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Let’s be real—2020 was a great time to buy a home. Prices were lower, and mortgage rates were sitting at 2.84% . But if you didn’t buy then, you’re not alone. Many people hesitated, waiting for the “perfect” time to enter the market. Now, home prices are higher, rates have fluctuated, and some buyers are still waiting. But here’s the truth: there is no perfect time to buy—only the right time for you. Barbara Corcoran [ @barbaracorcoran ] puts it: "The perfect time to buy a house? When you can afford the down payment—not when you’re waiting for the ‘perfect’ market."

Is the Economy Going to Crash? What Canadian Homebuyers Need to Know With new U.S. tariffs on Canadian goods already in place —and Canada retaliating with its own tariffs—many Canadians are asking: "Are mortgage rates going to go down in 2025?" "Is the economy going to crash?" "How will these tariffs impact home prices and affordability?" These are valid concerns, especially for homebuyers, homeowners renewing their mortgages, and those considering refinancing. While we can’t predict the future with certainty, the Bank of Canada (BoC) is widely expected to cut interest rates in 2025 to help offset economic uncertainty. However, rising inflation and shifting trade policies could complicate how quickly and how much rates actually drop. Here’s what you need to know about how these tariffs could affect Canada’s economy, mortgage rates, and home affordability in the coming months. Will Mortgage Rates Go Down in 2025? The Bank of Canada has been signaling rate cuts for months, but how low they go—and how quickly—depends on several factors: Tariffs are slowing economic growth – The new U.S. tariffs on Canadian goods, and Canada's retaliatory tariffs on U.S. imports, are putting pressure on businesses and increasing costs for consumers. If economic growth slows significantly, the BoC may lower rates to keep borrowing and spending active. Inflation is still a concern – Higher tariffs often lead to higher prices for goods, which could drive up inflation. The BoC has to balance rate cuts with the risk of rising inflation, which could slow the pace of cuts. Global uncertainty adds risk – The U.S. election, ongoing geopolitical tensions, and financial market fluctuations all add unpredictability. If the economy worsens, rate cuts may come sooner and deeper than expected. What Does This Mean for You? Rates are expected to decrease , but we’re in uncertain times. If you're thinking about buying a home, refinancing, or renewing your mortgage, the best approach is to lock in now with flexibility to adjust later . Should You Lock in a Mortgage Rate Now or Wait? Many homebuyers and homeowners are wondering whether they should lock in a mortgage rate now or wait for rates to drop further in 2025. The good news? Most lenders allow you to lower your rate if rates drop before closing. Here’s why locking in now is a smart move: Locking in protects you from unexpected rate hikes – While rates are projected to drop, inflation or unexpected economic shocks could slow cuts or even cause rates to rise. Locking in now ensures you’re covered. Many lenders allow a rate drop before closing – If rates go lower before your mortgage is finalized, most lenders will adjust your rate accordingly. This gives you peace of mind knowing you're getting the best possible deal. Economic uncertainty makes waiting risky – Tariffs, inflation, and global trade tensions all create uncertainty. Locking in now ensures you don’t miss out on today's competitive rates while still giving you room to adjust. Fixed vs. Variable: Which Mortgage Should You Choose? If you're debating between a fixed or variable mortgage, here’s what to consider: Mortgage Type Best For Considerations Fixed-Rate Mortgage Homeowners who want predictability Offers stability, but you might miss out on savings if rates drop significantly. Variable-Rate Mortgage Borrowers who are comfortable with fluctuating payments Can save you money if rates decrease, but payments could rise if inflation pressures slow rate cuts. If you’re unsure which option is best for you, let’s discuss your financial goals and find the right strategy. Is the Economy Going to Crash? What This Means for Canadian Homebuyers While Canada’s economy is facing major uncertainty , most experts do not expect a full-blown crash. Instead, we’re likely to see: Slower economic growth due to rising costs from tariffs and inflationary pressures. Lower interest rates as the BoC tries to stimulate economic activity. A cooling housing market in some regions, as affordability challenges affect demand. The best thing you can do right now is stay informed and make proactive mortgage decisions that protect your financial future. Let’s Talk About Your Mortgage Options Navigating the mortgage market in uncertain times can be confusing, but you don’t have to do it alone. Whether you’re looking to buy a home, renew your mortgage, or refinance for a better rate , I can help.  📞 Call me at 403-968-2784 or email christine@flaremortgagegroup.com ,and let’s create a mortgage strategy that fits your needs.

