Wow these last 2 weeks have been Beautiful!

Do I love the snow? Not really...but the kids sure do! And if we are going to have snow - this was the way to do it! Beautiful bright clear blue skies and snow on the ground made for a lot of fun in the snow...and a lot more work on the farm! Freezing water lines to the barns never makes caring for a barnyard full of animals easy...But i will take it! 

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

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.

Happy 2025!

Happy New Year! Welcome to 2025!

As we step into a brand-new year, let’s take a moment to reflect on the journey so far and the opportunities ahead. The world is evolving rapidly, bringing with it new challenges and exciting possibilities. From advancements in technology to shifts in how we live and work, 2025 is already shaping up to be a transformative year.

The housing market, like the world around us, continues to adapt. We’re seeing trends that reflect the growing importance of sustainability, smart home technology, and the desire for spaces that truly feel like home. It’s a reminder that our homes are more than just buildings—they’re where we build our lives, share memories, and create our futures.

As we embrace the changes this year brings, let’s focus on staying grounded in our values: community, connection, and growth. Whether it’s finding ways to reduce our environmental footprint, supporting local businesses, or simply spending quality time with loved ones, 2025 offers endless ways to make a positive impact.

Here’s to a year filled with progress, resilience, and hope for a brighter future. Let’s move forward together and make 2025 a year to remember.

Warm regards,

Mike.

5 Easy Home Improvement Projects to Tackle This Winter

As the snow falls and the nights grow longer, many of us find ourselves spending more time indoors. To beat the boredom of winter, take the extra time you may have on your hands as an invitation to refresh and improve your space in ways that make your home feel cozier, more functional, and uniquely yours.

Here are five simple home improvement ideas you can tackle this winter on a budget.

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BC Home Flipping Tax in 2025

Starting January 1, 2025, profits from selling a taxable property in BC are subject to a new tax if the property was purchased less than 730 days before the sale. This rule applies regardless of the seller's location. A taxable property includes residential properties, properties zoned for residential use, and rights to acquire such properties, like pre-construction assignments.

Exceptions include deemed dispositions, mortgages, leases, gifts, or transfers without a change in beneficial ownership. For example, selling a property purchased on May 1, 2023, before June 1, 2025, would trigger the tax, while sales after this period would not. Exempt property locations are excluded.

The Bank of Canada Cuts Interest Rate by 0.50%!

The BoC announced another interest rate cut by 50 basis points this week. With the 0.5% rate cut today, people with variable rate mortgages or lines of credit can expect savings of approximately $41.67 per $100,000 of mortgage. 

This translates to real reductions in interest costs, helping you keep more money in your pocket! 

Mortgage Changes Coming December 15!

Mortgage Cap Update: Higher Loan Limits

Starting December 15th, the maximum loan amounts will increase. This is great news, especially for those in higher-priced markets where the current loan limits may have made it more difficult to secure enough financing. Whether you're looking to buy a more expensive home or need additional funds for your next property, this increase in loan limits could be a game-changer for you.

This adjustment means you could have access to more financing without requiring a larger down payment, making homeownership more attainable for many buyers.

30-Year Amortization Period

Also effective December 15th, the maximum amortization period will be extended to 30 years for qualified borrowers. This longer timeframe can significantly lower your monthly mortgage payments by spreading them out over a greater number of years.

A 30-year amortization could be beneficial for:

First-time homebuyers looking to manage cash flow. Homeowners refinancing and seeking lower monthly payments. Investors wanting more financial flexibility

By reducing your monthly payments, a 30-year amortization offers you the opportunity to balance your mortgage alongside other financial commitments, all while still building equity in your home.

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.

How Can These Changes Benefit You?

Afford More Home: With higher loan amounts, you’ll have the potential to increase your purchasing power. Whether you’re looking to buy a larger home or move into a more desirable area, this change could make it more accessible.

Lower Monthly Payments: The option for a 30-year amortization means that your monthly mortgage payments can be more manageable, even if you decide to borrow a larger amount. This can provide you with greater financial flexibility for other needs or investments.

Refinancing Opportunities: If you’re already a homeowner, the new loan limits and extended amortizations might make refinancing a great option to consolidate debt, renovate, or access equity for other goals while keeping your payments in check.

A Great Way to End the Summer - My Daughter's First IPE Armstrong Fair & Rodeo!

My daughter capped off a summer to remember with the last of her riding events in Armstrong BC! She had an awesome experience and rocked it! We will definitely be doing this fair again!!

Shocked By Your Mortgage Renewal Offer?

If your mortgage is up for renewal in the next six months, you are probably coming off a nice low interest rate that you have enjoyed for the last few years.

