Welcome to the August issue of my monthly newsletter!

As the dog days of summer come to an end (technically they run from July 3 – August 11), let’s take a look at what in the world this saying means.

Dating back to Roman and Greek empires, the phrase was based on the star Sirius (or Dog Star), which translates to ‘scorching’. The star’s rising coincides with what’s now those dates between July and August, the hottest time of the year. It was first translated to English in 1530, still associated with the Dog Star and hot weather. Nowadays, it has lost the astronomical connection, replaced by the link to the hottest days of summer, bringing low energy during the most humid weeks of the year – much like a lazy dog.

But did you know our sluggish reaction to heat is actually a biological response? When temperatures rise, your body works overtime to keep cool, and that effort depletes your energy, leaving you feeling sluggish, exhausted, and less motivated to move.

From Browsing to Buying: When to Get Prequalified or Preapproved

If the idea of buying a home is a blip anywhere on your radar in 2026, you need to know about the prequalification and preapproval process. I’ve got you covered with this Q&A that will give you confidence no matter how far out your home purchase is.

Q: What exactly is a prequalification?
A: A prequalification is a preliminary review of your finances and home purchase budget. It gives you a rough estimate of how much you can afford to spend on a home, and how much financing you could reasonably expect to qualify for. You’ll learn rate types and terms and start considering what will work best for you.

Q: So then what’s a preapproval?
A: A preapproval is a more detailed look at your finances, including substantiating paperwork and other documents. It requires a credit check, your personal information, and detailed financials. Realtors and sellers take this as serious interest in the property.

Q: Does a preapproval guarantee your mortgage financing?
A: No. Because a preapproval is not specific to a property, it’s not a guarantee you can get financing for just any property. The property has to be approved, may need an appraisal, and the final purchase price must meet income ratio guidelines. You’ll apply for a full approval once you’ve selected and made an offer on a home.

Q: At what point should I get a prequalification?
A: BEFORE you start house shopping. When you first start thinking you might have enough for a downpayment, and you want to get a rough idea of what you could afford.

Q: At what point should I get a preapproval?
A: When you’re ready to start seriously house shopping. You’ve got a neighbourhood and some requirements in mind. You’d like to start going to open houses, and ideally make a purchase within the next 1-4 months. You’ll have a more confident and comfortable buying experience if you have one before you make an offer on a home. Just a note here that the property you put an offer in on will still need to be approved by your lender before a mortgage is guaranteed approval.

Q: Where do I get a prequalification or a preapproval?
A: There are two sources for these. The first source is a mortgage broker (like me!), who will review your numbers and shop around to a variety of appropriate lenders on your behalf. I won’t lend you the money directly, but I’ll be the bridge between you and a lender. The second source is directly from a lender (like a bank, credit union, or private lender), which you have to search out and request yourself from each individual lender. With a broker, you’ll have more options and do less work, often for no fee.

Q: How long does it take to get a prequalification or a preapproval?
A: A prequalification can be done pretty quickly and easily, usually in under half an hour. A preapproval means you’re confirming documents and validating finances, so this takes longer. Sometimes as little as an hour, but sometimes a couple days.

Q: Do I automatically get a rate hold?
A: First, a rate hold is exactly what it sounds like – the lender will hold a specific rate for you. This protects against any rises, but if rates fall, that’s still good news as the lender will provide you the new lower rate. Back to the question – where the answer is both no and yes. A prequalification doesn’t include a rate. A preapproval on the other hand does include a rate hold, valid up to 120 days. Be sure to confirm how long the rate is on hold for as that can vary from lender to lender.

Q: What do I need to get a preapproval?
A: You’ll need to bring a list of your assets (including proof of your downpayment), income confirmation documents (like a pay stub), and a detailed account of all your debts (including what the debt is, the outstanding amount, and the payments on it). You’ll also have to provide identification.

Q: How long do my prequalification and preapprovals last?
A: The prequalification is just an estimate, so as long as your finances and employment don’t change, you will still have the same prequalification. Your preapproval on the other hand is based on confirmed documents and usually lasts 90-120 days. Sometimes it’s as little as 60, and in some cases, it can be extended – depending on the lender and your application. Talk to me to confirm the terms for yours.

If you still have questions about a prequalification or preapproval, I’m here for you! Give me a call or send me an email any time.

Stop the Swarm: Easy Ways to Ditch Wasps, Mosquitoes and More

The summer is the perfect time to get outside and enjoy the warm weather and sunny rays. But our wild Canadian weather brings more than just wind and rain (and hail for Albertans); it also brings insects of all shapes and sizes! If you want to banish bugs from your beautiful backyard, here are a few tips for handling those uninvited guests.

Mosquitoes: Prevent them by getting rid of standing water, like bird baths or clogged eaves troughs. Also be sure to cut your grass regularly so it doesn’t get long enough for them to enjoy breeding in. Then, get yourself a mosquito coil, a Thermacell repellant, or make a homemade repellant with equal parts water and vodka, spiked with plenty of eucalyptus oil.

Ants: Don’t spray individual ants – take aim at eliminating the whole colony with liquid ant bait either near their residence or at all the entryways to your own. If you don’t have pets or little kids who might eat it, you could make your own bait with borax and either powdered sugar or peanut butter in a shallow dish. If the ants are in your house, do a perimeter check and trim down branches or flowers that touch the house, as that’s the trojan horse ants often use to get in.

Wasps: If you see (or hear!) a wasp nest, take action by mixing ¼ cup of dish soap with water in a spray bottle and dousing it. If you don’t want to get that close, you can opt for a store-bought wasp spray which works up to 10 meters away. If any are trying to get indoors, mix peppermint and lemongrass oils with water and spray your eaves, porch roofs, and other crevices to repel the pests. If you can’t find the source of the buzzing bugs, buy a wasp trap (or make your own with sugar water) and hang it nearby.

Asian Lady Beetles: Not to be confused with ladybugs, this invasive species is gaining way too much traction in Canada. They stink if you squish them, so be prepared. A general-purpose insecticide should work to keep them out of your home or yard. You can also plant (or buy if you don’t have a green thumb) chrysanthemums, which naturally repel these pests. If they get in the house, a dish soap and water solution in a pan – strategically placed under a lamp, incubator style – should catch them for easy disposal.

With all that being said – did I miss a bug you can’t seem to get rid of? Or do you have other home remedies you’ve found effective? I’d love to hear about them if you do!

Economic Insights from Dr. Sherry Cooper

Canada’s resale housing market showed its first broad signs of stabilization in June 2026. National home sales rose 0.5% month-over-month, a third consecutive monthly gain that left activity roughly 7% above its March level.

New listings fell 1.3%, tightening the sales-to-new-listings ratio (SNLR) back above the balanced-market midpoint for the first time this year. The National Composite MLS Home Price Index (HPI) was flat month-over-month, ending a run of declines that had persisted since January 2025, though it remained 3.6% below a year earlier.

Resale Market by Region

The seasonally adjusted annual rate (SAAR) of housing starts fell 6% from May to 238,971 units, and the six-month trend eased 2.8% to 248,123 units, which is the lowest level we’ve seen in about a year.

Across the provinces, sales momentum was broadly positive. Most provinces posted a month-over-month sales gain. Price performance split cleanly: benchmark values fell year-over-year in B.C., Alberta, Ontario, and Nova Scotia, and rose everywhere else, led by Newfoundland & Labrador (+10.8%). Manitoba, Saskatchewan, Alberta, and Quebec were tight seller’s markets, while Ontario was the only outright buyer’s market and B.C. the most oversupplied.
Housing Starts by Region

National starts fell 6% to a 238,971 SAAR, below the ~258,000 markets expected, with the decline concentrated in multi-unit construction. Ontario, Alberta, and B.C. led the pullback; Quebec and the smaller Prairie provinces bucked the trend. Among major metros, actual year-over-year starts rose in Toronto (+25%) and Montréal (+10%) but fell sharply in Vancouver (−35%).

Sales-to-New-Listings Ratio by Region

The SNLR is the clearest single gauge of market balance: readings above ~60% lean toward sellers, below 45% toward buyers, and the 45–65% band is broadly balanced. The distribution captures June’s core theme — the Prairies, Quebec, and much of Atlantic Canada are tight, seller-favouring markets with rising prices, while Ontario and British Columbia remain loose and price-soft.

Key Takeaways

1. Stabilization, not recovery. Sales rose for a third straight month and the benchmark price stopped falling for the first time since January 2025, but the improvement is driven more by falling supply than surging demand.
2. Price weakness is concentrated. Year-over-year benchmark declines are confined to B.C. (−5.0%), Ontario (−4.6%), Alberta (−1.7%), and Nova Scotia (−1.3%); every other province posted gains.
3. Construction is cooling. Starts fell 6% with the trend at a one-year low, led by Ontario, Alberta, and B.C.; Quebec and the smaller Prairie provinces bucked the trend.
4. Metro divergence in building. Toronto (+25%) and Montréal (+10%) starts rose year-over-year while Vancouver dropped 35%.

In honour of tell a joke day coming up on August 16, here’s a few options that crack me up:

Why was the picture sent to jail? It was framed.

What’s worse than it raining cats and dogs? Hailing taxis.

What did the cupcake tell its frosting? I’d be muffin without you.

And that’s a wrap for another month – thanks for reading!

If you’d like to be added to my distribution list, send an email to mike.bohte@pmgmortgages.ca
You can apply online today by visiting:

https://velocity.newton.ca/sso/public.php?sc=t675zfpk48mb

You can download my mobile mortgage app in the App Store/Google Play or by visiting:
dlcapp.ca/app/mike-bohte

Welcome to the July issue of my monthly newsletter!

When you think of a classic Canadian fast-food company, does A&W come to mind? It should! It has been completely Canadian owned and operated since 1972 and has over 1070 locations across the nation. The same is true of Mortgage Architects, Mortgage Centre Canada, and Dominion Lending Centres – all brands that are 100% Canadian owned and operated and proudly part of DLCG. We’ve already surpassed 500 franchises and have over 9000 agents in our network.

A&W’s nostalgia runs deep with Canadians, thanks in part to Rooty the Great Root Bear, who celebrated his 50th birthday in 2025. We’re not quite there yet, but some of the DLCG brands are celebrating their 20th birthdays this year!

Much like the family of DLCG brands, A&W has grown a lot since the first location (can you guess where it was? Answer at the end of the newsletter!) by focusing on quality and locally sourced ingredients, farming all their beef and eggs right here in Canada. So, no matter where across Canada your adventures take you, make sure you raise a frosted mug and an onion ring to Roy Allen & Frank Wright. And give me, your friendly DLCG mortgage agent a wave as you go by!

Stop Ghosting Your Credit Score — It Notices

In Canada, a credit score is a 3-digit number, maximum of 900, that you build (up or down) based on your use of credit products, such as loans, credit cards and bills. It is constantly changing, so monitoring and improving it is a life-long process.

Interested in how your score is calculated? Here’s the breakdown:

• Payment history of credit cards, car loans, student debt, mortgages, department store credit, and other loans, including tracking any late or missed payments makes up 35% of your score
• Credit history is mostly about how long you’ve had credit for and a track record of how you’ve managed it, and it makes up 15% of your score
• Used credit vs available credit (know as utilization), which looks at revolving credit only, and includes your lines of credit and credit cards. Here it’s about a balance of having the credit vs. using it, and makes up 30% of your score.
• Credit mix means a variety of types of credit being used, and makes up 10% of your score
• Credit inquiries, which are done by lenders every time you apply for credit, and make up 10% of your score

What credit score should you aim for?

When it comes to your credit score, a higher number is better. A bruised score (anything under 560) will mean you’re going to need help getting approved for credit, including a mortgage, car loan, or credit card. Getting a mortgage isn’t out of reach with the help of a mortgage broker, as we have access to alt-A near prime, alternative and private lenders with more flexible lending requirements, some that are exclusive to DLCG.

A good score would be up to 724, a very good score would be up to 759, and an excellent score would cover everything between 760-900. Higher scores mean you’ll have access to more credit and lower borrowing rates, so aiming for something over 660 is a good starting point.

When you apply for credit, a lender will perform a credit check. That check is referred to as a hard hit, and applying for a mortgage is a great example of this. It’s also another reason to use a mortgage broker when you shop for a mortgage – we only do one hard hit on your credit, compared to shopping around yourself and having each lender perform their own. A hard hit is visible on your credit report and impacts your credit score negatively. A soft hit, on the other hand, is something that doesn’t impact your credit score, like requesting your own credit report.

Myths about credit are common. Here are a few things that won’t impact your score.

• Getting married or divorced
• Using debit instead of credit when making a purchase
• Salary changes
• Seeing a credit councillor
• Requesting/monitoring your own credit report for accuracy and fraud

Speaking of monitoring your credit – this is a great way to prevent fraud. Requesting your free credit report from Equifax or TransUnion once a year and looking for inaccuracies or signs of fraud is a great start. You should also be sure to notify banks and creditors when you move.

Want to improve your credit score? Here are the basic principles:

• Pay your bills on time, every time. You don’t have to pay off the full balance of a revolving credit line, but you do need to ensure you make at least the minimum payment on credit cards, lines of credit, etc. A good figure to keep in mind is having the outstanding balance no more than 30-35%.
• Use less credit. Paying off loans, paying down revolving credit sources, and keeping balances as low as possible will reduce your debt load. Don’t apply for new credit if it’s not necessary.
• Keep old accounts. Spring cleaning isn’t going to help you here – you want to keep the accounts you have the most history on open. An old credit card or hydro account can provide a valuable credit track record.

