to new mortgage rules and higher rates and turning a corner for H2.

“Early data for the month of July reported this week was mixed, but overall suggest that the worst of the housing correction is in the rear-view mirror,” senior TD economist James Marple  wrote  in a research note.

GTA home sales were up 6.6% year-over-year in July, with the sales-to-new-listings ratio rising to 50%, up from a trough of 44 per cent in March. Prices are also up 3.1% from June.

“All told, there are still some soft spots on the landscape, and temporary factors appear likely to return in the third quarter (shutdowns in the Alberta oil patch),” he added. “Still, for the year as a whole, the Canadian economy looks to maintain above-trend growth.”

Last month TD economist Ksenia Bushmeneva also predicted a turnaround for the second half of 2018. “Historically, the impact of policy changes is swift but short-lived, and it seems that the housing market is once again finding its footing. We expect that resale activity hit its trough in Q2 and will begin to gradually recover thereafter,” Bushmeneva wrote.

Marple added that with inflation above 2% and unemployment “close to a historical nadir, the case for continued increases in interest rates remains solid.” OIS markets are currently 32% priced in for a rate hike at the BoC’s next meeting on September 5.

GVA, GTA Housing Slowdowns Affecting National Growth

Lower home sales in Canada’s two largest housing markets this year are causing a ripple effect throughout the Canadian economy, the Globe and Mail  reported.

Residential real estate activity accounts for roughly 7% of this country’s GDP, the article noted, and quoted economists who say a drop in resale activity is causing many to revise down growth forecasts.

National resale activity in the first half of 2018 fell 14% from 2017, while Greater Vancouver and the Greater Toronto Area saw drops of 25.5% and 27%, respectively. While activity in the GTA picked up in June and July, Vancouver activity is still down 30% from last year.

Although resale activity has less of an impact on GDP compared to new home construction, RBC senior economist Robert Hogue said it’s still enough to reduce the rate of GDP growth.

“That slowdown is having an effect,” Hogue noted in a research note. “It may not have the effect we might think intuitively, like it is going to take GDP [growth] down to negative. But not contributing to growth, I would say, is a pretty significant development.”

Hogue forecasts national GDP growth will slow to 1.9% in 2018 from 3% last year, and growth in Ontario to fall to 2% from 2.7% last year.

Vancouver Residents Continue to Blame Foreign Buyers for Housing Crisis

An overwhelming majority of Vancouver residents believe foreign buyers are responsible for the city’s housing crisis, despite studies showing that they play a relatively small role in house price appreciation.

A new poll from Insights West found that 90% of Metro Vancouverites believe the city is in the midst of a housing crisis, with 84% believing foreign homebuyers are responsible for the current situation.

Other factors residents cite include:

  • Population growth (80%)
  • Shadow flipping (76%)
  • Money laundering (73%)
  • City and municipal zoning bylaw (63%)
  • Immigration (58%)
  • Lack of available land due to geography (53%)
  • Interprovincial migration (46%)

“There is no doubt that Metro Vancouver residents believe that we are in a major crisis when it comes to housing, and the issue is dominating public opinion and the public agenda,” Insights West President Steve Mossop said in a release. “What is surprising though are the misconceptions that exist with respect to the culprits and causes of this crisis.”

 

This article was written by Steve Huebl and originally published on Canadian Mortgage Trends on August 8th 2018. 

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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.