Chances are that you are aware that rates have been climbing steadily over the last 24 months and your renewal rate will be substantially higher than the rate you last negotiated.

Some lenders are forecasting that rates may continue to increase and are calling up borrowers asking them to renew early. That may seem like they have your best interest at heart but to do this you have to give up your current low rate for the balance of your term.

Don't be fooled by this tactic of renewing early into a less than stellar, higher-than-you-pay-now rate.

What we recommend is to lock in a rate today that is good for four months by committing to moving your mortgage to a new lender, stay with your current lender with the current low rate until your mortgage renewal date, then make the move. We will get the new lender to offer the guarantee that in the next four months, if rates come down, you can request the new lower rate.

Aren't you glad your day is going better than this guy?

Family Trip to Israel - Best Time!

We had the amazing opportunity to travel with my wife's whole family (all 23 of us) to Israel for a lifelong memorable trip around the country and to Jordan. Half way through we celebrated my two oldest with their Bar/Bat Mitzvah's at Masada. The trip was incredible with so much time spent loving the country, the people, the history. Congratulations to my Jax and Neely on their B'Nei Mitzvahs after a long 9 months of studying!

First Home Savings Account (FHSA)

A first home savings account (FHSA) is a registered plan allowing you, as a prospective first-time home buyer, to save for your first home tax-free (up to certain limits). You are able to open an FHSA as of April 1, 2023, however, financial institutions are slowly rolling it out so most institutions are still building the infrastructure at this time.

To qualify to open a FHSA you must be at least 18 years old, be a resident of Canada and be a first-time home buyer.

Your FHSA participation room for the year is the maximum amount that you can contribute to your FHSAs or transfer from your registered retirement savings plans (RRSPs)  to your FHSAs in the year without creating an excess FHSA amount . For more information about transfers, go to Transfers between FHSAs and other registered plans.

Your FHSA participation room in the year that you open your first FHSA =$8,000

The lifetime FHSA limit =$40,000

All contributions you make to your FHSAs and all transfers from your RRSPs to your FHSAs will reduce your remaining lifetime FHSA limit. If your contributions and transfers to your FHSAs in the year exceed your FHSA participation room for the year, you will have an excess FHSA amount. For more information about an excess FHSA amount, go to What happens if you contribute or transfer too much to your FHSAs.

What you can buy in Metro Vancouver for under $500k

Port Coquitlam Condos under $500k
Vancouver Condos under $500k
Burnaby Condos under $500k
Langley 2bdrm Condos under $500k
Surrey 2bdrm Condos under $500k
Maple Ridge 2bdrm Condos under $500k

Introducing our latest Social Enterprise - POWER GREENS

Being a Mortgage Broker is fulfilling. I love having the ability to help people with their biggest investment in their lives and seeing families grow over the years! However, my family is also very passionate about community give back and bettering our community. Over the past number of months we have added to our Non-Profit Social Enterprise with a very exciting new product - POWER GREENS! 

Power Greens are simply a freeze dried and finely milled blend of specific microgreens nourishing your body with 3 servings of vegetables in just 1/2 teaspoon. Mix into juice, water, protein shakes, salads, dinners, cereal, etc - even the kids love it! 

ALL Proceeds are distributed back to our community and communities in the developing world. For more information please visit Power Greens and let us know what you think!

B.C. Homebuyers Now Have 3 Days to Change Their Minds

VANCOUVER - Ben Miljure for CTV News

Most homebuyers in British Columbia now have three business days to think about their purchase, allowing them to back out if they can’t secure financing or arrange a home inspection – or even if they just get cold feet.

The province’s Home Buyer Rescission period came into effect and takes effect at midnight following the acceptance of an offer.

The government says it will give buyers some protection in the face of rising interest rates and what it calls high-pressure sales tactics.

"Housing remains a top concern for people in B.C. and a top priority for this government," said Finance Minister Katrine Conroy said in a news release. "Buying a home is one of the biggest decisions of people's lives. This is an important milestone as we lead the way in protecting people and strengthening public confidence in the real estate market."

The cooling off period applies to detached houses, townhomes and condos but does not apply when homes are auctioned or when the home is on leased land.

Continue reading...

Foreclosure Lists

DETACHED - Chilliwack & Sardis
ATTACHED - Mission & Abbotsford
ATTACHED - Langley
ATTACHED - Tri Cities
DETACHED - Tri Cities
ATTACHED - Burnaby & New West
DETACHED - Burnaby & New West
DETACHED - Pitt Meadows & Maple Ridge
ATTACHED - Surrey, N. Delta & Cloverdale
DETACHED - Surrey, N. Delta & Cloverdale

The Essential Spring Cleaning Checklist

While we know there isn’t a one size fits all approach to spring cleaning, we could all use a little bit of guidance when it comes to getting our house in order. So we interviewed the experts to get the inside scoop on how to spring clean without stress. This checklist will take you room-by-room to ensure you cover the essential areas of your home. Before you know it, you’ll be back to doing what you enjoy, like going outside and entertaining with friends.

