Welcome to the September issue of my monthly newsletter!
One of the most proudly Canadian traditions is right around the corner – the universally cherished Terry Fox Run.
Terry Fox started his original run from St John’s on April 12, 1980, to raise funds and awareness for cancer research. His goal was to have every Canadian donate $1. It was an incredibly difficult journey, but his spirit was indestructible. Terry would run a full marathon every day, intermittently hounding local press and news outlets asking them to tell his story to their audiences. It was gruelling work, and many days it was just Terry and his best friend Doug alone on the road or sleeping in their van.
Gradually, the run picked up steam, with people coming out to watch him run by, donating money, and more news outlets interviewing him and spreading his message.
Now, Marathon of Hope is held every 3rd Sunday in September, with Canadians all across the country keeping Terry’s crusade alive by participating in a Terry Fox run near them
Want to Avoid Costly Home Repairs This Winter? Start Here
With a cold and snowy winter right around the corner, it’s time to get your home ready for what might be a long period of hibernation. Here we look at the top maintenance items, their costs, and how to budget and finance the repairs you need before the snow flies!
What should you get a temperature check on?
Furnace: Annual cleaning and maintenance will prolong the life of this cold weather essential. Getting an inspection now gives you the chance to get small repairs done right away so you can fire up the furnace when the temperature does drop. You’ll also find out if a full replacement is on your horizon, which typically runs between $5,000-$15,000 with installation.
Roof: Are there any missing shingles, leaks, or other issues? If your roof needs repair, get it done right away. Not only will you prevent bigger problems down the road, but you’ll also be able to delay a more costly roof replacement. Already too late? A new roof will likely cost you between $10,000-$30,000.
Windows: If it’s just a single window you’re needing to replace, that might only set you back $300-$900. Think big picture too, making sure all the windows are properly sealed. Homes typically need full window replacements every 25-30 years, so factoring in the age of your home will help you decide if it’s better to maintain or more practical to do a full replacement, which will vary depending on how many you have. You could be looking at a price tag over $20,000.
Painting: If your house needs a new coat, or your deck needs waterproofing, now is the time to get it done, Exterior painting season ends soon, but can seal out bugs, water and other hazards. Interior painting can cheer your up while you’re indoors, and you’ve still got time to keep the windows open to ventilate. Budget $2000 for a small space, or up to $20,000 for a larger home.
Siding: Inspect your exterior for any damage, animal nesting, vegetation, cracks or other visible issues. Getting these things resolved can save a ton on heat this winter and increase the value of your home. If you find bigger issues that mean replacing the siding, budget for $10,000-$25,000 depending on the amount of siding.
How do you budget for future repairs?
There are three popular ways to create your home repair and maintenance budget:
1. The $1 rule: Set aside $1 for every square foot of real estate per year. This is the easiest, but least accurate, way to budget.
2. The 1% rule: Set aside 1% of your homes value per year. This is more accurate, albeit likely more expensive, way to budget.
3. The bottom-up estimate: Review every potential expenditure, break them down by year and cost, then add up each year’s predicted needs. This is the most accurate, but also most complicated way to budget.
Another factor to consider when budgeting is inflation. Prices for homeowners’ maintenance and repairs increased by 19.2% from September 2018 to September 2024. That’s prices on things like paint, drywall, flooring and shingles, plus electrical and plumbing labour. It’s important to increase your budget accordingly!
What financing options are available for immediate needs?
Financing a home renovation or repair is easier if you can budget and save ahead of time. But it doesn’t always work out that way! If your home is in need to major repairs in the next couple of months, a financing solution might be your best option. Talking to a mortgage broker (like me!) can help you identify options that best suit your needs. Some things we can consider:
• A Home Equity Line of Credit (HELOC) gives total flexibility in when and how you spend and repay financing. It works just like the overdraft on a bank account. You access funds as you need them, which is perfect for renovations and paying contractors when amounts and timing can change. Plus, you only make payments once you’ve made a withdrawal – which can be as much as you want, or as little as interest only.
• A Second Mortgage is good for a large lump sum with a reasonable interest rate. It preserves the rate you may have on your existing 1st mortgage and avoids any penalties for breaking that contract. There are also more flexible lenders with more flexible qualification guidelines, so approval can be easier than other options.