With all the uncertainty surrounding Canada’s proposed capital gains tax changes, many property owners are asking, "Do I have to pay capital gains if I sell my house?" or "Should I sell my investment property before the tax rules change?" In June 2024 , the federal government proposed increasing the capital gains inclusion rate —the portion of capital gains that is taxable. This change could significantly impact investors and property owners selling secondary residences, rental properties, or cottages. But here’s the challenge: the rules haven’t been finalized yet. As Jamie Golombek explains in a recent Financial Post article, “ Uncertainty remains as to what the final capital gains tax rules will look like, or even if they will be implemented at all. ” Despite this uncertainty, the Canada Revenue Agency (CRA) has announced it will proceed with collecting taxes based on the proposed higher inclusion rate until a final decision is made. This means that even if you sell now, you could still face a larger tax bill. If the rules are later changed or rejected, the CRA may adjust tax filings—but in the meantime, selling could cost you more than you expect. The good news? Selling isn’t your only option. If you need access to cash or want to better manage your finances, refinancing or exploring alternative lending solutions could provide the flexibility you need—without triggering a large tax bill. Ways to Access Cash Without Immediately Selling If you need funds but aren’t sure whether selling is the best choice, here are some flexible ways to access cash while holding onto your property: 1. Refinancing Your Mortgage Access tax-free cash by using your home equity. Adjust your mortgage terms to fit your financial needs. Keep your property and continue building long-term wealth. 2. Alternative and Private Lenders Flexible lending options with easier qualification. Quick access to funds without selling your property. Short-term solutions to manage cash flow. 3. Reverse Mortgage (For Canadians 55+) Access tax-free equity with no monthly payments. Stay in your home while improving cash flow. Ideal for retirees on fixed incomes. 4. No-Payment Loan Options Interest-only or deferred payment loans. Manage expenses without immediate financial pressure. A flexible option to bridge financial gaps. Comparing Your Options: Sell or Keep Your Property? It’s important to weigh the pros and cons before making a decision. Here’s a simple comparison of selling versus other financing strategies:

The start of a new year inspires us to set ambitious goals, from getting fit to saving more money. But did you know that most people abandon their resolutions just 36 days into the year ? That’s right—by early February, many of us have already fallen back into old habits. When it comes to major financial goals like homeownership, buying a rental property, or planning your housing for retirement, it’s even easier to get derailed. The process can feel overwhelming, especially if you’re going it alone. But here’s the good news: working with a team of experts, like myself, can help you stay on track and achieve those dreams. Let’s break down why 2025 is the perfect year to act, how to buy a rental property, and the common mistakes to avoid along the way.

The Bank of Canada recently made headlines by cutting its benchmark interest rate by 50 basis points, a move aimed at providing relief to borrowers and stimulating economic growth. This rate cut—the second in recent months—is a game-changer for homeowners and prospective buyers alike. As your trusted mortgage broker, we’re here to break down what this means for you and how it could impact your financial decisions.

In January the Teranet–National Bank National Composite House Price IndexTM was up 0.3% from the previous month. It was the third consecutive month in which the index rose less than the month before. The increase was led by five of the 11 constituent markets: Hamilton (2.0%), Montreal (1.0%), Victoria (0.6%), Halifax (0.4%) and Vancouver (0.4%). Rises of less than the countrywide average were reported for Quebec City (0.3%) and Ottawa-Gatineau (0.1%). Indexes were down from the month before in Toronto (−0.1%), Calgary (−0.2%), Edmonton (−0.4%) and Winnipeg (−0.4%). After three months – September, October, November – in which all 11 markets of the composite index were up from the month before, it was a second consecutive month in which one or more markets were down on the month.  The price rise is consistent with the rise of home sales volume over the last several months as reported by the Canadian Real Estate Association. For a fifth straight month, the number of sale pairs[1] entering into the 11 metropolitan indexes was higher than a year earlier. The unsmoothed composite index, seasonally adjusted, was up 0.9% in January, suggesting that the published (smoothed) index could continue its uptrend.

