Many people don’t realize it as you go about your day but it’s the little things that you do sometimes that pay dividends over the long haul of your life.
Taking the stairs instead of the elevator will pay dividends
Choosing to relax to a good book instead of tv will pay dividends
Staying organized will pay dividends
Paying your bills on time will pay dividends
Being kind will pay dividends
Getting enough sleep with pay dividends
Being good with your money will pay dividends
The proper mindset will pay dividends
Being there to listen to friends and loved ones will pay dividends
Doing your homework and being prepared will pay dividends
Showing up on time as promised will pay dividends
Dressing for success will pay dividends
Answering your phone when you work for yourself will pay dividends
In this … Read more
Life lessons learned from watching the Tour de France
Watching the Tour de France has been an annual event for me for as long as I can remember. I enjoy seeing the action of the race as well as the sites of France along the way. Here are a few life lessons I have gleamed from watching the Tour all these years.
- Although only 1 rider will win, it takes a strong team to make that happen.
- Accidents happen all the time. The key is to pick yourself up and keep going.
- If you break away from the pack you end up working harder than if you stayed with your team.
- Planning ahead will make your journey much more enjoyable.
- Pace yourself, you can’t go full gas all the time.
- Without proper rest you can’t compete at a high level day in and day out.
- At 21 stages, it’s a long
… Read moreIt’s getting Hot
Now that we are past the Canada day weekend it seems that summer is now in full swing. This has also brought the onset of the higher temperatures and high humidity. So I thought it would be only fitting to write up a few tips to help getting through those hot days a little more bearable.
- Stay inside ( hopefully air conditioned ) during the peak times of the day from 10-4.
- Drink plenty of fluids, buy this I mean water as coffee is a diuretic which means it takes water from your system.
- Wear lightweight light coloured loose fitting clothing
- Don’t overdo it when it’s really hot and humid. Take lots of breaks and pace yourself.
- Make sure that your pets have plenty of fluids available as they get hot too
- Check on family members, neighbour and seniors who
… Read morePopulation Booming
Unless you have been living under a rock, you should know that Canada’s population is booming. In fact for the first time ever Canada’s population hit 40 million people as of June 16th. We are growing at a rate of 2.7% which matches the rate of some of the developing nations, and last year alone we added a million people to our population. This makes us the fastest growing industrialized nation, and a place that I am proud to call home.
All this growth has improved the labour pool helping fill the labour shortages but it also puts pressure on consumption and the already hot housing market. All these new people have helped us diversify or economy from mostly finical services and energy to boosting growth in technology and industries.
Diversification is our strength, with 95.6% of the growth coming … Read more
Credit building tips
I am often asked for ways to build your credit if you are new to Canada or just starting out and would like to soon purchase a home of your own. These tips also apply to those who have had some credit issues in the past and need to focus on improving their credit. So here are some tips that I give my clients.
- Apply for a credit card with at least a $1,500 limit. Use it and make that it is paid on time and in full.
- Apply for a small personal loan of a similar amount and make sure that your payments are made on time and in full
- Keep the balances of your existing cards well below their limits.
- Fixing mistakes on your credit report. Sign up for one of the free credit monitoring services out there
… Read moreClickbait headlines
You see these headlines all the time on tabloids in the checkout line, on entertainment websites and most recently on a national newspaper talking about mortgages. The article in question has the headline of “lenders now seeing 60,70 or even up to 90 year mortgages as Canadian’s struggle with rocketing interest rates”. If you have only read the headline like a certain political leader then you are missing the whole story behind this.
The thing is that many Canadians opted for a variable or adjustable rate mortgage ( based on prime rate) when they either purchased their new home recently or renewed or refinanced their mortgage. Those on a variable rather than an adjustable rate mortgage and have their mortgage with one of major Canadian banks, then they have had their payment set for the term of the mortgage at … Read more
CPI update for June 23
Well the CPI ( Consumer price index) numbers are out for the month and it has been reported that inflation for May has gone down a full percentage point from 4.4% to 3.4%. This has been the biggest monthly change since the inflation hit the peak of 8.1% in June of 2022, and the lowest rate since June of 2021. So it now give me some confidence that we will soon hit that 2% target.