If I messed up in the past, am I doomed forever? No! Over time, and with better credit management, you can overcome financial missteps. The amount of time it takes will vary based on how serious the mistake was though.

If you filed for bankruptcy, you’re looking at that staying on your credit report for 7-10 years. One late payment or a few hard hits will typically take less time to recover from. Regardless, it’s going to take some time, so be patient, put in the effort, and be diligent about future money decisions.

Overall, your credit is important to pay attention to, as it can really impact your life – be it the car you drive or the home you live in. When it comes to your mortgage, I can help you get qualified no matter what your score is – that’s the beauty of using a mortgage broker.
Whether it’s a difficult qualification or negotiating the best rate for the best credit histories, I’m here to help.

Enjoy the Sun and Get Things Done: Your Summer Focus Guide

Summer always seems to be the shortest season here in Canada, when we all want to get outside and enjoy these few months of warm weather. People often feel remorseful if they don’t take advantage of the outdoors – aka sunshine guilt. But unlike our U14 counterparts, most of us have to maintain employment all summer long, putting a damper on those outdoor plans.

Here are three strategies to deal with that sunshine guilt and put you on track for summer maxxing without missing a beat professionally.

Strategy 1: Create opportunities to be outside

• Take your lunch break outdoors, doing something as easy as eating in the sun. You’re entitled to the break, so take it!
• Shift your work hours so that you can finish earlier and enjoy the remainder of the day at your leisure.
• Park further away from your office so you can get a 10- or 15-minute walk in before you get to your desk, or ride your bike to work

Strategy 2: Work it out at work

• If you work remotely, set up your workstation in your yard or on a patio for a few hours a day
• Change up your regular meetings to walking meetings

Strategy 3: Fight the pull of the sun

• Create a summer playlist to keep your vibes and energy up
• Turn on the AC and keep your office temp around 20 degrees, the ideal temperature for peak office productivity
• Stay hydrated to ward off fatigue and keep focused

Hopefully something here will help you stay focused while still enjoying the sun-drenched days of summer we’ve been waiting all year for!

Economic Insights from Dr. Sherry Cooper

Can AI Narrow the Gap Between Productivity Growth in the U.S. vs. Canada? Since 2000, Canadian labour productivity has increasingly lagged the U.S. Statistics Canada notes that the Canada-U.S. productivity gap has widened substantially. The Fraser Institute estimates that from 1981 to 2024, U.S. labour productivity increased roughly 127%, compared with 61% in Canada.

Why this Matters

Productivity is the primary driver of real wage growth, living standards, government revenues and international competitiveness.

The U.S. productivity rebound has been driven by strong business investment in technology and AI, increased spending on software, data centres, and automation, and more robust business formation and firm growth.

Canada has generally lagged in business investment per worker, technology adoption, research and development spending and capital deepening.

AI: Opportunity or Risk for Canada?

AI is unlikely to be a job killer, but it could become a major productivity enhancer. AI is having an asymmetric impact on jobs. Rather than eliminating work across the board, AI is reducing demand for occupations dominated by routine, structured, and repetitive tasks while increasing demand for jobs that require analytical thinking, creativity, judgment, technical expertise, and interpersonal skills.[1]

For Canada, this is particularly important because:

• Canada’s population is, on average, older than that of the U.S. Canada had a larger Baby Boom, and unlike the U.S., Canada’s Millennials do not outnumber Baby Boomers. Canadian labour force growth is slowing as the population ages. Births minus deaths will become increasingly negative by 2028.
• Productivity growth has been weak for nearly a decade.
• Future increases in living standards will depend more on producing more output per worker than on adding more workers.
Why Canada Is Aging Faster

1. Lower Birth Rates
Canada’s fertility rate is among the lowest in the G7 and has fallen to record lows.
• Canada: ~1.3 births per woman
• U.S.: ~1.6 births per woman
• Replacement rate: 2.1 births per woman
While both countries face demographic aging, Canada’s fertility decline has been steeper.

2. Longer Life Expectancy
Canadians generally live slightly longer than Americans, which contributes to a larger share of seniors in the population.

3. Baby Boomer Retirement
Both countries are experiencing the retirement of the Baby Boom generation, but Canada entered this phase with an older age structure and lower fertility.

4. The Immigration Wildcard
Immigration is the key reason Canada may avoid an even more dramatic aging problem.

Canada admits immigrants equal to roughly 1%-1.5% of its population annually, among the highest rates in the OECD.

Most newcomers arrive between ages 25 and 40, which:

• Boosts the working-age population
• Increases labour force growth
• Slows the rise in the median age

Without immigration, Canada’s median age would likely be approaching 45 years already.

The Productivity Connection

This is where demographics and productivity intersect. Historically, economies grow through GDP. GDP Growth = Labour Force Growth + Productivity Growth. For much of the past decade, Canada relied heavily on population growth to drive economic expansion.

The U.S., by contrast, has benefited from faster productivity growth, stronger business investment, and larger technology sectors.

As Canada’s population ages, labour force growth will slow, healthcare spending will rise, and the ratio of retirees to workers will increase. This means that future Canadian prosperity will depend increasingly on productivity growth rather than population growth.

Why AI Matters More for Canada Than the U.S.

One could argue that AI is actually more important for Canada than for the U.S.

The U.S. has two growth engines: population growth and strong productivity growth. Conversely, Canada has increasingly relied on immigration-driven population growth. Going forward, Canada will need a second engine.

AI and technology-driven productivity gains could:

• Offset labour shortages
• Increase output per worker
• Support higher wages
• Help finance rising healthcare and pension costs

What Most Demographers Expect

Most projections suggest that by the mid-2030s:
• Canada’s median age will remain above the U.S.
• The share of Canadians over 65 will remain higher than in the U.S.
• Immigration will slow, but not stop, population aging.
• Productivity growth will become the critical determinant of living standards.

Canada’s biggest long-term economic challenge is not population growth—it is generating enough productivity growth to support an older population. AI may be one of the few realistic ways to achieve that without requiring ever-higher immigration levels. As Canadian firms adopt AI aggressively, the technology could help narrow the productivity gap.

A striking statistic is that in 2024, U.S. productivity growth (2.3%) was almost four times Canada’s pace (0.6%). If that differential persisted for a decade, the impact on relative living standards would be substantial.

Bottom Line

Canada does not have an unemployment problem; it has a productivity problem. AI may be the best opportunity in a generation to address it.

Here’s what I’m sure you’ve been waiting for – the great A&W location reveal! The first A&W location in Canada was opened in 1956 in Winnipeg, Manitoba.

Of interest this month is 7-11 day (of course on July 11), where you can visit any 7-11 store for a free small Slurpee to celebrate the chain’s birthday. July 19 is ice cream day, and I’d love to know what flavour you’ll be indulging in – drop me a line any time!

Thanks for reading and I look forward to seeing you back here in August for the next edition.

If you’d like to be added to my distribution list, send an email to mike.bohte@pmgmortgages.ca

You can apply online today by visiting:
https://velocity.newton.ca/sso/public.php?sc=t675zfpk48mb

You can download my mobile mortgage app in the App Store/Google Play or by visiting:
dlcapp.ca/app/mike-bohte

Welcome to the June issue of my monthly newsletter!

June is a month nearly all Canadians look forward to – longer days and warmer temps lingering into the evening. Speaking of hot air… Did you know the first successful public hot air balloon flight was in the month of June? It was back in 1783 in Annonay, France, where the Montgolfier brothers had developed this first hot air balloon. It was made from paper and burnt straw and wool to generate the hot air that lifted the balloon nearly 2kms into the air. A hot air balloon craze quickly exploded across France and internationally, and within the year a variety of farm animals, and eventually humans, floated into the air marking the beginning of human aviation.

Small Extra Payments = Big Mortgage Wins

Having some extra cash on hand might give you some breathing room on rising gas and food prices, building an emergency fund, or even the ability to make a big purchase you’ve delayed. But – should you pay down your mortgage instead? If you’re considering paying down your mortgage, you’re in luck, because today we’re going to look at how a lump sum payment can transform your mortgage future.

Base Case Scenario

Here we’re going to look at a mortgage with a $500,000 balance at a rate of 4.99% and a 25-year amortization. In this scenario, your monthly payment would be $2,905.18. If we fast forward 25 years to the end of that mortgage, having made no lump sum payments, you’ll have paid $371,554 in interest and a total of $871,554 in payments for your $500,000 mortgage. Although your rate will vary over the course of your mortgage, in this example we’re going to keep it consistent at 4.99%.

Payment Options

When we’re talking about paying down your mortgage early, there are three main ways you can do this. The first is to save a lump sum of cash, which you put down all at once, one time per a year (for example, on your mortgage anniversary). You don’t have to make this payment every year, but you likely have the option to put down a flexible amount of cash with upper and lower limits every year of your mortgage.

The second option is to round up your regular payments to a set amount. Again, there will be upper and lower limits on how much you can pre-pay, but you’ll likely be able to round up by a couple hundred dollars or to the nearest $100, for example.

The third option is to go with accelerated payments, which are normally offered weekly or bi-weekly. Here the lender will calculate the specific amount for you.

Each of these options will help you pay less in interest over the lifetime of your mortgage, with varying impact on the total amount of interest. Below is a chart showing how these three prepayment types can change your mortgage.

As you can see, even a small monthly increase in your payment can save you tens of thousands of dollars on your mortgage. The biggest impact you can make on your own financial future is to change your payment frequency – the more often you pay, the less interest you pay, and the sooner you pay off your mortgage in full! Even if you don’t have a new mortgage, you can start any of these strategies at any time. Whenever you do start prepaying, you’ll start saving time and money over the rest of the term of your mortgage.

Be Aware: It’s important to consult your lender about what prepayment types and amounts allowed within your current mortgage. Many lenders set prepayment amounts as a percentage of your outstanding mortgage balance, although some lenders offer more unique options like doubling a payment.

If you want to run this scenario for your own mortgage, with whatever numbers you have, and different prepayment amounts, I’ve got great news. You can download my app and do it all – easily and for free – whenever you want. And if you have questions, you can DM me right in the app for help. Or call me anytime for help!

Kale Yeah! Edible Garden Plants That Love Canada

Looking to grow some herbs, fruits or veggies this summer? If you didn’t start with seeds 6 weeks ago, don’t worry! You can still make it happen if you work with the growing space you have and pick plants that will thrive under those conditions.

First, you’ll want to consider what growing zone you’re in. Gardeners in Victoria BC are going to have different plant options are going to have different plant options than Timmins ON!

Another important consideration is your yard orientation. You’ll first want to know if the place you plan to plant has full sun (6-10 hours per day), partial sun (morning or afternoon sun, around 4 hours per day), or full shade (little or no direct sunlight). Here are a few options for each condition:

Plants for full sun

• Radishes
• Green beans
• Saskatoon berries

Plants for partial shade

• Lettuce or kale
• Beets
• Cucumber

Plants for full shade

• Mint
• Rhubarb
• Parsley

Bedding Plants

What else should you consider when planting your edible garden? Well, what if you want it to both taste good AND look good? Normally a garden has a bunch of filler flowers, called bedding plants. Think of it like a flower garden, but swap the traditional flowers with flowering vegetables and fancy-leafed plants including swiss chard, basil, eggplant, lavender, hops, chives, arugula, and hot peppers.

Native Plants

If you’re still struggling after all these suggestions, one of the most successful ways to get edible plants to take to your yard is by choosing something that’s native to the growing zone. Across most of southern Canada, popular native (and edible) options are leeks, violets, wild strawberries, fiddleheads, watercress, or sage.

Hopefully you found a new idea here for your garden this summer. If you grow any of these, I’d love to see a picture of the garden!

Economic Insights from Dr. Sherry Cooper – Outlook for the Canadian Housing Market, 2026–2027

Canada’s housing market is set to undergo a period of slow recovery and structural a period of slow recovery and structural adjustment in 2026 and 2027.

After several years marked by aggressive rate increases, deteriorating affordability, and uneven regional performance, the market is more likely to stabilize than to stage a dramatic rebound. Forecasts from the Canada Mortgage and Housing Corporation (CMHC), the Canadian Real Estate Association (CREA), and the major financial institutions broadly converge on the same picture: modest price growth, subdued sales activity, and continued supply shortages in key regions over the next two years.

Monetary policy is the central driver of this outlook. The Bank of Canada has lowered the overnight rate from its 5% peak—reached during the inflation-fighting cycle of 2022–2024—to 2.25% today, and the policy rate is expected to remain near current levels through most of 2026.

Market-determined interest rates, however, have moved in the opposite direction. Since the outbreak of the U.S.–Israel–Iran war nearly three months ago, oil prices have surged and inflation expectations have re-priced sharply higher, triggering a broad-based sell-off in government bonds and a meaningful back-up in longer-term yields. The result is a widening gap between the policy rate and the borrowing costs that households and businesses actually face.

Mortgage rates nonetheless sit well below their late-2023 highs, improving affordability at the margin and drawing some sidelined buyers back into the market. A return to the ultra-low borrowing costs that fuelled the pandemic-era boom is not in the cards. The Bank of Canada has been explicit that inflation risks remain elevated—particularly from global energy markets and ongoing geopolitical uncertainty—so rates are likely to hold around current levels through most of 2026 before gradually normalizing in 2027.

