January 2025 Newsletter

Mike Morisset - Mortgage Broker

Mortgages by Mike Morisset

mike@mbmm.ca
(778) 240-6641
http://www.mbmm.ca

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January Foreclosure List

Abbottsford Detached
Burnaby Detached
Maple Ridge, Pitt Meadows Attached
Port Coquitlam, Coquitlam, Port Moody Detached
Surrey, North Delta, Cloverdale Attached
Abbottsford Attached
Burnaby Attached
Langley Attached
Langley Detached
Maple Ridge, Pitt Meadows Detached
Mission Attached
Mission Detached
North Vancouver West Vancouver Attached
North Vancouver West Vancouver Detached
Richmond Attached
Richmond Detached
Surrey Delta Cloverdale Detached
Tsawwassen, Ladner Attached
Tsawwassen, Ladner Detached
Vancouver East Attached
Vancouver East Detached
Vancouver West Attached
Vancouver West Detached
Westminster Attached



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.



Mortgage Renewal Challenge

 

Over the next two years, more than 4 million mortgages—around 60% of all outstanding mortgages—are set to renew. A large share of these mortgages haven't come up for renewal since interest rates began rising in 2022. Even with recent rate declines, most borrowers will likely face noticeably higher payments. 

Higher payments could lead households to cut back on spending more than anticipated, potentially slowing the economy. They could also create financial stress for borrowers and result in losses for lenders and mortgage insurers.

If your mortgage is coming up for renewal, don’t wait until the last minute to explore your options. Starting early gives you a better chance of securing a favourable outcome. Reach out to me, and I’ll help you review and compare the available options.



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.



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