The slowing of inflation in May, led by a significant drop in gasoline prices, according to Statistics Canada. The deceleration was down from 4.4% last month, with gasoline prices being the key factor in the data. Removing gasoline, the inflation rate was 4.4%. Despite the slowdown, many facets of living costs are still increasing sharply, such as grocery prices, which rose almost 9% in May, … Read more
Stormy Weather
Canadians with variable rate mortgages are anxiously awaiting a week of data that could determine whether the Bank of Canada will raise interest rates. The latest inflation numbers, consumer mood and economic performance data should set policy decisions that dictate the rest of the year. Analysts expect inflation numbers to show a sharp deceleration, but economists say the bank needs to see economic growth slow further as evidence of the kind of progress the bank is looking for.
All this talk means that economists are predicting another 25 basis points increase when the Bank of Canada meets next on July 12th. While the amount and the size of the increases have slowed recently, we really need the economic data to show sharp declines in inflation and economic growth before these are going to stop.
We all need to do our … Read more
More rate hikes???
We find out next week if our stubbornly high inflation which went against consensus and actually increased by .1% last month did finally come back down again. As a result of inflation still being so sticky the Bank of Canada decided in their infinite wisdom to increase the overall lending rate by 25 basis points or .25% at their last meeting.
I don’t know how much more of this people can actually take before they comprehend that they have to cut back on their spending. Just to illustrate the point about this regarding non necessary spending effecting overall inflationary numbers. There was recently a concert by Beyonce in Stockholm Sweden over the 10th and 11th of May. So concert goers paid for tickets, meals out on the town and accommodation for those who traveled to see her show. This resulted … Read more
Pay Dividends
Many people don’t realize it as you go about your day but it’s the little things that you do sometimes that pay dividends over the long haul of your life.
Taking the stairs instead of the elevator will pay dividends
Choosing to relax to a good book instead of tv will pay dividends
Staying organized will pay dividends
Paying your bills on time will pay dividends
Being kind will pay dividends
Getting enough sleep with pay dividends
Being good with your money will pay dividends
The proper mindset will pay dividends
Being there to listen to friends and loved ones will pay dividends
Doing your homework and being prepared will pay dividends
Showing up on time as promised will pay dividends
Dressing for success will pay dividends
Answering your phone when you work for yourself will pay dividends
In this … Read more
Take it to 11
As Spinal Tap famously said, turn it up to 11. When you think that you are giving it all, putting in all your effort but still not getting the results that you wanted. However most people find that they still have some left in the tank. We only get one go at this thing called life so sometimes it is necessary to take it to 11 to get what you truly want.
Saving up a downpayment is tough, especially in these days of high inflation where everything costs us more. However it is necessary if you are ever to become a homeowner. It is also challenging to improve your credit if you sometimes don’t have enough to meet your monthly obligations.
The good news is that companies are still hiring. The economy is always looking for people who hustle. Don’t … Read more
Follow the recipe
Recipe is a set of instructions which is likely to lead to a particular outcome. Just like leaving 3 kids unattended with jars of open paint lying around is a recipe for disaster. The same can be said that if you are looking to succeed then follow in the footsteps of those who have gone before you, as success leaves clues.
My cousin the Tech Support and computer wiz would always say if someone had a technical issue then RTFM. Read the freeking manual. While there is no manual for this thing called life there are certainly many recipes or guides to help us get to where we want to go.
People often use the excuse that they have tried everything when they are getting very poor results. When in fact that they haven’t. Library’s, book stores and the internet … Read more
Blank Cheque
It doesn’t not matter how the previous day or week went, good, bad or otherwise. Monday is a blank cheque to start things off on the right foot. Set your intentions for the week and focus on what you want to achieve. Then take some action, small wins will add up and give you massive momentum for the week ahead.
This is my Monday motivation as much for myself as it is for anyone else. So much I want to achieve this week and getting off on the right foot on Monday seems like the best place to start. If you didn’t start your streak of actions that will help move you forward last week then today is the perfect time to start.
“You’re off to great places! Today is your day! Your mountain is waiting, So get on your … Read more
Boring
I don’t like life if it’s not challenging. Heard this saying during my Peloton class this morning and it definitely rings true. She also reminded us that talent isn’t impressive, but commitment is. Inspiration comes from the strangest places sometimes.
As much as we don’t like it sometimes, it better to be challenged and committed to your goals than being bored and just going through the motions. What you are working towards doing should scare you a little bit. You don’t have to know how it will get done, just have faith that you know that you can do it.
Doing the same old thing day in and day out will not help move you forward. Nobody wants to be bored or comfortable all the time. There should be a balance between comfortable and pushing your self forward toward your … Read more
Be a Magnet
Be a magnet to what you want to attract in your life. You have probably heard people talk about the power of attraction for years and thought that it was a bunch of new age BS. That you could get things into your life just by thinking about it. There is more to it than that.