• Refinancing can help to consolidate other debts into one lower payment, freeing up cashflow. However, there may be penalties if you break your existing mortgage too early in the term. The rate is always important, and if you’ve got a high rate on your existing financing, we might even be able to find a lower option. A refinance is particularly timely if you’re nearing the end of your term and are ready to tackle a home repair project without touching your existing savings.
• A Reverse Mortgage is great for those 55 and older who want total flexibility in repayment. With a reverse mortgage, there is no required monthly payment, although you can repay it if and when you want. You will never owe more than the value of your home, and you can clear up any funds owing when you sell the property if you choose.
If you think repair needs won’t apply to your home, consider that 24% of Canadian households need minor repairs, and 9.8% need major repairs. With that in mind, now is the time to check your home for warning signs, create a plan to mitigate losses, complete needed repairs, and get ahead of trouble! Call me any time to discuss financing options.
Embracing Life Beyond Parenthood: Navigating the Empty Nest Transition
Fall for parents has always meant back to school – but what about when school isn’t local anymore? Or you have a child who has finally spread their wings and moved out of your home? No matter what your relationship is with your kids, living without them is a big life adjustment. Although everyone experiences it differently, here are a few universal ways to help you navigate that change.
Declutter: Decluttering a large home can be emotional, empowering, or exhausting – or all three! Take your time going through each room. Set up piles for donate, sell, and garbage so you can see all your progress. Enjoy the extra space you’re creating in your existing home and all the things you can do with it… like using it for a new hobby.
Find a New Hobby: Now that you have extra space in your home, and extra time on your hands, and maybe even extra money in your wallet, it’s the perfect time to start a new hobby (or pick back up an old one!). There are birds to watch, macrame is making a comeback, pickleball is everywhere, the gym is waiting with open arms, travel is easier than ever, cooking can be incredibly satisfying… the list is endless! Spending time on a new hobby opens the door to new interests, learning and growing as a person, and maybe even meeting new people with similar interests. Or maybe you find out that someone you already know has the same passion.
Reconnect with Friends: Life gets busy when you have kids! Plenty of people face the same struggle and are open to reconnecting once they aren’t driving to soccer, hockey, dance, swimming, horseback riding and debate club every evening and weekend. Consider reaching out via text or social media for a low-stress, low-pressure reunion with old friends. You may have even more in common now than you ever did and be able to create new shared experiences together.
Dreamsize: Consider what you could do with some of the equity in your home if you were to move to something smaller or to a different area. Or maybe you want to be in a different neighbourhood, have more amenities, live in a 55+ or other specialized community. Dreamsizing is about the opportunity to make a housing or mortgage change in this new stage of life.
If you aren’t keen on any of these strategies, consider what will help you continuously improve relationships with your kids, spouse, and yourself. Set up new routines like phone calls or weekly video chats. Schedule date nights. Try journaling. Plan the next times you can look forward to seeing your kids so that you can stay positive throughout their transition to adulthood and independence.
When to seek professional help: depression, extreme sadness or loneliness, anxiety, and other factors should be strong indicators to seek help. Consider therapy or seeing your family doctor for their medical advice if you’re having prolonged bouts of these feelings. Take your mental health seriously, as you have plenty to look forward to.
And no matter what other tactics you choose, put patience first! For yourself, for your kids, for your spouse, for your friends, and anyone else. It’s a big life change, and not everyone will understand what you’re going through. Accept the changes as they come and look forward to the next stages of life for your capable offspring!
Economic Insights from Dr. Sherry Cooper
Amidst the August 2026 round of trade wars, including Trump’s 50% tariff threat on various Canadian goods (like the much- cited hockey sticks and wine), there’s hope of a resolution. After a 3-day extension on the threat on August 18, it appears that a deal including reducing aluminum tariffs from 50% to 25%, and auto tariffs to 15% from 25% on the non-US component of autos is on the horizon. If the US trade deal is favourable enough, it could accelerate transaction volume in real estate and mortgage markets, so long as higher interest rates don’t rain on the parade.
To date, the Canadian economy has held up surprisingly well. At the beginning of the year, Q1 GDP was flat, but Q2 GDP improved 0.8%, and is now tracking growth rate between 3-3.5%. A stellar performance given that Canada has been brutalized by Trump tariffs since the Presidential inauguration early last year.