Economic growth is expected to remain weak this year, which will cap housing demand. CMHC forecasts Canadian GDP growth of just 0.7% in 2026, making it one of the weakest non-recessionary years in decades. Elevated household debt, soft labour market conditions, and slower income growth are weighing on consumer confidence, which has fallen to a record low. At the same time, reduced immigration targets and slower population growth are easing some of the demand pressures that intensified the housing crisis earlier in the decade.

Home prices are expected to rise only modestly over the next two years. CREA forecasts the national average price to increase roughly 1.5% in 2026 and less than 1% in 2027, leaving prices effectively flat in real terms. CMHC similarly anticipates only limited gains following the price declines recorded in 2025.

Taken together, the market is transitioning out of the speculative conditions of the pandemic era toward a more balanced environment. Buyers have become more price-sensitive, while sellers face stiffer competition from elevated inventory in many urban markets.

Regional divergence will remain one of the defining features of the Canadian market. Ontario and British Columbia are expected to underperform the rest of the country, as affordability remains severely stretched in both provinces. Toronto and Vancouver condominium markets look particularly vulnerable: investor demand has weakened, while developers face rising construction costs and slower pre-sales. CMHC expects housing starts in these markets to remain below historical averages through 2027.

Alberta and parts of Quebec, by contrast, are likely to outperform. Calgary and Edmonton continue to benefit from better affordability, strong interprovincial migration, and comparatively resilient economic growth driven by the energy sector. Quebec’s market has remained more stable thanks to lower average prices and a broader mix of housing types. Even these stronger regions, however, are expected to cool somewhat as national population growth slows and rental supply expands.

Housing supply remains the market’s central long-term challenge. Canada continues to build far fewer homes than are needed to restore affordability. CMHC estimates that the country requires roughly 430,000 to 480,000 new homes annually through 2035 to return affordability to 2019 levels. Yet housing starts are forecast to fall from approximately 259,000 units in 2025 to about 247,000 in 2026 and 223,000 in 2027. Developers are delaying projects in response to financing costs, weaker demand, labour shortages, and elevated construction costs. Condominium development is especially weak, while purpose-built rental construction remains the strongest area of activity.

Home prices are expected to rise only modestly over the next two years. CREA forecasts the national average price to increase roughly 1.5% in 2026 and less than 1% in 2027, leaving prices effectively flat in real terms. CMHC similarly anticipates only limited gains following the price declines recorded in 2025.

Taken together, the market is transitioning out of the speculative conditions of the pandemic era toward a more balanced environment. Buyers have become more price-sensitive, while sellers face stiffer competition from elevated inventory in many urban markets.

Regional divergence will remain one of the defining features of the Canadian market. Ontario and British Columbia are expected to underperform the rest of the country, as affordability remains severely stretched in both provinces. Toronto and Vancouver condominium markets look particularly vulnerable: investor demand has weakened, while developers face rising construction costs and slower pre-sales. CMHC expects housing starts in these markets to remain below historical averages through 2027.

Alberta and parts of Quebec, by contrast, are likely to outperform. Calgary and Edmonton continue to benefit from better affordability, strong interprovincial migration, and comparatively resilient economic growth driven by the energy sector. Quebec’s market has remained more stable thanks to lower average prices and a broader mix of housing types. Even these stronger regions, however, are expected to cool somewhat as national population growth slows and rental supply expands.

Housing supply remains the market’s central long-term challenge. Canada continues to build far fewer homes than are needed to restore affordability. CMHC estimates that the country requires roughly 430,000 to 480,000 new homes annually through 2035 to return affordability to 2019 levels. Yet housing starts are forecast to fall from approximately 259,000 units in 2025 to about 247,000 in 2026 and 223,000 in 2027. Developers are delaying projects in response to financing costs, weaker demand, labour shortages, and elevated construction costs. Condominium development is especially weak, while purpose-built rental construction remains the strongest area of activity.

Thanks for joining me for another monthly newsletter.

Thanks for reading the June edition of my newsletter! Something exciting to look forward to this month is the summer solstice, marking the longest day of 2026 on June 21. Coincidentally, that’s also fathers’ day! Other interesting dates in June are the 15th, when the Magna Carta was first signed in 1215, and the 2nd, when Queen Elizabeth II was crowned in 1953.

If you’d like to be added to my distribution list, send an email to mike.bohte@pmgmortgages.ca

You can apply online today by visiting:
https://velocity.newton.ca/sso/public.php?sc=t675zfpk48mb

You can download my mobile mortgage app in the App Store/Google Play or by visiting:
dlcapp.ca/app/mike-bohte

Welcome to the May issue of my monthly newsletter!

Planning a road trip this summer? Canada has plenty of kilometers of roadway to offer! The Trans-Canada highway officially opened in 1962, crosses all 10 provinces, and stretches 7,821 km from Victoria BC to St. John’s NL.

A few fun things to see include:

• The longest bridge over ice-covered waters (Confederation Bridge in PEI)
• The Terry Fox Memorial (in Thunder Bay)
• 44 wildlife crossings (distributed throughout Banff National Park)

Prefer a North-South route? You could drive 6,511 km from Tuktoyaktuk down to Point Pelee National Park, crossing the Arctic Circle and seeing the Vegreville Pysanka and the Winnipeg Mint on the way. With over 1.1 million kilometers of roadway to explore, there’s bound to be a road worth taking!

Before You Sign: The Condo Buying Checklist

Thinking of buying a condo, townhouse or other strata-based home? There’s plenty to think about, from reserve funds to house rules to joining the board. Here are the crucial considerations before you sign on the dotted line.

New or Resale?

There are important differences between new/rebuild or resale unit. With a new unit, you’ll want to ask about warranties of appliances and features, the proposed budget, other planned construction in the area, and what tax benefits will be available. With a resale unit, you’ll want to review the reserve fund study, meeting minutes of the board, uncover existing issues and what planned replacements or improvements might be needed.

Documents to Review

It’s important to know what you’re getting into. Requesting documents (in writing) from the builder or the management or condo corporation will give you the background you need to make an informed decision.

Here’s what to ask for:

· Corporation bylaws
· Registered condo plan
· Most recent financial statements
· Budget
· Condo or homeowner fee chart
· Minutes for the most recent AGM and condo board meetings
· Insurance certificate
· Reserve fund study/report
· Structural deficiencies or studies, especially post tension cables
· Legal judgements or actions
· Management contracts
· Summary of deficiencies (if it’s a new building)

You’ll likely be charged either per page or per document (plan on spending a couple hundred dollars) and can take up to 10 days to fulfil the request.

What do you do with the Documents?

Once you have the paperwork, it’s important to have them reviewed by an expert. There are plenty of local condo review professionals online, or you can ask your realtor or lawyer for a referral. The biggest things to consider are:

· Legal disputes or pending lawsuits

· Reserve funds and adequate financial position

· Special assessments

· Bylaws that impact daily life, like pets, noise restrictions, and balcony contents

· Post tension cables

· Appropriateness of condo fees

· Insurance coverage

The Condo Board

Condo boards are traditionally made up of owners that manage finances, common area maintenance, repairs, and upholding the bylaws. Once a year, they will hold an annual general meeting, and often open the board for election or new board members to join.

If you’re buying, you may want to consider joining the board as you will have a say in building management, making improvements to the operations, and even help you get to know the other residents. Plus, it can look good on a résumé! However, there will be a time commitment required, you may be held as a scapegoat should something go wrong with the corporation. It’s not for everyone, but you will get an inside look at building operation.

Provincial Differences

Not every province is the same! Here’s a guide that explains what each province requires.

Inspect, Inspect, Inspect

As with any home, you’ll also want to do a physical inspection. In addition to flushing the toilets and turning on the lights inside the unit, you’ll need to inspect the common areas like stairways, the yard, railings, garbage and recycling and any building amenities. Here’s a checklist to use while touring the home.

Remember than any amenities need upkeeping – so you may like to have a pool or an elevator, but know it costs money, takes maintenance and will potentially result in big expenses. It also means more documents and inspection before you finalize your purchase.

Can AI Do the Work?

Glad you asked! AI is a great tool to employ when reviewing large volumes of documents – like board meeting minutes, condo bylaws, and more. Uploading the docs, as well as the provincial regulations, and asking for a comparison and any oddities is a great start. However, there truly is no substitute for experience, so don’t dismiss paying for professional help.

Overall, there’s plenty to consider when buying a condo. Don’t be afraid to ask for help – you have plenty of support behind you and, as your mortgage professional, I want you to be absolutely confident in your purchase and financial decisions.

Canada’s Most Buzz Worthy Concerts

There are SO many great acts on tour this summer, and no matter what kind of music or where in Canada you are, there’s bound to be something you’ll want to attend. Here are some of the biggest shows to whet your musical whistle.

Country Music

• Country Thunder includes The Red Clay Strays, Kane Brown and Lainey Wilson as the Calgary headliners, switching it up with Riley Green, Creed and Lainey Wilson for the Saskatchewan edition
• Boots and Hearts has an extensive and diverse lineup, including the Jonas Brothers, the Chicks, and Rascal Flatts for the Ontario edition and Shaboozy, Russell Dickerson and Midland at the Edmonton (West) edition

EDM

• The Badlands music festival returns to Calgary, where EDM lovers will be treated to Mau P, Dom Dolla, Griz and more
• If you’re closer to our nation’s capital, Escapade is another great EDM option where you can see Loud Luxury, Disco Lines, Alleycvt, and some repeats from Badlands as well
• Shambhala is already sold out, but you can join the waitlist or volunteer with the event if you still want to be part of the Salmo-based festival

Rock & Alternative

• Foo Fighters and Queens of the Stone Age fans will be excited to see them in Toronto, Regina, Edmonton, or Vancouver (https://www.foofighters.com/tour-dates/)
• Or maybe you’re a Guns ‘N’ Roses lover in Toronto, Edmonton or Vancouver, in which case you’re in for a treat later this summer https://gunsnroses.com/pages/tour#north-america-summer-2026
• Rush will be hitting the stage for several dates in Montreal and Toronto, this summer, with a few dates towards the end of the year in Edmonton and Vancouver https://www.rush.com/tour/fifty-something/
• Another fun option is AC/DC, who will be in the usual big 4 cities, plus Winnipeg https://www.acdc.com/tour/
• Finally, if you love a woman in rock, Alanis Morissette’s sole Canadian show might have you planning a trip to Calgary in early July https://alanis.com/events

Jazz

• For jazz enthusiasts in the Ottawa area, the Ottawa Jazz Festival awaits
• If you’re on the western side, you might opt for the Kaslo version
• The full lineup for the Montreal Jazz Fest was released at the end of March, which has some big names for you to check out

Other Genres

• French-Canadian microtonal math rock duo, Angine de Poitrine, is exploding onto the music scene. You can see them across Quebec, plus stops in Toronto, Winnipeg and Vancouver. Even if you don’t plan to go to a concert, they’re worth knowing more about
• Hip hop listeners will be both happy and sad that J. Cole is sharing his final album with attendees in Montreal, Toronto and Vancouver
• Hillary Duff is back on tour, hitting Toronto as her only Canadian stop this summer https://www.hilaryduff.com/live
• Punk and alt music fans will want to head to Warped Tour in Montreal to see the only Canadian stop, featuring Jimmy Eat World, Gob, Simple Plan, Pennywise, Sublime and MANY more

I’m sure there’s something in there for every music lover – so let me know which one is at the top of your list!

Economic Insights from Dr. Sherry Cooper

Largest Oil Price Shock in History Won’t Reverse Anytime Soon

The war against Iran started by Israel and the US on February 28 will not come to a rapid resolution. Public guidance from President Trump has repeatedly framed the campaign in terms of “weeks”, with timelines drifting from 4 to 6 to even 8 weeks, and more recent briefings suggesting “another two to three weeks” of U.S. attacks from early April.

At the same time, Iranian officials have signalled they are prepared for a longer conflict, meaning the limiting factor may be U.S. political tolerance and coalition dynamics rather than Iran’s willingness to continue.

Putting this together:

• Base case (market consensus): A limited, high intensity phase of the war that lasts on the order of a few months, with active large scale strikes tapering off sometime between late April and early summer 2026, replaced by a more chronic, lower‐level confrontation.
• Upside (fast peace): A durable ceasefire that sticks in the next 2–4 weeks, leading to a de facto end of major hostilities before summer.
• Downside (protracted conflict): If talks stall and low level attacks around the Gulf persist, the “war” in political and market terms could run through the rest of 2026, even without continuous large scale bombing.

Given the information available now, markets are trading as if major operations have weeks, not years, left, but with a material tail risk of a longer tail of instability.

Where we are now

• Iran has announced the Strait of Hormuz is “completely open” to commercial vessels for the duration of the current ceasefire, which triggered a sharp drop in Brent and WTI prices.
• Brent fell from around $98 intraday back to the high $80s after the announcement; prior to the war, it was below $70.
• U.S. WTI crude has fallen into the low $80s after peaking above $105–$110 earlier in the week; pre war levels were mid $60s per barrel.

So “open” in a legal sense is not the same as “back to normal” in a physical/logistical sense.

How long to get the flows back to normal?

Energy analysts are fairly aligned on three points:
1. Infrastructure and logistics are damaged or out of position: The Gulf’s energy system has suffered damage; some wells and facilities can be restarted in days or weeks, but a return to “something like normal” Gulf exports will take months. Tanker routes, insurance, and naval risk premia will remain disrupted for an extended period even after formal reopening.
2. Market rule of thumb: restoration time ≈ outage time: One widely cited rule: it tends to take about as long to bring production back as the duration of the outage. If Strait related disruptions last ~2½ months, analysts expect another ~2½ months to work back to pre war production and export volumes.
3. Stored reserves and inventories need rebuilding: Strategic stocks and commercial inventories have been drawn down during the disruption; refilling them keeps upward pressure under prices even after flows resume.