Don’t Let Collections Derail Your Mortgage Application

By Marci Deane • July 1, 2026
Can You Get a Mortgage If You Have Collections on Your Credit Report? Short answer? Not easily. Long answer? It depends—and it’s more common (and fixable) than you might think. When it comes to applying for a mortgage, your credit report tells lenders a story. Collections—debts that have been passed to a collection agency because they weren’t paid on time—are big red flags in that story. Regardless of how or why they got there, open collections are going to hurt your chances of getting approved. Let’s break this down. What Exactly Is a Collection? A collection appears on your credit report when a bill goes unpaid for long enough that the lender decides to stop chasing you—and hires a collection agency to do it instead. It doesn’t matter whether it was an unpaid phone bill, a forgotten credit card, or a disputed fine: to a lender, it signals risk. And lenders don’t like risk. Why It Matters to Mortgage Lenders? Lenders use your credit report to gauge how trustworthy you are with borrowed money. If they see you haven’t paid a past debt, especially recently, it suggests you might do the same with a new mortgage—and that’s enough to get your application denied. Even small collections can cause problems. A $32 unpaid utility bill might seem insignificant to you, but to a lender, it’s a red flag waving loudly. But What If I Didn’t Know About the Collection? It happens all the time. You move provinces and miss a final utility charge. Your cell provider sends a bill to an old address. Or maybe the collection is showing in error—credit reports aren’t perfect, and mistakes do happen. Regardless of the reason, the responsibility to resolve it still falls on you. Even if it’s an honest oversight or an error, lenders will expect you to clear it up or prove it’s been paid. And What If I Chose Not to Pay It? Some people intentionally leave certain collections unpaid—maybe they disagree with a charge, or feel a fine is unfair. Here are a few common “moral stand” collections: Disputed phone bills COVID-related fines Traffic tickets Unpaid spousal or child support While you might feel justified, lenders don’t take sides. They’re not interested in why a collection exists—only that it hasn’t been dealt with. And if it’s still active, that could be enough to derail your mortgage application. How Can You Find Out What’s On Your Report? Easy. You can check it yourself through services like Equifax or TransUnion, or you can work with a mortgage advisor to go through a full pre-approval. A pre-approval will quickly uncover any credit issues, including collections—giving you a chance to fix them before you apply for a mortgage. What To Do If You Have Collections Verify: Make sure the collection is accurate. Pay or Dispute: Settle the debt or begin a dispute process if it’s an error. Get Proof: Even if your credit report hasn’t updated yet, documentation showing the debt is paid can be enough for some lenders. Work With a Pro: A mortgage advisor can help you build a strategy and connect you with lenders who offer flexible solutions. Collections are common, but they can absolutely block your path to mortgage financing. Whether you knew about them or not, the best approach is to take action early. If you’d like to find out where you stand—or need help navigating your credit report—I’d be happy to help. Let’s make sure your next mortgage application has the best possible chance of approval.

Best Mortgage Options for Canadian Homebuyers

By Marci Deane • June 24, 2026
Thinking of Calling Your Bank for a Mortgage? Read This First. If you're buying a home or renewing your mortgage, your first instinct might be to call your bank. It's familiar. It's easy. But it might also cost you more than you realize—in money, flexibility, and long-term satisfaction. Before you sign anything, here are four things your bank won’t tell you—and four reasons why working with an independent mortgage professional is the smarter move. 1. Your Bank Offers Limited Mortgage Options Banks can only offer what they sell. So if your financial situation doesn’t fit neatly into their guidelines—or if you’re looking for competitive terms—you might be out of luck. Working with a mortgage broker? You get access to mortgage products from hundreds of lenders : major banks, credit unions, monoline lenders, alternative lenders, B lenders, and even private funds. That means more options, more flexibility, and a much better chance of finding a mortgage that fits you. 2. Bank Reps Are Salespeople—Not Mortgage Strategists Let’s be honest: most bank mortgage reps are trained to sell their employer’s products—not to analyze your financial goals or tailor a long-term mortgage plan. Their job is to generate revenue for the bank. Independent mortgage professionals are different. We’re not tied to one lender—we’re tied to you. Our job is to shop around, negotiate on your behalf, and recommend the mortgage that offers the best balance of rate, terms, and flexibility. And yes, we get paid by the lender—but only after we find you a mortgage that works for your situation. That creates a win-win-win: you get the best deal, we earn our fee, and the lender earns your business. 3. Banks Don’t Lead with Their Best Rate It’s true. Banks often reserve their best rates for those who ask for them—or threaten to walk. And guess what? Most people don’t. Over 50% of Canadians accept the first renewal offer they get by mail. No questions asked. That’s exactly what the banks count on. Mortgage professionals don’t play that game. We start by finding lenders offering competitive rates upfront, and we handle the negotiations for you. There’s no guesswork, no pressure, and no settling for less than you deserve. 4. Bank Mortgages Are Often More Restrictive Than You Think Not all mortgages are created equal. Some come with hidden traps—especially around penalties. Ever heard of a sky-high prepayment charge when someone breaks their mortgage early? That’s often due to something called an Interest Rate Differential (IRD) —and big banks are notorious for using the harshest IRD calculations. When we help you choose a mortgage, we don’t just focus on the interest rate. We look at the whole picture, including: Prepayment privileges Penalty calculations Portability Future flexibility That way, if your life changes, your mortgage won’t become a financial anchor. A Quick Recap What your bank typically offers: Only their own limited mortgage products Sales-focused representatives, not mortgage strategists Default rates that aren’t usually their best Restrictive contracts with high penalties What an independent mortgage professional delivers: Access to over 200 lenders and customized mortgage solutions Personalized advice and long-term financial strategy Competitive rates and terms upfront Transparent, flexible mortgage options designed around your needs Let’s Talk Before You Sign Your mortgage is likely the biggest financial commitment you’ll ever make. So why settle for a one-size-fits-all solution? If you're buying, refinancing, or renewing, I’d love to help you explore your options, explain the fine print, and find a mortgage that truly works for you. Let’s start with a conversation—no pressure, just good advice.