Canada has reduced its reliance on US trade, which previously accounted for roughly 75% of Canadian exports. As Ottawa continues to work hard at negotiating trade deals with the rest of the world, the results have been impressive. According to the latest data available, Canada’s balance of trade has improved markedly. Canada recorded a trade surplus of $3.86 billion in June 2026, up from $3.7 billion in May, marking the largest surplus in over four years.
Exports rose by 0.4% from the previous month to a record high of $77.5 billion. Sales rose sharply for metal and non-metallic products (16.5% to $15.02 billion) amid a 27.9% surge in sales of gold, mostly to the UK. Sales of metal ores and non-metallic minerals rose by 17.3% to $3.14 billion with support from copper ores. This offset the 10% plunge in energy products (to $18.37 billion) as a momentary respite in the Middle East war lowered energy prices. Meanwhile, imports rose by 0.2% to a record of $73.6 billion, with drops in industrial machinery, equipment, and parts (-3.3% to $7.6 billion) and metal ores and non-metallic minerals (-3.4% to $2.81 billion). The depreciation of the Canadian dollar lifted trade turnover expressed in the loonie, contributing to the rise in both imports and exports.
We have now posted four consecutive months of a positive trade balance. While the US remains our number one trading partner, trade with the rest of the world has increased sharply. This has boosted economic activity and spurred the improvement in the labour markets. The latest employment report recorded a sharp rise in net new jobs and a decline in the unemployment rate to 6.4%, the lowest jobless rate in two years.
The unemployment rate fell to a record low of 5.2% for core-aged women, firmly below that for core-aged men (5.8%). Meanwhile, the youth unemployment rate fell to 12.6% from 12.7% in the previous month. The rise in net jobs and drop in unemployment corresponded to a 0.1 percentage point increase in the labour force participation rate to 65.1%, the highest so far this year.
Inflation, on the other hand, ticked up a bit to 3% in July of 2026 from 2.8% in the previous month, slightly above market expectations of 2.9%, but remaining below the post-Iran-war peak of 3.2% from two months prior. Gasoline price inflation accelerated to 25.7% from 20.5% in the previous month, tracking wholesale oil and refined product markets globally as strikes between Iran and the US reignited and triggered blockades on tankers in the key region. In turn, core inflation rates tracked by the Bank of Canada inched slightly higher, with the median core rate up at 2% and the trimmed-mean rate at 1.9%. Upward pressure was noted from travel tours (15.2% vs 6.8%) amid higher prices for flights and accommodation due to the FIFA World Cup taking place in North America. Still, prices eased for food (3.0% vs 3.5%) and shelter (1.3% vs 1.5%). From the previous month, consumer prices rose by 0.5%, rebounding from the 0.4% drop in the earlier period.
Here’s the rub: US long-term yields are rising sharply, not just because of inflation, but because of a crowding-out effect as corporate bond issuance by AI hyperscalers has surged.
The 30-year US Treasury bond yield has surged to 5.25%, while the 10-year yield has risen to 4.7%. Upward pressure on US bond yields reflects the unprecedented government debt levels. US national debt hit $40 trillion, and oil prices spiked once again. The US debt-to-GDP ratio is now at a record 120%. Rates rose after the Treasury Department announced it would increase its purchases of long-dated US government bonds in September.
The newly appointed Fed Chair, Kevin Warsh, commented that the bond market is doing the inflation-fighting for the Fed, implying that monetary tightening might not be necessary, at least in the short term.
Treasury Secretary Scott Bessent made a fresh attempt to rein in long-term borrowing costs from multi-year highs. The Treasury Department is increasing its buyback planes for securities dated from the 10-year to the 30-year sector. The new plan drove the US dollar to its weakest level in three months. It also pushed yields on the 30-year bond lower by as much as 10 basis points to 5.18%, moving it away from its highest level since 2007.
The relief in bond land was brief. Potential homebuyers and those refinancing their mortgages should note that the risk of mortgage rate hikes has risen. While Canadian interest rates will remain well below those in the US, and the Bank of Canada is unlikely to hike the overnight rate until next year, upside potential over the next few years has grown.
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