Why the Strait matters so much

This chokepoint is not just about oil; it’s a hub for multiple critical inputs into global production. Trade volumes are at risk, and we’re seeing shipping delays and route diversions. Rising oil prices are just the start; the product shortage list has been expanding the longer the blockade persists to include:

• Energy, LNG, and petrochemicals
• Fertilizers and agriculture
• Specialty gases and high-tech manufacturing
• Metals and heavy industry
• Transport, logistics, and consumer goods

For Hormuz specifically, analysts stress that short disruptions = mainly price volatility, but months long blockades = real quantity constraints for energy, fertilizers, and specialty inputs, with implications for inflation, industrial output, and trade balances.

Policy and business priorities

• End blockades quickly to avoid non linear escalation in supply chain damage once closures extend beyond a few weeks.
• Safeguard maritime transport and ensure secure corridors, including naval escorts and clear deconfliction protocols, to maintain at least partial flow.
• Enhance resilience through diversification of suppliers, alternative routes (where feasible), strategic stockpiles (energy, fertilizers, specialty gases), and more flexible logistics arrangements.
• Transparent communication from governments and firms to limit panic, hoarding, and self reinforcing disruption in financial and physical markets.

The central banks are aware of the weakening of the global economy, as reflected in layoffs and slower GDP growth. In Canada, homeowners are facing higher monthly mortgage payments after renewing or refinancing their mortgages. Despite the oil-induced rise in inflation, central banks will likely remain on the sidelines for as long as possible. Fixed mortgage rates have already risen, and continued uncertainty has fuelled the housing bear market in some regions of the country.

Thanks for joining me for another monthly newsletter.

Here’s your friendly reminder that Mother’s Day is coming up on Sunday May 10 (be sure to get her a card), Victoria Day is Monday May 18 (enjoy the holiday!), World Bee Day is Wednesday May 20, and Sunscreen Day on Wednesday May 27 (don’t forget to slather some on).

In addition to keeping you informed and entertained, I also do mortgage reviews! If you’ve had your mortgage for over 2 years, I’d love to see if there’s an opportunity to get a better rate, take out some equity, resize to another property, or whatever else you’ve got in mind. And if now isn’t the time, I look forward to seeing you back here in June!

If you’d like to be added to my distribution list, send an email to mike.bohte@pmgmortgages.ca

You can apply online today by visiting:
https://velocity.newton.ca/sso/public.php?sc=t675zfpk48mb

You can download my mobile mortgage app in the App Store/Google Play or by visiting:
dlcapp.ca/app/mike-bohte

Welcome to the April issue of my monthly newsletter!

You may already know that April’s birthstone is a diamond – but did you know that 80% of mined diamonds are used for industrial purposes like cutting, drilling and grinding? It’s a good thing we’re producing man-made diamonds for these processes, because natural diamonds take over a billion years to form. From deep within earth’s crust, they were pushed to the surface by volcanoes 40-55 million years ago.

Diamond mining began in Canada in 1991 in the Northwest Territories. Since then, Canada has become the 3rd biggest producer of diamonds worldwide, accounting for 13-14% of supply. Since those humble northern beginnings, diamond mining has expanded to 7 producing mines as of early 2026. And we’re not done yet! There’s currently a mineral exploration project showing promise for fancy coloured diamonds in Nunavut, plus one more unexpected location for an exploratory project. Can you guess what province it’s in?

What’s Blooming in Real Estate: Spring Market Insights

If you’re looking for a preview of what spring has in store for the housing market in Canada, you’re in the right place. Here’s everything buyers, sellers, investors, refinancers, and everyone else thinking about a change in their housing situation needs to know.

Rates: Most economists, plus the Bank of Canada itself, have confirmed they believe the policy rate is at the bottom for this rate cycle. For mortgages, that means you’re unlikely to see further rate decreases, so it’s a good time to buy or refinance for a 3-to-5-year term. For those with or looking at a variable rate, there is currently a healthy discount, but over the next two years you’re likely to see a series of increases.

Down Payment News: Nova Scotia unveiled a new program for home buyers, reducing the minimum down payment to only 2%. Credit unions are offering the consumer mortgage products, and the provincial government is providing lender insurance on the mortgages. Other provinces are taking note, although we’re yet to see any other program announced so far.

Canadian Real Estate Association: CREA announced a decline in home sales to start the year, but suggested it was weather related rather than a market downturn. The main reason they believe the market is poised for an uptick is the pent-up demand from buyers 25-40 years old. It’s the biggest home buying cohort in Canadian history, and the buyers have been shut out for the past 3-4 years due to affordability and market conditions. But now rates are at their low point, and 75-85% of the group still want to be home owners. Timing is right for action.

Canadian Mortgage and Housing Corporation: CMHC’s 2026 housing report came out, predicting near-flat data across new starts (thanks to construction costs and existing inventory), sales (affordability and carrying costs are still factors), and prices (supply and demand are near equal). Housing formation is delayed thanks to all the uncertainty in the market. But perhaps most of all, the economic uncertainty thanks to tariffs, a looming CUSMA renegotiation, and the general volatility of the US economic policy is impacting the Canadian housing market negatively. We’re seeing less activity overall, weak supply and demand, and a flat spring market in 2026.

US Influence: We know the tariff situation with the US is far from resolved. Most recently, the US Supreme Court struck down the original tariffs, but Trump near immediately implemented blanket new ones using one of many legal workarounds available. Also of note is the July 1 deadline for a CUSMA review, which will redraw trade policy between the three countries. Finally, a new Chair of the US Federal Reserve will be confirmed in May. Trump has nominated Kevin Warsh, who has a history of supporting higher interest rates to control inflation. Independence of the organization is high priority for many, although Trump wants rates lowered and is unsurprisingly creating new ways to influence monetary policy. There’s a lot to watch south of the border.

Old Traditions, New Creations: Classic Crafts to Do Indoors

Crafts are a chance to get off our phones and computers and either relax into a new hobby or connect with others over a creative endeavour. Enter analog arts – crafting’s 2026 reinvention. With a new name and a renewed popularity, an art project is not only fun but also keeps you (or the kids) entertained in any day, rain or shine. Plus, many of these ideas can be upcycling projects, or you can get the supplies from a thrift store, so you’re keeping the earth in mind as you create!

Embroidery: You literally only need a needle and thread for this one! Dig around in your closet and find a pair of jeans or a sweatshirt that has fallen out of your regular rotation and upcycle it with some custom embroidery. Flowers are an easy starting point, or get a hot glue gun to draw some lettering and stitch over the cooled glue for a nice 3D embroidered letter effect. If you’re lacking creativity and are okay with some planning ahead, you can order embroidery kits or stitch books online as well. Plus, there are no shortage of video tutorials to get you started!

Felting: Perhaps the easiest of all the crafts, all you need here is a felting needle and some wool. Plus, it requires little concentration and even helps with stress relief! Use a cookie cutter to make the loose wool into a shape, then just stab away until it merges into a more solid structure. To make it useful, create a catnip toy by felting a bottom later, filling the middle with catnip, and felting another layer on top. Really focus on the edges if you’re going that route!

Collage: Gather up whatever you have at your house, like magazines, stickers, ticket stubs, maps, wrapping paper, ribbons, books you’re done reading, flyers, or any other flat scraps. If you want to start small, get some Bristol board and cut out a bookmark for your first collage. And if you love the art, expand into a full junk journal and make a new page whenever you want! Collages are also a great way to make a vision board, or the 2026 version, a bingo card. After you arrange and overlap the scraps how you want them, use roll on glue dots to hold things in place, or mod podge for something that lasts longer and seals better.

Crochet: As the most complicated of the crafts here, a tutorial with pictures or video is in order. Here’s one option, but you can find tons more on YouTube or by doing a quick search on nearly any platform. You’ll need yarn and at least one crochet hook, and you’ll want to be sure they pair together. Start with a basic chain, and build up to a scarf or a cuff for those old jeans you dug out to embroider.

Bedazzling: The newest craft in this lineup will take some patience and attention to detail. For it you’ll need flat-backed gems or rhinestones (a lot more of them than you might imagine, and a couple sizes), bedazzling tweezers or a wax pencil to pick up the gems, glue (Gem-tac for fabric, E6000 for hard surfaces), and something you’d like to bedazzle (clothes, a mug, a hat, a book, whatever!). Map out your surface area to bedazzle, including any words, or use a stencil if you have a shape in mind and aren’t a great freehand artist. Work in small sections, either a circular area about 3cm wide or a shorter and longer section if you’re going in straight lines. Apply the glue to the area and let it begin to get tacky for a couple minutes before you start placing the gems. Use an offset or honeycomb type pattern to get the rhinestones as close to each other as possible. Once you’re done, consider sealing the project to make it last longer!

If you do give any of these a go, I’d love to see your creations!

Economic Insights from Dr. Sherry Cooper

First Time Homebuyers: It’s time to Get Off the Fence

The Bank of Canada and the U.S. Federal Reserve both held interest rates steady on March 18. Weakening job markets are competing for attention against rising oil prices driven by the war in Iran.

Both Governor Macklem and Chairman Powell acknowledged that inflation will likely rise, but said they would “look through” the price pressures given the uncertainty around how long the conflict will last.

Home prices kept falling in February (the latest data available), extending the longest price decline on record. According to Mortgage Loan News (MLN), CREA’s benchmark home price has now dropped for 15 consecutive months.

Prices are now down over 20% from their pandemic peak in Q2 2022, when the overnight rate sat at just 0.25%. After adjusting for inflation, the real decline in home prices is roughly 30%—an unprecedented drop.

The 5-year average price change has turned negative (–3.7%) for the first time since 1999. If you have been waiting for prices to fall further, this is the window. As MLN puts it, “the average Canadian who bought a home in February 2021—near the start of the pandemic frenzy—is now underwater on a nominal basis.” That means many homeowners owe more than their home is currently worth, which also affects their ability to refinance.

Trump’s Latest Salvo to Impose Tariffs

The Trump administration made waves this week with a new move that could eventually lead to tariffs on Canadian goods currently protected by the Canada-U.S.-Mexico free trade agreement (CUSMA).

The U.S. Trade Representative (USTR) launched Section 301 investigations into 60 countries—including Canada and Mexico—to examine whether they are failing to block imports made with forced labour.

Washington trade experts almost universally view this as a pretext. The real goal, they say, is to replace the tariffs the U.S. Supreme Court struck down in February under IEEPA (the International Emergency Economic Powers Act), before the stopgap Section 122 duties expire on July 24, 2026.

Clark Packard of the Cato Institute called Canada’s inclusion in the list of sixty targeted countries “unbelievably shocking” and called the Section 301 process a “show trial” in which the USTR acts as “detective, prosecutor, judge, and jury.” Inu Manak of the Council on Foreign Relations said the probe “has nothing to do with forced labour.” Andrew Hale of Advancing American Freedom accused the administration of acting “in bad faith” by compressing a 12-month process into five months.

This raises two questions: Will the administration succeed in imposing new tariffs? And will those tariffs hit goods currently protected under CUSMA?

New tariffs under Section 301 are almost certain. Section 301 gives the USTR wide-ranging power to act on its own. Unlike IEEPA, this law has withstood legal challenges for decades—it was the basis for Trump’s first-term tariffs on China, which the courts upheld. The forced-labour framing is convenient because it is nearly impossible for any country to prove that no goods made with forced labour enter its borders.

The five-month timeline is aggressive—these investigations normally take about a year, and running sixty of them at once is untested. Still, the law does not set a strict minimum. Legal challenges are likely, but the administration will probably secure tariff authority before the courts step in.

That said, several factors make it unlikely that tariffs will be applied to CUSMA-protected goods:
• It’s more useful as a threat. The CUSMA review officially begins in July 2026. The threat of pulling the trade-agreement exemption gives the U.S. leverage in those negotiations. Actually doing it would devastate North American supply chains—especially in the auto sector, where Canada and Mexico are top exporters to the U.S.
• It would hurt America, too. Blanket tariffs on Canadian goods would disrupt U.S. manufacturing that depends on Canadian energy, aluminum, and critical minerals.
• Politics favours restraint. With U.S. midterm elections in November 2026 and inflation already a top voter concern, broad tariffs that push prices higher would be politically costly for Republicans.
• History suggests exemptions will continue. Even under IEEPA, the administration exempted CUSMA-compliant goods. The replacement Section 122 tariffs did the same.

The most likely outcome: Section 301 is used to impose targeted tariffs on specific Canadian sectors—manufacturing, textiles, and possibly autos—while CUSMA-compliant goods remain broadly exempt. Negotiations will be tense, especially if Canada resists concessions on dairy (supply management), softwood lumber, or defence spending during the summer review.

The “forced labour” pretext hands the Trump administration a powerful card. Whether they play it against the entire CUSMA framework depends on how talks with PM Carney unfold this summer. As Manak advises Ottawa: be patient and avoid major concessions before the midterms—the political landscape could shift significantly following the vote.

If you’ve gotten this far and are wondering about that exploratory diamond project – it’s called the Star-Orion South Diamond Project and it’s in Saskatchewan! The mines are projected to hold over 70 million carats of diamonds which will be extracted over the 34-year lifetime of the mines.

