An Afternoon with Filipino Women Entrepreneurs

In celebration of National Women's Month, the Philippine Consulate General in Vancouver hosted a special event highlighting the inspiring stories of Filipino women entrepreneurs in British Columbia. I had the honor of serving as the moderator for the panel discussion, a role that allowed me to help bring their powerful voices and journeys to the forefront.

Understanding Fixed and Variable Mortgage Rates: What’s Right for You in Today’s Market?

When choosing a mortgage, one key decision is whether to go with a fixed-rate or variable-rate option.

A fixed-rate mortgage keeps the same interest rate and monthly payments for the full term, usually 1 to 5 years. This offers stability and makes budgeting easier, especially if you plan to stay in your home long-term. This may also prove beneficial when faced with economic and political instability. Fixed-rate mortgages are based on bond yields, especially for Bank of Canada bond yields for similar terms (like 5-year bonds for a 5-year fixed mortgage).

A variable-rate mortgage changes based on your lender’s prime rate, which is influenced by the Bank of Canada's policy interest rate  (also called the overnight rate). Currently, variable rate mortgages are higher than fixed rates, but these mortgages also often have lower penalties if you need to break your term early.

Your best choice depends on your financial goals and comfort with risk. Let’s chat and find the right fit for

Canadian Housing Demand and Prices Slide Further in March

On April 15, 2025, it was reported that home sales in Canada dropped again in March. Sales fell by 4.8% from February, and overall sales are now 20% lower than they were in November 2024. Experts believe this drop is mostly due to concerns about new tariffs and the uncertainty they bring. The biggest declines were seen in Ontario and British Columbia, but almost every region in Canada has been affected. People are becoming more cautious about buying homes, unsure of what will happen with the economy.

Compared to March 2024, home sales were down 9.3%, making it the lowest March total since 2009. Even though the number of newly listed homes went up by 3%, prices continued to fall. The MLS® Home Price Index dropped by 1% from the previous month and was 2.1% lower than a year ago. The actual average home price also dropped 3.7% compared to March last year, showing that the market is clearly slowing down.

A Visit to Luneta Park

Luneta, also known as Rizal Park, is a historic urban park located in the heart of Manila, Philippines. It is one of the country's most significant landmarks, serving as a symbol of Philippine independence and national pride. The park is renowned for being the site of the execution of national hero Dr. José Rizal on December 30, 1896, which sparked the Philippine Revolution against Spanish rule.

Luneta features beautiful gardens, monuments, and a large central fountain, attracting both locals and tourists. It is also home to the Rizal Monument, a towering tribute to Rizal's legacy, and remains a popular gathering place for both historical reflection and leisure activities.

Bank of Canada Reduced Policy Rate by 25 basis points bringing it down to 2.75%

The Bank of Canada has announced a 25 basis point cut to its overnight lending rate, bringing it to 2.75 percent. This decision, made on Wednesday, comes as the ongoing trade war with the U.S. begins to place increasing pressure on the Canadian economy. Bank of Canada governor Tiff Macklem explained that the economy had started the year strong, with solid GDP growth and inflation remaining within the central bank's target of two percent.

However, Macklem pointed out that the uncertainty surrounding tariffs, due to the fluctuating trade relationship between Canada and the U.S., has negatively impacted business spending, hiring, and consumer confidence. In response to this economic backdrop, the central bank opted for the rate cut. While it is still early to see the full impact of new tariffs, surveys suggest that the threat of additional tariffs and the ongoing uncertainty about the trade relationship are already significantly affecting both business and consumer intentions.

BC SPECULATION & VACANCY TAX

Homeowners in British Columbia should have already received their annual declaration letter and code from the Ministry of Finance Property Tax Branch. This letter is part of the process for the property tax declaration, which is required for all eligible properties in the province.

The deadline for property owners to complete their declaration is March 31st, 2025. It’s important for homeowners to submit their declarations on time to avoid potential penalties or complications regarding their property taxes.

Additionally, owners should be aware that new taxable areas have been added to the list this year. These include Coldstream, Comox, Courtenay, Cumberland, Kamloops, Lake Country, Parksville, Peachland, Penticton, Qualicum Beach, Salmon Arm, Summerland, and Vernon. Homeowners in these areas will need to complete the necessary steps for their property tax declaration as well.