"Personally, I think you should start with the smallest project on the list," says KC Davis, licensed therapist and author of How To Keep House While Drowning. "Our brain registers to complete a project as a powerful reward and it produces motivation to keep going."

If you still don't know where to start, Professional Organizer and author Nikki Boyd, created a card deck, Beautifully Organized In Fifty-Two Weeks, to solve the problem. Boyd took all the tasks on a checklist and turned them into playing cards so you can challenge yourself and your family to tackle one a day.

Trust us, we know that spring cleaning is a giant chore, but after being cooped up in your home all winter, you and your home will appreciate a deep clean to get over those winter blues.

Continue Article Here...

Happy 9th Birthday Max!!

Wow! I can't believe my youngest is 9! The first month of 2023 has been a whirlwind of sports and birthdays and everything in between. While my littlest is celebrating is 9th Birthday with his big sister and mom; my oldest son and I are in Regina for his last away tournament of the season. Happy Birthday Max! I hope Mom and Neely and the rest of the fam made it a great day!

No Surprises Here: The Bank of Canada Hiked Rates By Only 25 bps, Signaling a Pause

By Dr Sherry Cooper, Chief Economist for Dominion Lending Centres

As expected, the Bank of Canada--satisfied with the sharp decline in recent inflation pressure--raised the policy rate by only 25 bps to 4.5%. Forecasting that inflation will return to roughly 3.0% later this year and to the target of 2% in 2024 is subject to considerable uncertainty. 

The Bank acknowledges that recent economic growth in Canada has been stronger than expected, and the economy remains in excess demand. Labour markets are still tight, and the unemployment rate is at historic lows. "However, there is growing evidence that restrictive monetary policy is slowing activity, especially household spending. Consumption growth has moderated from the first half of 2022 and housing market activity has declined substantially. As the effects of interest rate increases continue to work through the economy, spending on consumer services and business investment is expected to slow. Meanwhile, weaker foreign demand will likely weigh on exports. This overall slowdown in activity will allow supply to catch up with demand."

Read More....

Is your mortgage up for renewal in 2023?

Many home owners with mortgages coming up for renewal this year will see a huge increase in their rate and payments as a result of mortgage rate increases in 2022.

The best strategy is to be proactive. I am actively reaching out to all my Renewals for 2023 early and proactively so we can come up with a strategy that works for you, to ease the burden of the rate increases and to set you up to take advantage of rate decreases in the coming years. There are certainly options and strategies to ease the financial burden. 

If I have not contacted you yet, please feel free to reach out and we can get the ball rolling!

Another Successful Hockey Tournament With This Kid!!

Had an awesome time with my two younger kids in Edmonton a couple of weeks ago for my youngest son's hockey tournament! They didn't come out Champs, but we had an awesome time! My oldest son and my wife were back at home for my oldest son's tournament. Life of sports parents and wouldn't have it any other way!!!

Prime Up 0.5%, What to Expect Moving Forward?

November's Bank of Canada rate increase of 0.5% was no surprise and we expect another increase this week on December 7th resulting in another jump.  Although this is creating some short term pain for many homeowners, the expectation is that, as inflation decreases, rates will follow suit.  In fact, we expect to see rates to start to soften by 2024.  There is a lot of talk of a recession on the horizon and this would also be a catalyst for rate decreases. 

Obviously, there are still several challenges with the economy, including ongoing supply chain issues, labour shortages, increasing rent costs, housing shortages, and now increasing interest rates.  The light at the end of the tunnel is that, because the Bank of Canada is being so aggressive with their rate increases now, it will prevent a massive spike in rates as was seen in the 1980's.  By taking on the short term pain of higher rates now, inflation is being "nipped in the bud", if you will.  

EFFECTIVE MEASURES TO WINTERIZE YOUR HOME

Preparing your home is always a necessity, most homes require great attention for maintaining them, and this is more evident on a seasonal basis! We can’t ignore this attention especially for the areas which experience heavy winters, it is a responsibility for any wise homeowner to pay keen attention to the necessities of the property, to ensure that the property is fully prepared for extreme winters, such as heavy snow. It is of utmost importance to prepare your checklist, to prepare, before the winter arrives. With this article, it is possibly convenient for house owners to examine, review and discuss the preparation checklist for chilling winters. Effective measures to winterize your home are- Click here for the full article.