In other news this month, April 22 is Earth Day, so now is the time to think of something you could do for the planet. A few ideas: a neighbourhood cleanup, opting not to drive your car for the day, or even planting a tree.

Here’s to some nicer weather around the corner and I hope to see you back here in May!

If you’d like to be added to my distribution list, send an email to mike.bohte@pmgmortgages.ca

You can apply online today by visiting:
https://velocity.newton.ca/sso/public.php?sc=t675zfpk48mb

You can download my mobile mortgage app in the App Store/Google Play or by visiting:
dlcapp.ca/app/mike-bohte

Welcome to the March issue of my monthly newsletter!

March is peak maple syrup time here in Canada – when the sap starts to flow from tapped trees into sugar houses across Quebec (where 90% of Canada’s liquid gold is produced). Maple syrup not only tastes great but also has zinc, magnesium, B2, calcium, potassium and even antioxidants. It’s unrefined and unprocessed and offers a lower glycemic index compared to refined sugars. So head on out to a sugar shack (or grocery store) and indulge in a piece of healthy Canadian heritage!

Fraud Awareness: Essential Info for Today’s Digital World

March is fraud awareness month, a great reminder that no matter who you are, scams are lurking right around the corner (or in the next email, call or post!). 2026 will undoubtably throw more sneaky, compelling, and downright dastardly scams than ever. So, we’re going to look at how and why fraud scams work, spotlight the techniques scammers use, give you tips on how to recognize a scam, and teach you what you can do to protect yourself.

Why do scams work?

Here are my 4 E’s of an effective scam:

1. Ego: Some people think they are too smart to fall prey. Their overconfidence says they don’t need to be cautious and that exposes them to unnecessary risk.
2. Evolution: Scams are diverse and sophisticated – it’s not a Nigerian Prince asking you to share his millions anymore! The constant changing and diversification of scams is fuelled by new technology, making it harder to spot a fake.
3. Education: A lack of awareness means you’re a step behind a fraudster, and you’re unlikely to recognize the newest and greatest plots.
4. Exposure: We’re online a LOT, constantly seeing fake ads, sharing our email addresses to get discount codes, commenting on social media posts – you name it. We constantly expose ourselves to predators.

Techniques Scammers Rely On

The first strategy scammers use is emotional manipulation. They’ll create uncomfortable feelings like fear or urgency to get you to act quickly. They’ll also go the sympathy and goodwill route to appeal to your good nature and empathetic side so you help them.

The second strategy scammers use is cognitive bias. It’s our predisposition to a certain mindset that would make you more willing to comply. A few examples:

• Optimism Bias: You don’t automatically suspect a scam
• Truth Bias: You assume people are telling the truth
• Authority Bias: You trust and comply with authority figures (like police or government)

The third strategy scammers use is influence. They’ll compliment you or pretend to have similar likes so they build a relationship with you. They’ll act as experts or authorities so that you trust them. And, they’ll commit to it, starting slow and building over time and increasing their requests.

How Did Scammers Get So Good?

They practice. They aren’t afraid to fail. They don’t take no as an answer. And, perhaps most importantly, they embrace technology. It catches victims unaware and drastically improves their reach and persuasiveness. Here are their fanciest tools.

1. AI: AI makes it easy for scammers to create professional-looking websites, social media content, online ads, fake photos, persuasive emails and texts, and so much more.
2. The Dark Web: Scammers can buy nearly any data they want, plus fake identities, malware tools, stolen credit card numbers, ransomware, a fake escrow service or even hire hackers.
3. Deepfakes: Fake videos that clone real people and real voices are easy to create with free or cheap specialized software. These fake videos can promote products, laud fake charities or causes needing donations, even endorse ponzi schemes and pump-and-dump investments.
4. Spoofing software: Fraudsters can mimic legitimate phone numbers, emails, or websites and even trick you into thinking you’re dealing with a real person you know.

Red Flags

Scammers aren’t just straight up asking for your SIN and banking info anymore. Here are some common themes to watch for:

• Urgency, including limited time offers or requests to act now
• Threats, like an account will be closed, you’ll be arrested, or a fine is forthcoming
• Uncommon payment forms, like wanting gift cards, cryptocurrency, or Venmo transfers
• Secrecy, warning you not to tell friends or family or alert law enforcement
• Poor quality, like spelling errors, weird links, or other telltale signs AI has been hard at work
• Reciprocity, as in you get hired but you pay for your own training, or you won a prize but you have to pay to receive it

How to Avoid Falling for Scams

If you don’t want to be blindsided by a scam, the first step is to know that scams exist. Staying current on the latest schemes will go a long way. Be skeptical about almost everything online! Installing ScamShield, call blocking or anti-virus software can help prevent a scam artist from contacting you. Multi-factor authentication is a great way to stop scammers from accessing your online accounts.

If you get faced with a scam, take a step back and think about the legitimacy of the situation. Call a trusted friend or loved one and run the situation by them. Just hearing it out loud might make you come to your senses! Practice saying no. Disconnect from the situation and reach out to the company independently (like the CRA, bank, cell phone company or store) to confirm the request or offer is real. Finally, monitor your accounts for any unauthorized activity if you think you might have given away too much information.

Conclusion

If you’d like to learn more, the FCT fraud insights centre is a great place to start. Or, get your information in video form in Mastercard’s Anatomy of a Scam docuseries. Hopefully shining a spotlight on these tactics keeps your safety top of mind. Or as Bert and Gert would say, “Stay Alert, Stay Safe”!

Home Décor Trends to Elevate Your Space

Minimalism is dead. In 2026 we’ve moved on, adding colour, vibrancy, new features and personality galore into our homes. Here are the biggest trends you can keep your eyes (and budget) set on this year:

Grandma Chic: If your birth year starts with 19, you’ll probably feel nostalgic about this trend. Things like florals, ruffles and pleated skirts are back on couches and chairs. Lamp shades, antique clocks, China cabinets and anything else you saw in your grandma’s house in the 80’s is back in style. Your entire house doesn’t need grandma’s approval, but it’s time to proudly and stylishly display any heirlooms she passed down.

Dark Design: Terracotta, dark green, chocolate brown, darker woods… the stylish home has plenty of these colours in 2026. If you want to try it, consider painting your existing cabinetry, adding a chair or couch in a moody shade, or even choosing an area rug that does double duty in style and function while it hides the fact you haven’t vacuumed this week (or month).

Feeling Blue: Blue may not be the Pantone colour of 2026 – but it’s everything in fashion, design, social media content, makeup, even dining. Any shade will do, from icy to electric. It’s super easy to add to your home with things like furniture, dishes, artwork, rugs, or even knickknacks (those are back too… keep reading).

Bidets: Thanks to the explosion in bidet popularity, it’s easy to find an attachment, toilet seat, sprayer or entirely new toilet to bring the bidet lifestyle into your home. Plus, they reduce toilet paper use, saving your home plumbing and the environment! They’re fairly easy to install yourself so if you’re keen on trying one, a trip to your local hardware store is probably all you need.

Walls Are the Art: Wallpaper is back, baby! There are infinite cool patterns and colours to choose from, including some really interesting and personal choices. And don’t forget the fifth wall to every room – the ceiling! Paint it or wallpaper it too, adding drama, interest, and even heights to the space.

Personal Storytelling: This unique approach is about telling your own story, piece by piece. Any room can feel welcoming because nothing is too precious or perfectly styled. It won’t happen overnight though. It’s a rebellion against fast fashion and staged decorating, as you collect everything over your lifetime rather than in one trip to Pottery Barn. Display your travel souvenirs, favourite knickknacks, unique furniture and thrifted gems and enjoy sharing a memory or telling an origin story of your favourite treasures to your guests.

What’s Out

If you’re looking to thoughtfully declutter as you modernize or redecorate your home, here are the top three things to part with.

• Fake plants. And its cousin, the 2000’s oversized vase with dried wheat.
• Mass produced wall art. That print of le chat noir or Campbell soup are heading for retirement (or the attic for when they come back in style).
• Word art. We don’t live laugh or love this look anymore.

I’d love to hear what interior decorating styles and trends you have going on – and if you’re looking at any of these trends to update your existing style. If your home needs a bigger upgrade than just some new design elements, I can always help you sort through the financing options. Call text or email me anytime!

Economic Insights from Dr. Sherry Cooper

Last month, the US Supreme Court issued a verdict on the tariff lawsuit. The ruling invalidates a large portion of the tariffs that Trump implemented in 2025. However, there are other ways that the can introduce import taxes.

Realistically, most affected tariffs will likely be reinstated by other means – and a temporary blanket 10% tariff already has. Trump has already ordered a raft of trade investigations that should allow him to enact more permanent tariffs, too.

While this could be good news for Canada, in the immediate future, it only increases uncertainty, further dampening consumer and business confidence and increasing the likelihood that spending decisions, whether for housing or business fixed investment, will be postponed.

March 8 is International Women’s Day! It’s the 115th anniversary of the celebration of women’s achievements, raising awareness about discrimination, and furthering gender parity. It’s an inclusive day to celebrate all the women in your life.

My parting words for this month are “think green”! March is the month for all things green; from the dye in your St Patrick’s Day beer to the sprouts you’re hoping to see in your garden soon enough. Plus, who doesn’t want the calming effects, reduced stress, and increased creativity that the colour brings!

Have a great month and I look forward to seeing you back here in April.

If you’d like to be added to my distribution list, send an email to mike.bohte@pmgmortgages.ca

You can apply online today by visiting:
https://velocity.newton.ca/sso/public.php?sc=t675zfpk48mb

You can download my mobile mortgage app in the App Store/Google Play or by visiting:
dlcapp.ca/app/mike-bohte

Welcome to the February issue of my monthly newsletter!

Ah February, the month best known for Superbowl, groundhogs, Mardi Gras, and adding an extra day to our calendars every fourth year. But did you know there was once (and only once in the past 2000+ years) a February 30th?

From 1582-1752, most of the world was migrating from the Julian calendar to the Gregorian calendar. The longer a country waited to change over, the more time you needed to add or subtract from your calendar. In 1712, Sweden was making their move – and implemented a one-time-only February 30th to make the transition. Imagine being born on a day that never happened again for the rest of your life?!

Reverse Mortgages: A Modern Tool for Retirement Planning

Visualize this: It’s 1986. You’re an accountant in Vancouver. You’re seeing seniors living longer, healthier and more self-sufficient lives than ever. But they don’t have enough cash to pay their day-to-day expenses.

You want to help them. So, you create a financial product that lets them access home equity without giving up ownership.

You call it… the Canadian Home Income Plan, and lovingly refer to it as a CHIP. Your product – a reverse mortgage – gives seniors a way to stay in their homes, access the equity without selling, and have complete flexibility and control over the funds. It has a slow start, but over the next decade it catches on across Canada.

Fast forward to 2026 and the reverse mortgage has evolved into a useful tool for so many Canadians. We’ve seen a 40% increase in usage of reverse mortgages in the past 3 years alone! There are several reasons for this, including skyrocketing property values, inflation driving up the cost of living, people living longer and healthier after retirement, and a whopping 71% of those over 75 still owning homes. So, older Canadians are opting to supplement their income with home equity to maintain or improve their standard of living in retirement.
What are the Basics of a Reverse Mortgage?

A reverse mortgage is available exclusively to homeowners aged 55 and older; all applicants must meet that minimum age. You can access anywhere between 15-55% of the value of your home, with your age and the location playing the biggest roles in the amount.

With a reverse mortgage, you can take out money in four different ways:

1. Use it like a line of credit
2. Take out a lump sum of cash at any time
3. Arrange regular ongoing monthly payments
4. Use a combination of options 2 and 3 above

Also of note is that you must live in the home, maintain the property, and ensure property taxes and insurance are both paid and current. You can get up to 3 reverse mortgages and even qualify for one on multi-unit properties (up to 6 units).

What are the Benefits?

A reverse mortgage doesn’t depend on your credit score or your income for qualification. In fact, you don’t need to have any income at all! You also maintain complete ownership of your home and continue to live in it and build equity.

Another set of benefits are that the funds aren’t considered income, so they’re not taxed and don’t impact any pension or benefits you qualify for. You can even use this as part of your tax strategy (do consult a financial planner about this though).

What Can I Use a Reverse Mortgage for?

These funds are extremely flexible, so you can use them for nearly anything. A few common ways Canadians use them are:

• Home renovations or upgrades
• Helping family (like a gifted down payment, a living inheritance, or a paying for a wedding)
• Buying another property
• Paying off higher interest debts
• Funding your lifestyle, a vacation, or other expenses

What Will a Reverse Mortgage Cost?

There are two types of costs you’ll encounter with a reverse mortgage.
First, like any mortgage, you’ll be charged interest. The rates are typically 1-2% higher than a regular mortgage, but you have the same flexibility with fixed or variable rates in various terms.

Second, you’ll have upfront costs to fund the reverse mortgage. You’ll need to get independent legal advice, an appraisal on your home, and you’ll most likely pay a lender or setup fee. Those three items will typically cost $1500 – $3000. You might be able to negotiate the rate or even find a promotion that waives the setup fee, so using a mortgage professional to shop around could save you money.

How do I Get Out of a Reverse Mortgage?

Much like a regular mortgage, you can pay off the amount owing in full at the end of the term without penalty. You can also make regular payments to bring down the balance. Lenders may also impose early repayment fees depending on the terms and conditions.
Alternatively, if you sell the property, you repay the amount in full at the time of sale. In the case of death, your reverse mortgage must also be repaid in full, before your estate is disbursed.