It's Brrrrrr Outside

The heavy snowfall that hit Metro Vancouver in early February caused significant disruptions across the city, with roads becoming treacherous and traffic snarls everywhere.

However, amidst the chaos, there was a lighter moment to enjoy: my beloved Nismo. Watching him frolic and play in the thick, fresh snow was a welcome distraction from the madness, as he joyfully dashed around, making the most of the winter wonderland. It was a heartwarming sight, reminding me that sometimes, even in the midst of a storm, there are small moments of pure joy to appreciate.

THE 2025 BANK OF CANADA INTEREST RATE MEETING SCHEDULE

WHEN IS THE NEXT BOC MEETING?
 

The Bank of Canada meets eight times per year and makes announcements about rates. Now more than ever, these dates matter very much to our industry and and to anyone with a variable rate. Here are the dates listed below for 2025. I've also included a link to the BOC website.  

As always, should you have any questions, please feel free to reach out to discuss. I am happy to help. 

2025:

Wednesday, January 29, 2025 (0.25 reduction)

Wednesday, March 12, 2025

Wednesday, April 16, 2025

Wednesday, June 4, 2025

Wednesday, July 30, 2025

Wednesday, September 17, 2025

Wednesday, October 29, 2025

Wednesday, December 10, 2025

Bank of Canada publishes its 2025 schedule for policy interest rate announcements and other major publications - Bank of Canada

BC Premier Responds to Donald Trump Tariffs

“We won’t back down or be bullied into becoming another state,” said Premier Eby. “Our province is unified and resolute. We'll never stop standing up for B.C. and Canada.”

As British Columbians, and as Canadians, we will stand strong and united in the face of this unprecedented attack.”

As a first step in response to the tariffs, Premier Eby announced immediate measures, including:

-directing the BC Liquor Distribution Branch to immediately stop buying American liquor from “red states”, and remove the top-selling “red-state” brands from the shelves of public liquor stores; and

-directing the B.C. government and Crown corporations to buy Canadian goods and services first.

The Province is assessing private-sector projects worth $20 billion with the goal of getting them approved as quickly as possible, and issuing their permits faster. These are expected to create 6,000 jobs in remote and rural communities.

Premier Eby added that additional measures are under consideration by B.C. and could be introduced in the coming days and weeks.

In January 2025, B.C. released its preliminary assessment of 25% tariffs. That analysis showed that B.C. could see a cumulative loss of $69 billion in economic activity between 2025 and 2028, along with the loss of more than 120,000 jobs.

Surrey Chamber of Commerce

From My Family to Yours Wishing All the Best in 2025

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How PM Trudeau's Exit May Affect Canada's Economy

Prime Minister Justin Trudeau's resignation creates political and economic uncertainty in Canada. The Canadian dollar initially strengthened on investor optimism but may face challenges as uncertainty deters foreign investments. The inauguration of U.S. President-elect Donald Trump, who has proposed tariffs on Canadian goods, could further strain U.S.-Canada trade relations, affecting sectors like manufacturing and agriculture.

The long-term economic impact hinges on Trudeau's successor, with potential candidates like Finance Minister Chrystia Freeland and former Bank of Canada governor Mark Carney. Their fiscal policies and trade strategies will be critical in shaping Canada’s economic future amidst these challenges.

An Advance Blessed Christmas to One and All

Ah, it's that magical time of the year again! The air is filled with the familiar jingles of timeless Christmas carols, played on repeat to warm our hearts. And when it comes to the iconic sound of the "-ber" months, who else could outshine the legendary Jose Mari Chan? His festive tunes are like a warm hug that officially marks the start of the Christmas season! 🎄✨🎶

A HAPPY FAMILY

Dear Ate Mylene,

Nung makausap ka plang nmin sa phone you gave us the confidence na possible kami magkaroon ng bahay. We never even met you personally , sa phone calls lng and emails ang communication natin,ganyan kagaling si ate Mylene Lim natulungan niya kmi. We continue to recommend you po to our family and friends, dahil we trust you na mas marami pa kayong matutulungan. Thank you always from the bottom of our hearts.