Be One Basket Initiative Is A Success~!

The non-profit enterprise we are involved in was recently invited to the Willowbrook Mall for 2 weeks on Willoway next to the entrance of The Bay. It was the first time we have sold our baskets and candles publicly. It was an awesome 2 weeks of talking to many people and having huge success selling the baskets and gifts! We will be launching our e-commerce website where ALL sales go directly to helping community groups here and in the developing world. 

If you are looking for a beautiful gift, that truly gives back - check out beefunbaskets.com!

Remembrance Day

This year as we draw closer to Remembrance Day, let us make sure we really do think of and remember those brave men and women who courageously sacrificed so much for our freedom.

Winterizing your home

With the changing of the seasons, it can be a good time to take stock of your home and ensure you are ready for the colder weather.

To help you feel more comfortable, save on bills and prevent future repair costs, there are some simple things you can do to prepare for the coming season. 

Tending to minor problems yourself, or booking a professional now, will save you time and aggravation later when poor weather makes it harder to tackle home maintenance jobs.

Service Your Heat Source: Before Winter starts, be sure to have a professional check and clean your heat sources. You should have your chimney cleaned out if using wood heat or make sure to update your oil heater’s filters and service gas furnaces regularly.

Check Your Pipes: Checking pipe joints for leaks that could cause rot and damage will save you trouble in the future. Repair any cracks you find, especially those around electrical outlets and alarm system lines. You can also consider foam pipe insulation, which is fairly easy to install and could help prevent energy loss and potential water damage from frozen pipes.

Mind the Gaps: Search exterior window frames, doors and siding for cracks and gaps where water could get in. Doors and windows commonly have gaps that let cold in and heat out. Some will be easy to fill or fix yourself but could save you money and damage down the line!

Insulation is Key! On a snowy day go outside and look at your roof; you should see snow on the roof. If you can see your roof that means the attic is not insulated well and heat is escaping and melting the snow. If this is the case, you will want to have it repaired and packed to ensure you are not losing excess heat during the winter months.

Create a Storm Kit: A storm kit is a handy source of essential items in the event of losing power. Consider what you and your family might need, such as a flashlight with new batteries, candles, matches, a portable radio, water and snacks. Keep your kit somewhere easy to access!

A Week late due to Summer Festivities!!

Sorry for the late newsletter...summer just got in the way! We have had an amazing summer so far with lacrosse tournaments with the boys and horse shows with my daughter. Beautiful weather for summer BBQ's and much more in between! 

But how can you not love a little girl and her horse...the bond between these two is pretty amazing!

What's Happening with Rates?

What's happening with Rates?

Fixed interest rates for purchases under $1M have come down below 5%, with purchases over $1M and refinances still in the mid-5% range.  Variables are holding steady approximately 1% less than the comparable fixed rates.  

The Bank of Canada is again expected to raise the overnight lending rate by .50%-.75% in September, which will raise variable interest rates by .50% to .75% and again further reduce purchasing power.  Unless…

The US Primary Elections and Interest Rates

It seems like a foregone conclusion that the Bank of Canada will continue to raise interest rates in September.  This is further supported by the Federal Reserve in the US that stated this week that rates will need to continue to increase. 

The US midterm elections have begun and there is tremendous pressure being placed on the Biden administration to get the economy back on track.  There haven't been many success stories for this government, and the Republican representatives will continue to hammer this point over the next few weeks.  

There will be some political pressure to get the US economy rolling over the next few months.  This administration is looking for some wins and getting the economy back on track by lowering, or holding interest rates might be one way to do it.  

Whether we are technically in a recession or not, is beside the point.  The economy has slowed, and that is not politically advantageous over the next few months.  The rate decisions should not be politically motivated, but it is fallacy to believe that the rate policy is not at least somewhat influenced by the current political situation.  

From Sherry Cooper, Dominion Lending Centres Chief Economist

In other news, Bloomberg reports that "US employers added more than double the number of jobs forecast, illustrating rock-solid labour demand that tempers recession worries and suggests the Federal Reserve will press on with steep interest-rate hikes to thwart inflation." So much for a Fed pivot. The idea that the bond market rallied on the premature news of a US recession made no sense at this point in the cycle. 

Similarly, the Bank of Canada is still likely to hike the policy rate by 75 basis points when they meet again on September 7. That would take the prime rate up to 5.45%. Currently, the 5-year government of Canada bond yield is 2.87%, well below its peak of 3.6% in mid-June. Consequently, we may see variable mortgage rates rise above fixed rates before year-end.