Are Reverse Mortgages Regulated?

Yes. The industry is regulated by the Office of the Superintendent of Financial Institutions (OSFI). They’re considered a non-recourse loan, meaning you’ll never have to repay more than the property is worth or sold for. You often see this feature advertised by lenders as a ‘no negative equity guarantee’, but know that’s a legal requirement here in Canada.

Are Reverse Mortgages a Scam?

No. They’re a legitimate and useful way for people to access home equity without selling their home. They’ve been approved and endorsed by the Canadian Association of Retired Persons (CARP), and members can even qualify for a $250 fee rebate upon funding. Plus, the Ontario Teachers Pension Plan invests in one of the main reverse mortgage companies.

However, like any financial product, the reverse mortgage market sees its share of scams. Be sure to use a licensed and experienced mortgage professional to avoid them. Look out for anyone one asking you to sign over the title to your home (never do this), or contractors offering to do the paperwork and get funding for you to fund upgrades or renovations. Those are big red flags!

Are there Alternatives to a Reverse Mortgage?

You always have options! A Home Equity Line of Credit (or HELOC) lets you take out equity and offers up to 80% of the value of your home (although you need income to qualify). You could also sell your home and downsize, rent, or move into another type of residence. No matter what route you go, you’ll want to look at the total cost of each option to help you make the best decision.

What Are the Next Steps to Getting a Reverse Mortgage?

I’d love to help you explore your options. There are several Canadian financial companies that offer reverse mortgages in 2026, each with different fees, requirements and features. I would be happy to compare them and help you pick the best choice for your unique situation. Let’s set up a call to discuss.

Valentine’s Day Your Way

Roses, chocolates and cards not doing it for you in 2026? You’re not alone! But even if you are, you’re still welcome!

Here are my best suggestions to enjoy Valentine’s Day without the pressure of a fancy dinner out or even another human to share it with.

For the foodies: Bake a batch of sugar cookies and decorate them – either with cute red and pink hearts, or black bows and arrows. There are no rules here! Or, try out a mixology or cooking class online and learn how to make something new and delicious.

For the active folk: Draft a checklist of festive or un-festive items (like someone in a red coat, a squirrel, a restaurant with a line, a house with Valentine’s décor, a hockey jersey, an amazon truck, etc.) and go for a walk outside until you find everything on your list. Or, lace up your skates and stuff your pockets with candy or hot chocolate to fuel an outdoor skating session.

For a group: Invite your galentines or palentines over for a game of Catan, Blokus, Wizard or Hues and Cues. Or, make a reservation for your group at a board game café and play as many as you can.

For the anti-consumerists: Write some poetry (here’s how if you’re a newbie), then do a light hearted reading of your work (people, pets, or your camera are all great audiences). Or, do some volunteering at an animal shelter, food bank, or wherever else speaks to you; give back instead of giving gifts!

For the gardener: Make wildflower seed bombs. Combine equal parts wet clay (or half the amount if you have dry clay) and soil (or a compost mix). Gradually add water until you get a dough-like consistency. Then, add in your seeds (about a teaspoon per handful of concoction) and form them into balls or pucks. Let everything dry until early spring and then toss the seed bombs wherever you want those flowers to grow (no need to plant/bury!).

If you want to make it more Valentine’s Day themed, add some pink or red food colouring to the dough and shape your bombs into hearts. Lovely.

Economic Insights from Dr. Sherry Cooper

Amid significant shifts in global trade dynamics, Canada is redefining its position on the world stage. While the United States continues to make headlines with its assertive trade policies, other nations—Canada included—are forging ahead, adapting and expanding their international relationships

Last week, Prime Minister Mark Carney’s visit to Beijing marked the first Canadian prime ministerial trip to China since 2017, culminating in a landmark trade agreement. Canada lowered its tariff on Chinese electric vehicles, while China reciprocated by reducing tariffs on Canadian canola seed. Carney emphasized the importance of renewing and strengthening the Canada-China partnership, asserting that these efforts signal a move toward a new global order, with Canadian exporters increasingly seeking opportunities beyond the US market.

Impact on Economic Sectors
The prevailing uncertainty surrounding trade—driven by tariffs and shifting alliances—has contributed to a decline in housing market activity, particularly in Ontario and British Columbia. In contrast, Quebec’s housing market remains more robust, although tariffs on aluminum and lumber have dampened broader economic activity in the province and across Atlantic Canada.

Despite widespread concern about these developments, Canada’s outlook for broadening trading partnerships is stronger than many anticipate. The country possesses substantial competitive advantages that position it well to meet international demand over the next decade.

Canada’s Competitive Advantages
Canada’s strengths lie in its rich natural resources, including oil and gas, uranium, critical minerals, food and agriproducts, fresh water, and Arctic access. These endowments provide a solid foundation for trade diversification.

Historically, 75% of Canadian exports have gone to the US, with agreements like CUSMA offering tariff protections for many Canadian goods. However, recent developments and strategic initiatives are opening new opportunities, especially in the energy and agri-food sectors, where Canada’s geography, resource reserves, and trade agreements align with growing demand from Europe and Asia.

Cross-Cutting Advantages

Resource Endowments
Canada is a leading global supplier of scarce commodities, including crude oil, natural gas, potash, canola, and other agri-food products. Its status as the world’s largest producer of potash is crucial to the US fertilizer supply, and there is significant potential to expand exports to major importers like Brazil, India, and China.

Trade Architecture
Canada benefits from a robust network of trade agreements, including CETA with the EU and CPTPP with Asia-Pacific economies. These agreements lower barriers for exports to Europe and Asia, offering advantages over non-preferential competitors. The country’s trade strategy now aims for a 50% increase in overseas (non-US) exports, a goal already being met ahead of schedule in some sectors.

Reputation and Standards
Canada’s reputation as a politically stable, rules-based, and relatively low-carbon supplier is increasingly valued by global buyers prioritizing security of supply, especially in energy and food. This reputational premium is particularly important for European and Indo-Pacific customers seeking to mitigate risks posed by Russia and certain Middle Eastern suppliers.

Sectoral Opportunities

Oil and Gas: West Coast Egress to Asia
The Trans Mountain Expansion (TMX) and LNG Canada projects have significantly increased Canada’s pipeline and liquefaction capacity, providing direct access to Pacific markets. Since 2017, TMX has enabled a 130% rise in energy exports to overseas destinations, with LNG shipments reaching Japan, South Korea, China, and Malaysia. Chinese purchases of Canadian oil have reached all-time highs.

For North Asian markets, Canadian Pacific Coast LNG shipments are much faster than those from the US Gulf Coast, cutting approximately 20 days off voyages to South Korea. This geographic advantage, combined with Canada’s vast gas reserves and political stability, makes it a structurally competitive supplier to Asian gas markets.

Following the Ukraine conflict, Europe and Asia have strong incentives to diversify their energy sources away from Russia. Canada’s new export infrastructure directly supports this demand, with the global LNG market expected to remain tight through the mid-2020s, offering a window for new Canadian supply to secure long-term contracts.

Metals, Steel, Aluminum, and Autos: Input Strength vs. Finished Goods
Canada’s primary advantages are in upstream metals and minerals, such as iron ore and critical minerals, rather than in finished steel and automotive products. Metal and non-metallic mineral exports have grown rapidly—up about 74% since 2017—driven by gold and other metals.

For steel, aluminum, and auto parts, Canada’s ability to market low-carbon content and secure supply is a key differentiator, especially in jurisdictions tightening carbon and supply-chain regulations. While Canada’s participation in multiple free trade agreements provides tariff preferences in Europe and Asia, the integration and scale of the North American auto platform continue to present challenges for diversification in finished goods.

Agriculture: Canola, Potash, and Food Products
Canada plays a central role in global canola and potash markets and faces strong demand from large agricultural economies outside the US. The country supplies roughly 85–90% of US potash imports but is positioned to pivot toward growing markets such as Brazil, India, and China if US trade becomes less attractive.

China is a major buyer of Canadian raw canola seed and has greater processing capacity than other markets. Canada’s access to Asian and European trade channels further supports diversification. According to Farm Credit Canada, approximately $12 billion CAD in food and beverage exports could be redirected from the US to other markets or to domestic buyers, highlighting significant potential for reallocation.

Canada’s surplus potash supply helps keep domestic fertilizer costs low, allowing grain and oilseed exports to remain competitively priced in third markets. Combined with high standards for food safety and sustainability, Canada presents a compelling value proposition in premium and bulk agri-food markets.

Hydropower and Virtual Water
In the near term, “water exports” are primarily realized through hydroelectric power from resource-rich provinces, rather than bulk water shipments. These hydro resources support green power exports, particularly to the northeastern US, and may contribute to future cross-border electricity grids.

As climate risks grow, Canada’s abundance of water and arable land creates long-term advantages in producing water-intensive goods such as grains, oilseeds, forestry products, and certain metals—positioning the country to supply water-stressed regions globally.

Policy and Political Economy
Canada’s federal strategy now explicitly positions trade diversification as central to risk management and economic resilience. Dedicated tools and financing, including Export Development Canada and trade commissioner services, are helping exporters access non-US markets. Combined with private-sector investments in logistics and port capacity, these efforts continue to reduce the costs and barriers associated with reorienting exports.

Conclusion

Canada’s structural advantages enable a gradual reduction in marginal dependence on the US, particularly in energy, agri-food, and some metals and advanced manufacturing sectors. However, full substitution in autos and certain processed goods remains unrealistic and inefficient due to the deep integration of the North American market. Overall, Canada’s expanding network of trading partners and robust resource base position it well for a resilient economic future.

As these successes mount, Canadian consumer and business confidence will rise, re-igniting pent-up demand in housing. As we move through this transition year, optimism will mount, and reduced housing prices, combined with lower mortgage rates, will return housing activity to more normal levels in the hardest-hit provinces of Ontario and British Columbia.

That’s it for February!

A reminder that Wednesday February 25 is pink shirt day, which aims to raise awareness of bullying in schools, workplaces, homes, and online. Learn more about the cause on their website.

From the bottom of my heart, wishing you a great month ahead and hope to see you back here in March.

If you’d like to be added to my distribution list, send an email to mike.bohte@pmgmortgages.ca
You can apply online today by visiting:
https://velocity.newton.ca/sso/public.php?sc=t675zfpk48mb

You can download my mobile mortgage app in the App Store/Google Play or by visiting:
dlcapp.ca/app/mike-bohte

Welcome to the January issue of my monthly newsletter!

Happy New Year!

Looking to do some self improvement this year? Don’t call it a resolution – those are out. Instead, try out a vision board or a bingo card! It’s a more visual way to represent what you’re trying to accomplish, with smaller increments of success and more incentive to share. They’re great content for social media (#trending), and a fun talking point with friends and family who come over and see what you’re envisioning.

Any kind of visual representation of your goals (like foods, places, activities, hobbies, etc.) is perfect for a collage that turns into a vision board. A simple 5×5 grid can hold 25 small goals for the year and be extra satisfying when you dab one of them off your list.

Still unclear? A quick social media search will give you thousands of examples and inspiration.

Here to There: The Bridge Loan Strategy

Timing is everything when you’re buying and selling a home. But… what if it wasn’t? When you want to purchase your next dream home, you search the market for days, weeks, even months to find the perfect place. And simultaneously, you prep your own home for sale, open it for viewings, and look for the right offer and buyer.

It’s great if the dates for your purchase and sale align and you want to move in exactly one day. But what if that isn’t the case?

Enter: the bridge loan. It’s literally a bridge between your current home and your future home! It fills the gap of financing when you can’t or don’t want to pay for two mortgages for an extended period of time.

Here are some reasons a bridge loan is a great solution for you:

1. You want to take your time moving rather than do it all in one day
2. Your new home purchase closes before your existing home sale
3. You want to renovate before moving in
4. You need time to clean or empty your existing home
5. The housing market is hot and you don’t want to miss a perfect property

If you think there must be a catch – there are a few. Here’s what you need to know:

• Bridge loans are short term, temporary loans between 1-90 days
• You need a firm sale agreement on your existing home
• You will be required to make payments on both mortgages during the bridging period when you own both properties
• A realtor is required to process the transaction
• Cash will be required to pay realtor and legal fees, plus any mortgage penalties, outside of the bridge loan and mortgage financing

The pros: You’ll have plenty of flexibility in terms of closing and moving dates. It allows you to buy your dream home when you see it, rather than settle for what’s available in a specific time window. You also have flexibility in terms of your new home purchase, as you won’t need a full downpayment for a new home, instead using the equity you’ve already built up in your existing home.

The cons: You will pay interest on the new financing amount at a higher than your regular mortgage. Plus, you might incur fines for breaking your existing mortgage. You also need to have a lump sum of cash to pay for closing and sale costs. You might also have to use any existing financing sources first, like maxing your line of credit.

Bridge Loans for Land: Some lenders will also offer you the ability to use bridge financing for purchasing land. This works well if you don’t have construction financing secured yet, or you haven’t decided what to do with that land right away. There are more considerations than with an existing home, like borrower options, your net worth, the location of the site, etc.

How it works: You’ll need to use a lawyer and a realtor. When you complete your new home purchase, you’ll sign documentation that guarantees you will use the funds from your sale to pay off the bridge loan (you won’t get any cash out of the deal). Your lender may also require a collateral charge on the property you’re selling, depending on their conditions and the amount of the bridge loan.