Sincerely, 

Erick, Nerissa, Zaire and Zarine 

The Vibrant Hues of Autumn

Summer is come and gone. And soon we will have the Winter's chill. But for now, we have Autumn adorned in vibrant shades of gold and red.

This weekend was spent in Leavenworth, Washington. A Bavarian-styled village that is nestled by the Cascade Mountains. The quaint village is full of restaurants serving German beer and food line Front Street. But on the outskirts are beautiful scenic views where Autumn colours are ablaze.

New Mortgage Rules

There are a few BIG changes coming to the mortgage market and, for a change, they are actually good news!

No More Stress Test For Transferring A Mortgage To A New Lender

Effective December 15, 2024, current mortgage holders will no longer need to qualify using the Stress Test if they wish to transfer their mortgage to a new lender.  Borrowers will still need to income qualify to move their mortgage, and maintain their current balance and amortization.  Qualifying will be based on the contract rate rather than the Stress Test.

Increasing the cap for insured mortgages to $1.5 million

Effective December 15, 2024, applicants requiring an insured mortgage can purchase a home up to $1.5 million, which is up from $1 million.  This applies to those purchasing a home with less than 20%.   The down payment requirement is 5% of the first $500,000 of the purchase price and 10% of the remainder of the price up to $1.5 million.

30 Year Amortizations for First Time Home Buyers and New Construction Properties

First time home buyers who have less than 20% down payment and therefore require an insured mortgage, will now be eligible to get an amortization up to 30 years.  Also, all buyers of new construction properties who require an insured mortgage can also request a 30 year amortization.  

New Federal Program for Home Owners Adding a Rental Suite

Starting in January 2025, home owners wishing to use their home equity to create up to three suites in their home will be permitted to refinance their mortgage up to 90% of their property's improved value up to $2 million.  The home owner must already live in the home and be creating a separate suite(s). This program is for the creation of self-contained suites, such as basement suites or laneway homes.  Short term rentals are not permitted.  Insured mortgages with 30 year amortizations will be permitted under this program.

Let's Work Together

For those who have worked with me with their mortgage, they know that I fully customize their application taking into account their needs and goals. There's never simple "sign here, sign there" scenario where my clients don't know what exactly it is they are signing.

I always take time to listen and discuss with my clients so they are with me every step of the way in their mortgage application. I review and give options to the clients so that the mortgage they are getting is the best one available to suit their requirements.

It all starts with reaching out to me so we can set up a call. So pick up the phone and call me at 604 783 9097.

Can you find the Tarsier in the Photo?

The Philippine tarsier (Carlito syrichta) is a small primate endemic to the Philippines, primarily found in Bohol, Samar, and Leyte. This species belongs to the ancient family Tarsiidae, which has existed for around 45 million years. Previously classified under the genus Tarsius, it is now recognized as the sole member of the newly established genus Carlito, named in honor of conservationist Carlito Pizarras.

Measuring between 85 to 160 mm in height and weighing 80 to 160 grams, the Philippine tarsier is one of the smallest primates, often difficult to spot due to its size.

Following Bank of Canada rate cut, Macklem says it’s “reasonable” to expect more

At the beginning of September, The Bank of Canada announced a quarter-point cut to its overnight target rate, reducing it to 4.50%, and hinted that further reductions may follow if inflation trends positively. This rate is now 50 basis points below its previous peak of 5.00%. Governor Tiff Macklem suggested that additional cuts could occur depending on the inflation trajectory, emphasizing a cautious, data-driven approach. Despite easing price pressures overall, specific sectors like shelter and certain services continue to exert upward pressure on inflation.

Alongside the rate cut, the Bank updated its economic forecasts, projecting slower GDP growth for 2024 at 1.2%, down from the earlier estimate of 1.5%. Inflation is expected to remain stable at 2.6% for 2024, with a gradual decline to the 2% target by 2026. Although the recent rate cut is seen as a positive development for borrowers, rates remain restrictive relative to current inflation. Economists anticipate further cuts, with discussions suggesting potential reductions could occur in the coming months, contingent on upcoming economic data.