It falls along the principle of Be, Do, Have. People often mix up the order of the first two but it is essential that you master “Be” or all the “Do’s” won’t amount to much.
Be the person that has already achieved the goals that you want to have.
Do the actions necessary to get you there
Then you will have the results that you are looking for.
Part of being the magnet is also being keenly aware of your moods when things are … Read more
Biggest Risk
I haven’t included a quote in my posts in a long time but this one came to mind recently. Far too often we strive to be comfortable rather than inspired, passionate, determined or driven. We settle for what is easy rather than pushing ourselves for what we know that we deserve.
“Life is inherently risky. There is only one big risk that you should avoid at all costs, and that is the risk of doing nothing”. Denis Waitley
It takes work to create a great life, but not so much to eeek out a living and just get through the day. Yet we all want the nice house, the fancy car and the nice vacations every year. Putting it on credit cards seems easy while saving up the money requires much more work. One has a lot more work at … Read more
Start Slow
Many of us have dreams of greatness. Achieving more than one could ever thought possible. Yet most of us make zero to no progress toward those goals. We get bogged down by the work, focus or determination it would take to make those dreams a reality so some people don’t even start.
There are some who get going and take massive action yet end up burned out by their perceived lack of progress. We should all be more like the tortoise rather than the hare and start slow and keep plugging away at it until you have achieved what you set out to achieve.
I can remember back not that long ago when I had trouble just running 5K, now I do this regularly and in-fact just finished a half marathon last month. Starting slow a few steps at a … Read more
Streaking
When I chose to write about streaking, I don’t mean running around with your clothes off. What I mean is to consecutively string together some good habits so that you create some momentum. We all know that we could do better in many area’s of our life, the first part of your new streak is to make a decision to do something about it. Eating right, working out or saving money once in a blue moon is meaningless unless you make the commitment to do it over the long term, and that is what streaking is essentially.
Back in late February I had made the decision to run the Bluenose 1/2 marathon. At that point I was running sporadically and was definitely not doing the training required to successfully complete the race distance. However the funny things about making a … Read more
Jobless rate update
Canada’s economy added 41,000 jobs in April, but most of the new positions were part-time, according to data from Statistics Canada. Ontario was the province with the highest number of new jobs, adding 33,000, while Prince Edward Island added 2,200. Manitoba lost 4,000 jobs. Full-time work and self-employment remained flat. The average hourly wage was $33.38, an increase of $1.66, or 5.2%, compared with a year ago. Despite the increase in jobs, the jobless rate remained steady at 5%, as more people entered the job market.
US job growth exceeded expectations in April, remaining strong despite the Federal Reserve’s indicators that it would soon put an end to its cycle of rising interest rates. The US added 253,000 non-farm jobs in April, according to the Bureau of Labor Statistics, had been expected to slow. Market watchers had hypothesised that higher … Read more
Limits, labels & expectations
Life would be much better for us and everyone around us if we just stopped putting limits, labels or expectations on ourselves and others. Athletic achievements are being broken almost everyday yet we have not evolved significantly in the last 100 years or so.
People are forming companies and creating more wealth for themselves and others than has ever been thought possible. Yet at the same time, there are still millions struggling to get buy monthly what the average person here in North America spends per day at Starbucks.
Lastly more strife and division has been created in society because we put labels on people or groups because they are different than us. It should not matter if someone is of a different ethinicy, sexual orientation, or religion. We are all just human and we have far more in common … Read more
It’s NOT always about the rate!
Marketing people are clever. They know that we will be attracted by the shiny object, the sexy supermodel or the fancy headline. This is why car companies still market cars based on their 0-60 times or their range for the electric vehicles. When all that really should matter is their reliability, safety and that there is a robust charging network for the electric vehicles.
People use to sell office photocopiers based on speeds and feeds. Computers used to be advertised based on the gigahertz of the processor. When all that really mattered was that it printed or faxed your documents and ran your necessary programs to get your work done.
Mortgates are no different. Watching a few minutes of the Leaf’s hockey game last night I saw an advertisement for one of the new national players in the mortgage space and … Read more
Gordon
The name Gordon is quintessentially Canadian like poutine, hockey or maple syrup. The popularity of the name stems from the Scottish ancestry that was common among many of the early settlers to Canada. While we are much more diverse today, the name is common among many famous Canadians and was even the name of the debut album by Barenaked Ladies.