Next steps: Want to calculate what it would cost, run your scenario for viability, or even apply for a bridge loan? Call or email me! It costs nothing to get my expertise on the financial aspects of your home purchase and financing plans!

Ice to Meet You: Build Your Own Backyard Rink

A skating rink in your own backyard? Yes, please! A skating rink is a great way to keep kids busy, stay active yourself, entertain guests, or even use as a conversation-starting background to your social media content. Here’s how to make this easy, enjoyable feature at home this month.

1. Get a tarp: You’ll need to line the area you want to skate on with a heavy-duty tarp. You can get all kinds of sizes, so pick one that suits the area you’re looking to cover. Amazon is an easy destination but a hardware store might be a better bet so you can see and feel the quality before buying. If you think you want to make this rink year after year, consider investing in a quality tarp from heavydutytarps.ca.
2. Frame the area: Set up a border for your rink using wood you have – scraps, 2x4s, logs, whatever! You can also buy long boards at that same hardware store you’re shopping for your tarp at if you don’t have something suitable at home already. Keep the frame secure with brackets or angles. Alternatively, you can use snow for a frame – just be sure it’s firmly packed and fully covered by the tarp. The frame should be a bit smaller than the tarp’s area, as you’ll want the tarp to come at least 10cms up the sides.
3. Flood your rink: Use your backyard hose to flood the area until it’s at least 5 centimeters deep. Now the hard part – wait for it to fully freeze.
4. Decorate your creation: Use strings of outdoor lights to illuminate your rink so it can be used well into the evening. Other fun additions are folding chairs with blankets, an old scrap of carpet where you can put skates on and off, a portable fire pit, a cooler to keep your beverages in, or even an outdoor patio lamp style heater (just not too close to the rink!).

I hope you give this a try – and don’t let my invite get lost in the mail if you do!

Economic Insights from Dr. Sherry Cooper

Can the US unilaterally exit from the Canada, US, Mexico Agreement?
Yes. Under the treaty text, any of the three parties, including the United States, may withdraw from the agreement on its own by providing written notice and waiting six months. The more complicated question is whether the U.S. president can do that under domestic U.S. law without Congress, which is unresolved and would likely be litigated.

What the treaty allows
Article 34.6 of the USMCA (CUSMA) states that a party “may withdraw from this Agreement by providing written notice of withdrawal to the other Parties,” and that the withdrawal takes effect six months after that notice.

The provision also specifies that if one country withdraws, the agreement remains in force among the remaining parties, so a U.S. exit would not automatically terminate Canada–Mexico preferences with each other.

Domestic U.S. law constraints
In international law terms, there is a broad consensus that the United States could validly withdraw from USMCA by following Article 34.6’s notice-and-wait procedure.

In U.S. constitutional law, however, scholars and Congressional research note that it is unclear whether the president alone can terminate a congressional–executive trade agreement like USMCA; any attempt to do so unilaterally would likely trigger a major court battle over separation of powers.

Practical implications
Policy analyses stress that a unilateral U.S. withdrawal remains legally possible under the treaty but would generate significant trade and investment uncertainty in North America, especially given integrated supply chains and the 2026 review dynamic.

Recent commentary on Trump’s second term suggests that even announcing an intent to withdraw could be used as a bargaining tactic in the 2026 review, amplifying leverage but also elevating risk premia for Canadian and Mexican exposure to the U.S. market.

What are the likely trade consequences if the US withdraws from USMCA?
If the United States withdrew from the USMCA and allowed the agreement to lapse, North American trade would essentially revert to WTO most-favoured-nation (MFN) terms, with higher tariffs, greater regulatory friction, and significant disruption to integrated supply chains.

Tariffs and market access
Duty-free treatment on most Canada–US and US–Mexico trade would disappear, and trade would fall back to bound MFN rates; for Canada, modelling around a “no NAFTA/CUSMA” scenario highlights double-digit U.S. tariffs on trucks, apparel and footwear, and the loss of preferential access in key agricultural products.

USMCA disciplines on non-tariff barriers (customs facilitation, regulatory cooperation, digital trade, services, investment protection) would cease to apply vis-à-vis the United States, increasing administrative costs and uncertainty for cross-border commerce.

Supply chains and sectoral impacts
Highly integrated sectors such as autos, auto parts, machinery, energy, and agri-food would face the most significant adjustment costs, because production networks currently optimized for zero tariffs and common rules of origin would need to be restructured or repriced.

Analyses of a termination-type scenario emphasize that immediate disruption would likely reduce regional productivity and competitiveness, with knock-on effects on employment and investment in manufacturing-heavy regions in all three countries.

Macroeconomic and strategic effects
Canadian government modelling for a “U.S. withdraws from NAFTA” counterfactual (used as a proxy for losing USMCA preferences) shows a hit to Canadian GDP and preserved gains of roughly 0.25% of GDP from maintaining CUSMA, suggesting a similar order of magnitude loss if the U.S. actually exited.

Policy institutes warn that withdrawal would increase risk premia, depress business investment, and mark a broader retreat from regional integration, undermining North America’s collective share of global output and its ability to compete with other large trade blocs.

Likely policy responses
Canada and Mexico would almost certainly retaliate against any new unilateral U.S. tariffs (as they did against Section 232 measures), targeting politically sensitive U.S. exports; this would intensify the negative impact on U.S. exporters while adding to uncertainty.

In parallel, Canada and Mexico would likely seek to deepen their own bilateral arrangement and accelerate diversification to the EU and Indo-Pacific markets. However, most analyses underscore that replacing the scale of U.S. demand is practically impossible in the medium term.

The latest trial balloon: Some would argue the Canadian media is realizing the USMCA will be dissolved in favor of two independently negotiated bilateral trade agreements; one with Canada and one with Mexico. This is the latest missive from the US trade negotiators. This issue is very much up in the air, damaging Canadian consumer and business confidence.

The US Chamber of Commerce adamantly supports CUSMA, as Canada is the number one market for the exports of 32 American states.

All three countries must indicate by July 1 of next year whether they want to extend the agreement, renegotiate its terms or let it expire.

Bottom Line

CUSMA offers Canada crucial protection from much of the tariffs, making the vast bulk of Canadian exports exempt.

Despite the trade deal, the U.S. is still hitting Canadian exports of steel and aluminum with tariffs of 50 per cent, and some automotive exports and kitchen cabinets with tariffs of 25 cent.

Talks were ongoing about reducing the steel and aluminum tariffs but Trump called them off in October, triggered by an anti-tariff television ad campaign by the Ontario government.

And that’s it for January! It can be a long, dark month – but with things like bubble bath day (the 8th), pastrami sandwich day (the 14th), prohibition remembrance day (the 16th), Winnie the Pooh Day (the 18th), and national cheesy socks day (the 21st), there’s plenty to look forward to.

Best of luck with any New Year’s resolutions you’ve made, and I’ll see you back here in February.

If you’d like to be added to my distribution list, send an email to mike.bohte@pmgmortgages.ca

You can apply online today by visiting:
https://velocity.newton.ca/sso/public.php?sc=t675zfpk48mb

You can download my mobile mortgage app in the App Store/Google Play or by visiting:
dlcapp.ca/app/mike-bohte

Welcome to the December issue of my monthly newsletter!

December is the month of holidays and festive traditions – and also the season of incredibly high stress levels. If you need some fresh ideas on how to destress, give one of these a try:

• Forget Perfection! Getting something 90% done and letting go of the 10% of perfecting can help check things off your to-do list. Besides, no event is perfect… and that’s what makes great memories! Keep the mantra ‘water off a duck’s back’ in your mind for all the hiccups you encounter.
• Set Boundaries! Remember – it’s okay to say no to things. You don’t have to attend everything, make every recipe, shop for every person, and so on. Set a boundary that balances showing up for others and maintaining your own well-being.
• Share Tasks! Don’t try to do everything yourself! If you’re hosting, have guests bring things like food items, drinks, or whatever else you need – or invite a few to come early and help set up or stay late to help clean up.

Hopefully these tips help keep you grounded during this busy season. Now on to this month’s content!

2026 Financial Resolutions: Set Yourself Up for Success

December is a great time to start thinking about your 2026 finances. We have three big questions to ask yourself which will help course correct and set you up to meet your financial goals in the New Year.

But before we get that deep, let’s cover a few financial basics – and know that it’s okay if you’re still working on these steps:

1. Prioritize paying off high interest debt. That means credit cards with 20% rates and similar items. Consider a consolidation loan if you have multiple debts with rates over 15%.
2. Automate your savings. If you don’t already have an automatic withdrawal from your main checking account, set one up! Even just $50 a pay cheque can make a difference.
3. Forgive yourself for past mistakes. If you haven’t been responsible financially in the past, it’s okay! Let go of that and know you can do better, starting right now and building better financial habits.
4. Check your credit score. If you have a blemish or need to build it up, work on paying bills on time, in full, every time. Close unused credit cards or other form of debt.

Now let’s dive into the three big questions we mentioned at the beginning.

Question 1: When was the last time you reviewed your accounts?
Looking at your accounts on a monthly or quarterly basis is a great financial habit. A few action items:

• Check your statements for unauthorized or unrecognized transactions
• Identify preauthorized debits and cancel things you really don’t use

Question 2: What are you saving for?
Saving in general is great, but having specific goals and seeing progress as you work towards them is even better. You likely want to save for retirement, go on vacation, buy a new home, have an emergency reserve, etc. Once you’ve established what you’re saving for, it’ll be easier to make sacrifices when you really need to.

Here are two ways to get and stay on track in 2026:

1. Get organized: Some folks like to have more than one account; others have a spreadsheet or app that tracks progress. Either way, keeping track and visualizing your progress is important.
2. Build on your success: Investing what you save will help compound your success. For short term savings, you’ll want to take less risk, so a savings account with low interest is probably a good bet. But for longer term goals, investing will bring you higher returns. Your best bet is to speak to a financial advisor or licensed professional for tailored advice.

Question 3: Do your spending habits need an audit (or an edit)?
More of a statement than a question here, as it’s a great way to better understand your financial habits and motivations. Start by reviewing your last three months of credit card and bank statements. Pay attention to spending patterns and see if you notice anything you’d like to improve on. Maybe you want to eat out less, ban yourself from Sephora… whatever your vice is, take note of it.

Another aspect of a successful edit is improving your own financial literacy. Pick topics you’re interested in and listen to a few podcasts or videos. A few to consider:

• Maximizing different types of investment accounts
• Asset classes (fixed income, equities, commodities)
• Alternative asset classes (real estate, collectibles, cryptocurrencies)
• Compounding interest (both on debt and investments)

Improved financial literacy = more informed financial decisions.

As we wrap up this discussion on financial resolutions, here’s one last piece of advice: take the emotion out of your finances. Identifying your goals, improving your knowledge, and setting up a plan to succeed will take your goals to the next level.

A DIY Holiday: Creative Ideas for Homemade Gifts

These days, a homemade gift is a real treasure. The ideas below require a few crafting basics, small (mostly online) purchases, or thrift store trips – but they’ll leave great impressions on any recipient! If you try any of them out, I’d love to see a picture of the results!

1. Clay Magnet Sets: Get some white air-dry clay and a few basic colours of paint from a craft store or online. Roll the clay out to 1-2cm thickness and use cookie cutters to punch out shapes. Paint the shapes as ornaments, snowflakes, trees, or whatever other festive items you like. If you want a durable finish, you can seal the dried and painted clay with a coating like varnish, mod podge or acrylic sealant. Once dry, super glue some strong magnets to the back. Make as many sets as you want to give!
2. Custom Potato Prints: Make a custom stamp out of a potato and look out world! All you need to do is cut a potato in half and carve the inside to the shape you want (a star, tree, holly, stocking, whatever). Make it easier by using a cookie cutter and punching an outline in the half-potato – then cut off the excess. Get some paint and use your potato stamp on anything from a canvas tote bag to denim to blank cards. Or, make custom wrapping paper by stamping the large sheets of crumpled paper from your last online shopping order.
3. Teacup Candles: Get yourself a candle making kit – which needs to include wax, wicks, and a melting vessel at minimum. Pillage your unused China cabinet or visit a thrift store and pick out some teacup and plate sets (or other mugs or jars you want to use). Finally, you’ll want some dried herbs, dried flowers, essential oils, or other candle enhancers. Once you have everything, melt the wax in the vessel using a double boiler method. Dip the wick into the wax and stick it to the bottom of the teacup. Pour the melted wax into the teacup and add your scents or whatever else you’re using – stir gently. Leave it to firm up for 24 hours, trim down the wick if it’s too long, and you’re ready to wrap these up!
4. Hand Painted Bottle: Upgrade the classic wine gift by painting the bottle itself! You can use some basic craft paints and brushes (from a dollar store, craft store, or Amazon) and design a beautiful pattern of holly, a string of lights, a winter scene, write their names, a nice message, or whatever else you want. This small gesture will make your gift instantly more memorable and is still a great consumable for the person who has everything.
5. Homemade Bath Bombs: Get a silicone mold in a cute shape. Combine 1 cup baking soda, ½ cup each of Epsom salts and citric acid, scents (like ground cinnamon or ginger by the teaspoon, or essential oils a ½ teaspoon at a time), and 2 tablespoons of melted coconut oil. Combine the ingredients, using a spray bottle with water to gradually moisten the dough until it forms a dry-ish paste that will hold a shape. Smush it into the silicone mold until the shapes are about ¾ full and let them dry for 24 hours. Pop the shapes out, package a few together, and you’ve got a great gift!