In January, Canadian home sales increased 2.0% month-on-month, building on December's 7.0% gain. On a year-on-year basis, they were up 35.2%. Provincially, sales were up in 8 of 10 provinces in January, with strong gains recorded in PEI (+20.5% m/m) and Alberta (+11.9%). On the flipside, a relatively steep decline was recorded in Nova Scotia (-8.3%). New listings dropped by 13.5% m/m in January. The combination of rising sales and falling new listings brought the months supply of inventory measure to under 1.9 months. The national sales-to-new listings ratio also increased to 90.7% – its highest level by far. Every province was in sellers' territory in December, and many of those in the eastern part of Canada had ratios over 100% (Quebec: 128.3%; New Brunswick: 116.0%; Nova Scotia: 114.3% and PEI:101.5%). This means that there were more sales than new units listed last month in these provinces. This is a rare situation, but has occurred before in the Atlantic Provinces. However, January marked a first on this front in Quebec. Elsewhere, ratios were particularly elevated in Manitoba (86.1%) and Ontario (88.6). Strong demand and historically tight conditions were reflected in prices. Indeed, Canadian average home prices surged by 4.7% m/m in January. On a year-on-year basis, they were up 22.8%, marking an acceleration from December. However, prices were up in 8 of 10 provinces during the month, with the largest gains occurring in Alberta (+8.1%) and Ontario (7.4%). Compared with the average sales price, the MLS home price index, a more "like for like" measure, increased 2.0% m/m. Single family home prices rose 2.6% m/m (and a robust 17.4% y/y), whereas apartment prices advanced by a smaller 0.2% m/m (and decelerated to 3.3% y/y). In Toronto, apartment prices increased 0.4% m/m, the first gain in 4 months. Key Implications Home sales picked up right where they left off to start 2021. Demand was likely given a lift by ultra-low mortgage rates, which dropped again during the month. January's robust gain coupled with a strong handoff into this year virtually ensures that sales will increase in the first quarter. However, with sales likely running above fundamentally-supported levels, we think some cooling in activity will take place, especially in the second half. A dwindling supply of inventories, when benchmarked against the current sales pace, could also weigh on activity moving forward. With today's data showing a solid gain in prices last month and new supply collapsing across nearly the entire country, markets were historically tight. This points to further strong price gains ahead in the near-term. Also notable was that benchmark condo prices grew for the first time in several months in Toronto. Although supply remains elevated, conditions are becoming tighter than what we saw last fall. This suggests that further gains are in store. Source: https://economics.td.com/ca-existing-home-sales

(NC) Due to current travel restrictions, families will be spending March Break at home. One way to keep your kids busy is by making personal finance a group activity. Research shows that young people who discuss money matters with their parents have higher financial knowledge and skills, which leads to stronger financial well-being in the future. Here are five ideas for simple things you can do with your kids to help them develop good money habits early: Involve your children in age-appropriate conversations about news related to economics or budgeting, and discuss how the family is responding to the unprecedented circumstances caused by the pandemic. Use the Financial Consumer Agency of Canada’s online interactive budget Planner to teach your children about the importance of a financial plan. Try making a budget for your next family vacation. Encourage your child to set up a savings account. Forming good savings habits early can help kids learn how to be financially independent and avoid relying on credit cards and loans in the future. Help your child to make a plan to save for something they really want, like a new toy or video game. Show your child how to set up an automatic payment for either a subscription or their cellphone. This is an opportunity teach them about the importance of never missing a payment, which could have a negative impact on their credit report in the future. Review your child’s bank account agreement with them and make sure they understand their responsibilities, such as keeping their PIN secret, even from their parents. Sharing their PIN means they may not be protected from a fraudulent transaction on their account. Understanding personal finances can have a big impact on the present and future well-being of young people. No matter what life stages your child is at, you can find unbiased and fact-based information from the Financial Consumer Agency of Canada at canada.ca/money.