Here are just a few of our famous Gordon’s. Mr Hockey Gordie Howe, and if you were lucky enough to have a goal, an assist and a fight in a game you would have had a Gordie Howe Hat Trick. Gordon Sinclair the legendary journalist & broadcaster from CBC’s Front Page Challenge. Gordon Pinsent the “CodFather” famous actor from Newfoundland. Gord Downie who was the lead singer for the Tragically Hip.
I was inspired to write this today as we … Read more
Another one bites the dust
As the great Queen song goes, “another one’s gone, another one bites the dust”. I woke up to the news that another bank has failed today. This time it was another troubled California lender, First Republic Bank.
Regulators seized their assets early this morning and most of it’s assets and all of it’s deposits were sold to JP Morgan Chase in a bid to stabilize the banking sector. This was the 3rd large US bank to fail this year, 4th large banking failure if we include Credit Suisse who had to be reluctanly taken over by UBS.
What causes this you may ask? Well it all starts with a run on deposits when large sums of money are withdrawn from the bank as people hear rumours that their money won’t be safe. Basically it is an evaportion of confidance that … Read more
Friends with benefits
Friends with benefits after a snow storm are neighbours who have snowblowers who take pity on you while you are shovelling your driveway. I don’t know what you were thinking! Although the fresh air and exercise made me feel much better.
In terms of mortgages, they are family members who are able to help you out either with a down payment or to come on and co sign a mortgage with you if you are having challenges qualifying for the mortgage on your own. If you don’t have any friends with benefits at least you can be there for someone else.
Today I am thankful for those nice people with snowblowers, the enjoyment of seeing my son and his dog play in the snow and the slower pace of a snow day.
I look forward to hearing from you in regard … Read more
In the news
Many news outlets have published stories recently about the vast increase in the amount of private mortgages that Canadian’s are taking out in an effort to complete their real estate transactions or stay in their residences, increasing by 72% between 2019 and 2021. Many factors led to the increase in those taking out private mortgages, the boom in the housing market during the pandemic, the implementation of the stress test causing borrowers to have to qualify at much higher rates and not being able to qualify with traditional lenders due to credit or income.
While this is in the news, people have to realize that private mortgages are NOT long term financial solutions. They are short term bridge loans, meant to take you from point A to point B as quickly as possible. That’s it! If advised property and taken … Read more
Perception vs reality
Johnny & Frankie were invited to Suzie’s birthday party. Johnny was in a bad mood when he got there as his parents made him clean up his room before going to the party. However Frankie was in a good mood as he had already cleaned his room and got to play video games before going to the party. So as a result Frankie had a great time and thought it was a great party while Johnny didn’t talk with anyone and thought it was a stupid party.
Their attitudes skewed their perception of the party. Since Johnny was in a bad mood it was a bad party and Frankie was in a good mood so it was a good party. Their perceptions affected their reality. The same thing applies to many things in life as this shows that we get … Read more
Hard Things
One of the keys to having a great day is by starting with hard things first. I have always gotten up early and do my workout 1st thing in the morning, it makes the rest of the day so much better. Today I got up, did my meditation ( thank you headspace) my stretching ( we have to stay limber as we get older) and walked the dog. Because it was -12c I wasn’t really excited about going for my run but I did it anyway.
Since I don’t drink coffee, the morning workout is my primer for a great day ahead. Even though running in -12 didn’t excite me, it was a nice bright clear morning and I need to stay consistent if I am going to do the half in the Bluenose in lest than 3 months. It … Read more
Bridge Loan
Every once in a while people need a bridge to get them from point A to point B. This can be required for any number of reasons from divorce, less than perfect credit, unable to accurately prove income due to self employment, fix & flip or need to take advantage of an opportunity.
Bridge loans are also described as private or hard money loans. While not inexpensive they do service their purpose in helping those who need it obtain financing when they would otherwise not have it. However take note that these are not long term solutions and should only be used as a bridge to get you from where you are to where you want to go.
In most cases these loans are interest only so you are not paying down any of the principal. So once your credit … Read more
What goes up!
We all know that old expression “What goes up must come down”! In this day and age does this apply to our current variable rate mortgages. Before the Bank of Canada stepped in early last year our prime rate sat at 2.45%, we are currently at 6.7% after having gone up 8 times in the past year.