Economic Insights from Dr. Sherry Cooper

The Canadian housing market is showing a cautious recovery, though regional differences remain stark. Affordability has improved slightly as mortgage rates ease, yet high prices in major cities continue to shape buyer behaviour.

Regional Conditions
• BC & Ontario (Buyer’s Markets):
These remain the least affordable provinces, with softer sales, declining prices, and slowing condo construction due to weaker investor demand. Ontario’s slowdown is further pressured by U.S. tariff impacts.
• Alberta (Balanced):
Construction is easing from previous highs but remains stable. Prices are steady, driven mainly by resident buyers rather than investors.
• Quebec (Balanced, Fast-Growing):
Prices are up 8.2% year-over-year with strong sales. Momentum is expected to continue into 2026.
• Prairies – SK & MB (Seller’s Markets):
Low inventory and strong job growth are driving significant gains. Saskatchewan is expected to close out the year up 9.3% and Manitoba up 7%.
• Atlantic Canada (Seller’s Markets):
Nova Scotia, New Brunswick, and Newfoundland continue to outperform with 5%–10% price gains fueled by steady demand and limited supply.

National Trends
• Home sales expected to fall 1.1% in 2025, driven by softness in BC, AB, and ON.
• National average price projected to decline 1.4% to $676,705, largely due to BC/ON weakness.
• Outside those provinces, most regions are seeing 4%–9% price growth.
• Market tightness in Quebec, the Prairies, and Atlantic Canada is helping maintain price strength.
• A rebound is anticipated in 2026, with prices rising 3.2% and sales climbing more than 7%.

What’s Driving the Market?
• Slower population growth due to reduced immigration levels.
• Lower mortgage rates and updated lending rules.
• Declining investor activity, particularly in due to the condo crisis in Toronto and Vancouver.

Provinces Poised for the Strongest Price Growth in 2026

The strongest gains are expected in regions with tight supply, strong in-migration, and better affordability – specifically Saskatchewan, Manitoba, Quebec, New Brunswick and Nova Scotia all have over 5% projected growth. In BC and Alberta, you can expect normalizing market conditions without nominal growth, if any at all.

Demographic Trends Behind 2026 Growth

A wave of interprovincial migration is reshaping the housing map. Canadians are moving from high-cost provinces like Ontario and BC toward more affordable regions such as Saskatchewan, Manitoba, and Atlantic Canada. Even with reduced immigration targets, newcomers continue to add pressure to family-oriented markets—especially in Quebec and the Atlantic provinces. Younger buyers and families are gravitating to provinces with better affordability and job prospects, while retirees are increasing demand for accessible, lower-cost housing. Persistent supply shortages in these fast-growing regions amplify price pressures.

And that’s a wrap for December! Wishing you and yours all the best this festive season. Happy holidays!

If you’d like to be added to my distribution list, send an email to mike.bohte@dominionlending.ca

You can apply online today by visiting:
https://velocity.newton.ca/sso/public.php?sc=t675zfpk48mb

You can download my mobile mortgage app in the App Store/Google Play or by visiting:
dlcapp.ca/app/mike-bohte

Welcome to the November issue of my monthly newsletter!

Welcome to November – less commonly known as the anniversary of Pharoh Phever. Let me explain. King Tut’s tomb was discovered on November 4, 1922, by British archaeologist Howard Carter. After years of searching, his team found a step in the bedrock, that led to a staircase, and eventually to the sealed door to the tomb’s entrance. The tomb contained thousands of artifacts, including gold-covered chariots, jewelry, shrines, and Tutankhamun’s solid gold mask. And as you can imagine, it was huge news, capturing the world’s attention and leading to a frenzy of interest in Ancient Egypt. They may not have had the term Pharoh Phever at the time, but they sure could have used it!

Keys to Their Future: Helping Your Kids Buy Their First Home

Although some things stay the same, the housing market isn’t one of them. If you’re in the thick of things with your adult children trying to buy a property – could you imagine paying the average 2025 Canadian home price of $678,331?!

There’s truly a housing affordability crisis happening right now and it’s taking the biggest toll on new home buyers trying to enter the market – your kids. If you’re looking for options to help them with their home purchase, this article is for you.

The housing crisis your kids are facing isn’t just out-of-reach prices. There’s also stricter mortgage qualification guidelines (including the stress test), unemployment exceeding 7% in Canada in 2025, the growing gap between salaries and home prices, and a volatile condo market in Vancouver and Toronto – to name a few. So, here are a few ways to overcome the home-ownership barriers of 2025 and beyond.

1. Financial Assistance: If you can afford to give your kids cash for a down payment, that’s great. There’s no minimum or maximum amount you can give them. You’ll need to make sure it has been in their account long enough or write them a gift letter or show proof of funds if not.
2. Co-signing the Mortgage: If you’re still working or have sufficient income from other means, you can consider taking joint financial responsibility for a mortgage. The point is to improve their debt-to-income ratio so they can get approved for a mortgage that their own income doesn’t allow for.
3. Early Inheritance: One trend that’s gaining momentum with the baby boomer generation is giving your children their inheritance early. It’s a plus for parents who get to see their kids enjoy it or help them when they need it more. You’ll have to do some financial forecasting for this to work.
4. Reverse Mortgage: If the above aren’t great options for your family, and you own your own home, you could consider a reverse mortgage. This would give you a lump sum or monthly installments of cash which you don’t repay until you sell your home.
5. Increase Credit Score: This is an indirect route, but a higher credit score has material benefits. It makes lenders more apt to provide financing, and can get the owner a lower mortgage rate. And of course, a lower rate means lower payments, and an easier time qualifying for a mortgage. Making sure they have bills in their name (like the electric bill) that are paid in full every month helps establish their credit worthiness.
6. Pay off Debt: Even if you can’t cover the downpayment on a home, you can get your kids there faster by helping them pay down debt. This will not only free up room for saving, but it will also improve their debt servicing ratio and give them more room to borrow for a mortgage.
7. Introduce Me! (Your Mortgage Broker): Letting me take a closer look at their finances and mortgage needs might open a door or bring to light a lender you haven’t thought of. I’m happy to do a review at no charge.
8. Putting a Home In Trust: Here you’d be the one purchasing the home and putting it in an irrevocable trust for your child. This is option makes sense if you want to maintain ownership, if your child has poor credit history and won’t qualify with a lender, or even if they are married and you want them alone to retain the home (in case of divorce). It’s also a strategic method of estate planning if you want your child to (eventually) receive the property and avoid probate and taxes.
9. Joint Mortgage: Here you would each have separate financial responsibilities as part of the home purchase agreement, as outlined in the mortgage. This might be the right option if you want to co-own the home, and will each pay a portion of the mortgage every month.
10. Inter-Family Mortgage: If you have the cash to finance the house, you can loan them those funds and draft a personal mortgage or loan agreement. As it’s not governed by a financial institution, you have flexibility in what the terms of the loan are.

Regardless of how you choose to help, consulting a lawyer or mortgage broker is a good place to start. It can help you understand the legal implications of each option and be sure you’re making an informed decision. If you’d like to explore any of these further, with no cost or strings attached, reach out so we can set up a meeting.

Sleigh Your Budget: Holiday Shopping Without the Financial Hangover

With 50% of people having already started their holiday shopping, there’s no time like the present 😉 to put together your spending guide and working budget.

Why bother? Having a holiday budget is a great way to make sure you don’t overspend and get dragged down by blue Monday when that January credit card bill comes in. It also opens the door to setting bigger financial goals.

How do I start? Setting a realistic overall number is a great place to start. But micro budgeting is where things are really at! Micro budgeting is when you consider how much you plan to spend on each person and for each thing. Drill down to the nitty gritty on what books Aunt Sharon needs and what you want to spend on each one.

Ready to shop? You’ve probably seen and heard a lot of budgeting advice over the years. But these days, social media ads and pressures can be stronger than ever. So, let’s go over a few things before you whip out that credit (or debit) card.

DOs
• Leave your emotions (especially guilt) at home
• Track prices now and watch for sales later this month
• Keep a physical tracker of spending
• Write down everything you buy
• Consider alternatives to material gifts
• Have a gift conversation with anyone you plan to buy for – and talk budget!
• Look at thrift stores or on Marketplace for items
• Consider a group gift exchange rather than buying gifts for everyone individually

DON’Ts
• Use ‘buy now pay later’ offers
• Sign up for store credit cards
• Buy things that aren’t on the list
• Double-buy for one person
• Fritter away your budget on small items
• Feel you must buy gifts for everyone
• Forget homemade gift materials may also cost money
• Buy based on social media ads – research the product and company first

Here’s something else to think about before you shop: What’s the recipient’s love language? If you answered receiving gifts, then a physical present is a perfect way to show you care. But if the answer is quality time or acts of service – maybe your time and money are better spent making a coupon book (for cooking a meal together or a ride home from a night out) or booking a special activity to do together (like a concert or a sleigh ride). And if you answered words of affirmation – making and writing a card will be more appreciated than anything you can put a bow on.

This advice isn’t meant to make you feel guilty about buying gifts. It’s meant to help you come up with a plan and not waste resources. Good luck with your holiday shopping and hopefully you’re able to stay on budget!

Economic Insights from Dr. Sherry Cooper

The outlook for the Canadian housing market in late 2025 and into 2026 is marked by significant regional variation, with some provinces experiencing stability or gains, while others face price pressures and slowdowns driven by high inventories, affordability challenges, and shifting demand. Residential real estate is looking more alive, at least for the time being.

Despite an uncertain economic outlook, homebuying fundamentals have shown clear improvement in some areas.

Below is a breakdown by key regions:

Ontario (including Toronto)
Ontario, especially the Greater Toronto Area (GTA), remains weighed down by an abundance of listings, particularly in the condo sector. Toronto remains the epicentre for price fragility, thanks in part to a condo sector hampered by immigration slowdowns and overbuilding. Although sales activity has rebounded from spring lows (up 36% from March), prices continue to face downward pressure. The average selling price in Toronto fell 5.2% year-over-year to $969,700 in August 2025. Single-family homes dropped 5.6% to $1,184,700, while condos fell 7% to $571,500. By year-end, prices are projected to decline further by up to 4%, with the number of sales also dropping 5%. Elevated inventory and cautious buyer sentiment are keeping market conditions soft, with slightly longer days on market and muted rent growth.

British Columbia (including Vancouver)
Greater Vancouver continues to face challenges from elevated listings and affordability issues. Prices declined approximately 6.3% year-over-year across detached properties and are expected to fall about 10% through late 2025 as both buyers and sellers remain wary. Sales have dropped significantly, and average days on market have lengthened, reflecting hesitation tied to uncertainty over economic conditions and future price trends.

Developers are growing cautious, especially with higher unsold inventory for condos, despite some support from strong rental demand. A mild rebound in housing starts is predicted for 2025, particularly in the multi-unit and rental sectors, but expectations are for only marginal price growth beyond the immediate rebound.

Prairies (Alberta, Saskatchewan, Manitoba)
The Prairies present a brighter outlook:Saskatchewan is Canada’s current hot spot, with average prices up 14% year-over-year in August 2025, reaching $359,379, and Saskatoon up 17%. Tight supply and decent affordability support substantial gains, but moderation is expected as job growth later slows.

Manitoba is similarly buoyant, with average prices up nearly 9% to $395,913 and continued tight conditions signalling near-term gains, though price growth may slow in 2026 as economic momentum ebbs.

Alberta, particularly Calgary and Edmonton, has shifted from ultra-tight to balanced. Sales have dropped and listings have increased, moderating previous double-digit gains. Province-wide, the market remains a seller’s market, but price growth has slowed, with some small declines expected if demand remains tepid.

Quebec
Quebec’s market is relatively strong, with home resales up 14% in 2025 and modest price gains supported by tight supply despite a recent small slip month to month. Balanced conditions are expected to persist in 2026, although not at the pace of the past year.

Atlantic Canada
Markets such as Prince Edward Island and Newfoundland and Labrador remain brisk, with sales up double digits in early 2025. However, the pace is moderating as price growth has cooled somewhat compared to the post-pandemic surge. Conditions generally favour sellers.

National Trends and Outlook
Nationally, housing prices are predicted to stabilize after the initial rebound of 2025, with slower growth into 2026 as supply and demand become more balanced. Key drivers include:
• Moderating mortgage rates, expanding some affordability by late 2025
• Cautious buyer and seller sentiment, especially in high-priced markets
• Diverging paths: Prairies and Atlantic Canada firm, Ontario and B.C. weak

Expectations for 2026 are for a more balanced national market, with performance closely tied to local economic growth, employment, and inventory dynamics. Most rapid price gains are cooling, but recovery is uneven, emphasizing the importance of monitoring regional fundamentals for any housing or investment decisions.

We expect at least one more 25-basis-point rate hike this year, which will also ease affordability and improve buyer sentiment. There is pent-up demand for housing, boosting next year’s home sales.

And that’s it for November! Thanks for reading and I look forward to connecting with you one more time before the holiday season takes over. And as always, if you have questions about mortgages, I’d love to help. Get in touch any time!

If you’d like to be added to my distribution list, send an email to mike.bohte@dominionlending.ca

You can apply online today by visiting:
https://velocity.newton.ca/sso/public.php?sc=t675zfpk48mb

You can download my mobile mortgage app in the App Store/Google Play or by visiting:
dlcapp.ca/app/mike-bohte