Dressing Up for an "Emily In Paris" Dinner With The Gals

Every once in a while, my friends and I try to find a reason to indulge in a bit of glamour when we head out for dinner, although truth be told, we hardly need any encouragement.

Last week, we decided to embrace an "Emily in Paris" theme for our night out, immersing ourselves in the elegance and charm of Parisian-inspired fashion. Dressed in chic elegance, we went about to enjoy an evening of sophistication.

As we settled for dinner, the ambiance was perfectly matched by our ensemble of glitz and glamour. Amidst the consumption of delicious food, the clinking of glasses, the laughter, and the endless photo ops, we relished the chance to catch up on each other's lives, sharing stories and updates since our last get-together.

It was a night of delightful indulgence, capturing the essence of our shared moments and the joy of celebrating life’s little pleasures.

Should I Add My Adult Children On The Title Of My Real Estate Property?

Deciding whether to include your adult children on the title of your property is a substantial choice that demands careful thought. This decision can have significant legal, financial, and personal repercussions, so it’s important to weigh both the potential benefits and risks thoroughly before moving forward.

In this article, we will examine the pros and cons of adding your adult children to your property title. We’ll explore various factors such as tax implications and family dynamics, providing you with a comprehensive overview to help you make an informed decision.

Click Here to read more

Credit Lilian Cazacu Notary Corporation

A Cool Shade on a Hot Summer Hike

Summer! One of my favourite seasons of the year! With its clear blue skies and warm weather, this is the perfect time to explore the great outdoors. The vibrant sunshine and long days invite countless opportunities for adventure and relaxation.

Whether it's lounging on a beach, having a picnic in the park, taking a refreshing swim, or hiking up the mountains, summer provides the ideal backdrop for enjoying nature's beauty.

One of my hike this season was in Mt. Baker-Snoqualmie in Washington where a mini snow cave provided a much-needed respite from the searing temperature that day.

5 Factors That Affect Your Credit Score

Credit scores are intended to help financial creditors and others financial institutions make fair decisions on whether or not to “take a risk” on someone. The risk might involve giving that person a loan (will they repay it?), offering a credit card (will they make the payments?) or approving their mortgage application (will they pay their mortgage?).

Credit scores are designed to predict the likelihood that individuals will pay their bills as agreed.The five main factors that are taken into account in determining a credit score are:

) Payment history. Do you pay your bills on time? Your credit score may take into account any missed or late payments, how long they went unpaid, and how often.
2) Amounts owed. This includes totals you owe to all creditors, how much you owe on particular types of accounts, and how much available credit you have used.
3) Length of credit history.The age of your oldest credit account, the age of your newest account, and the average age of all your accounts may each play a role in the calculation of your score. 
4) New Credit. Have you shopped for or received new credit recently? Applying for credit with different lenders within a short period of time may lower your score, especially if you have a relatively short credit history to begin with.
5) Types of credit. Generally speaking, the more types of accounts you have (credit cards, retail accounts, mortgage loans, installment loans), as well as the total number of accounts you have, influences your credit score.

Summertime is Hiking Time

There's no better way to enjoy summer in BC than by being outdoors. The province offers countless beautiful places to explore, activities to enjoy, and memories to create. Best of all, many of these experiences are affordable or even free.

Take for example, a recent outing with my friends. We packed a lunch, hiked up a trail, and enjoyed our meal surrounded by the breathtaking scenery of a snow-capped mountain and a clear, emerald lake.

How To Have A Guilt-Free and Balanced Vacation

If it's hard for you to relax, if vacations are too stressful, or if you feel guilty when you take time off, here are six steps that you can take for an enjoyable, guilt-free vacation.

1) Set boundaries by limiting communication with the office to prevent stress from piling up.
2) Manage your devices by using custom ring tones and reducing instant messaging to avoid feeling constantly on-call.
3) Buffer work exits and re-entries with extra days before and after your vacation to ease transitions.
4) Balance activities by alternating between physical activity and rest to boost endorphins and reduce stress hormones.
5) Plan ahead by designating a trusted colleague to handle tasks and notifying coworkers of your absence.
6) Work at not working by questioning why you deny yourself breaks and recognizing the importance of self-care.

HAPPY CANADA DAY!