Inflation is now at the lowest level in a year, coming in at 5.9% vs the high of 8.1% back in June of last year. While still not the 3% target, it is still much better than where we were. In fact the price of gas has come down quite a bit since this time last year. In-fact most things are coming back to earth with the exception for the price of food.
The stubborn continued rise in the price of food I … Read more
Find a way
There is no easy path to success, we all encounter obstacles and setbacks along the way. It’s when we are faced with these challenges that our true character is revealed. It’s in those times that we either find an excuse for why it can’t be done or we find a way to get it done. There are no other options.
Ask any successful person or read biographies of those who have achieved massive success and you will find example upon example of hard work and perseverance to get to where they wanted to go. Innate talent is just a label those who are unwilling to put in the work use to describe those who are succeeding as an excuse for why it is not working for them. When people says that someone is talented or naturally smart they are just … Read more
January 2023 Inflation report
The inflationary report for January 2023 was released by Statistics Canada yesterday and we appear to be doing better than we expected. The market consensus had predicted that inflation would drop to 6.1% from 6.3% in December 2022. Actually we dropped to 5.9% which was the lowest rate since last February. So while we saw decreases in transportaion & shelter it is actually stubbornly high for food prices which are still accelerating at the fastest pace since 1981, up 10.4%.
Since the weighting of shelter & transportation in relation to food is higher ( based on spending habits from 2002) is why our overall inflationary rate dropped. The market is estimating that the rate will decrease again in February to 5.2%. If this is the case it will turn out to be the lowest rate in a year. Thus proving … Read more
Librenoodle
More often than not we create far more problems in the space between our two ears than exist in reality in the external world. Truthfully we have the capacity to create a heaven from hell however most of us tend to go the other way around!
Librenoodle is just a play on words meaning that sometimes we just need to get out of our own head and out of our own way to make things better. Stop imagining the worst that could happen and instead focus on what is happening right now. The future has not happened and the past is gone.
During the day off yesterday I watched some travel bike packing video’s. In one of them a woman from New Zealand said that some days could be bad but they would not be 100% bad and that … Read more
Update to Foreign Buyers
Two weeks ago I wrote about the new ban on foreign buyers here in Canada. You can read about it here. As new clarifications are coming out almost daily, here is an update based on what I have learned from my underwriters.
If you do not yet have your permeant residency status then you will need to provide your past 3 years of tax returns in order to get approved or pre approved.
Also we talked last about the area’s ( metropolitan and large centres) that you could not buy if you were brand new to the county. In the census data they are referred to as Census Agglomeration (CA) or Census Metropolitan Area (CMA) area’s. To see if the area that you want to purchase is outside of a CA or a CMA, then just click here and follow … Read more
Commercial Mortgage Expert
If you are running a business then there is a good chance that you have an accountant to help you with your financials and your tax filings. You also have a lawyer who created your partnership agreement or created and filed your incorporation documents for you. You may also have someone doing your marketing & social media work.
This is all because that you should focus on what you do best which is running your business. So when it comes time to expand and grow your business and you need to purchase a commercial property to run it then you need to have us help you with your commercial mortgage.
We have years of experience in assisting clients obtain their commercial mortgage. We help you stream line the process so you can continue to focus on what’s important which is … Read more
The best time
So many people make the mistake of thinking that the best time of their lives was their childhood or it will be when they finely retire and don’t have to work any more. Nothing could be further from the truth than that as the best time of your life is always now. We don’t know how long we will get, so it’s best to make the most of every moment of your life.
Clients have always asked me when is the best time to buy a house. I always tell them that the best time to buy is always now. If it will be the roof over your head, rather than a speculative investment then it’s always best to buy now. I always follow up by saying that as long as it is your intention to live in it over … Read more
Rate Announcement Jan 2023
The Bank of Canada did what many had predicted by increasing the overnight lending rate by .25% or 25 basis points. However it is their language in the press release that is providing some optimism going forward. This is key part “expects to hold the policy rate at its current level while it assesses the impact of the cumulative interest rate increases.” They also said that they expect that CPI inflation will come down to 3% this year and back to 2% in 2024.
While nobody wanted another rate increase, at least it was only 25 basis points and that going forward they expect to hold the rates where they are unless demand on goods and services proves much more bullish than currently projected. If this happens then they are prepared to increase the rates yet again. However knowing that … Read more
Presence
Far too often we live our lives thinking of how we could change, undo or glorify events of our past. On the other side of things we also spend way too much time dreaming, planning or dreading what the future may entail. All of this is to the detriment of being present to what is actually happening today.
I write this today being fully aware that the Bank of Canada meets tomorrow. Many economists are predicting at least a .25% rate increase after 7 rate increases in 2022. The point is we don’t know what is going to happen tomorrow, next week or next year for that matter. All we can do is to master being present in the current moment and know with certainty that whatever happens you can deal with it.
The distractions of social medial play a … Read more
Burn your bridges
Anthony Robbins says is best when he says that “in your moments of decision, your destiny is shaped”. This is true because when you commit to a decision you essentially cut off all other options. You have decided and you are going for it. Don’t give it a half arsed effort, burn your bridges and commit fully to your decision.
When you burn your bridges you cut off any possible chance of retreat. Going forward is your only possibility so give it 100%. Far too often people want to keep their options open just to see what happens. However you end up getting nothing in return. It is far more rewarding to commit to a relationship than to just play the filed and see what develops.
One of my favourite bands The Tragically Hip said this is “No dress rehearsal, … Read more
Tune-up
Just like your vehicle requires regular maintenance, so does your body and your finances. This is because what you don’t maintain and tune-up will eventually fall apart. While a lot of people love the drive the latest and greatest cars & trucks out there, there are still many who maintain and take care of vehicles that are 10-20-30 or more years old.
The same applies to your physical body. There are many in their 50’s, 60’s and 70’s who are happy, healthy and still going strong day in and day out. This is a one way trip and we have one body to take us through it so we must take care of it so we have lots of quality to our years.
As for your money, while it’s true that you can always make more unlike with time, to … Read more
Inflation Rate update 01/17/23
The numbers have just been released and our inflationary rate dropped from 6.8% in November to 6.3% in December. This is .1% below expectations. This is just proof that we are headed in the right direction but will it be enough for the Bank of Canada to put a pause on future rate increases. We won’t have the answer on that till next week when the Bank meets on Wednesday January 25 to tell us what they are going to do.
Note of caution that we are still well above the 2% target rate for inflation and also still up from the 5.1% rate that we had in January of 2022. All in all we should be pleased that for the past 6 reporting periods the rate has come down from the high of 8.1% achieved in June of 2022. … Read more
Foreign Buyers
A ban on Foreign Buyers commenced on Jan 1st/2023. This prevents non citizens and non residents from purchasing real estate here in Canada for a period of 2 years. This was passed as part of C-19 on June 23 of 2022. The purpose of this was to cool our hot housing market. However I don’t think it was needed as the rise in interest rates have taken care of that.
The law does state that anyone who knowingly assists non Canadian’s in purchasing real estate can be fined up to 10,000 for the offence. While nobody wants to receive such a fine, we are still waiting for the full explanation of the regulation, and I will do my best to explain what has been provided thus far.
There are some exceptions as outlined in this government publication.
- Properties outside
… Read moreSuperstitious
There are those among us who believe that Friday the 13th is unlucky. I believe the exact opposite. I believe it’s a very lucky day comes along only once or twice a year. However we also tend to get exactly what we focus on, so if you believe that it’s an unlucky day then that is exactly what will happen to you.
Use today as an opportunity to change your perspective and see all the things that are working out in your favour. Take a few minutes and add up everything that you can and are thankful for and then you will realize just how lucky you really are, Friday the 13 and all.
Today I am thankful for my girls who have been calling to check in on us without asking for anything, Clients who come back for me … Read more
Overwhelmed
Let’s face it from time to time, we all get overwhelmed. There are too many items on our to do list, our credit card balance is too high, the kids need new clothes, the car needs to be fixed and the roof is leaking. When will it all end? So it’s easy to believe that it’s too much to handle.
The best way to look at this and it doesn’t matter if you are 55 or 25, we can all look back on the struggles that we have had in the past and realize that we overcome them all. You have never failed to get through the day before so it’s highly unlikely that it is going to start now.
Don’t think of the 12 things that you feel like you need to accomplish before next Tuesday or the bills … Read more
Delayed Gratification
We live in a very hedonistic society where everyone wants and believes in instant gratification. However it’s those who believe in and work towards delayed gratification are the most successful and happiest among us.
Instant gratification gets you a vacation with friends in Vegas at the last minute put on your credit card. Polished off a pint of ice cream, a bag of chips & a box of chocolate watching Netflix. A shopping spree and a night out on the town with friends because you just got paid.
However delayed gratification will get you a fat investment account that will pay you dividends for years to come. Physically fit and healthy compared to your peers who took the easy way out. Lastly you are better paid and have higher income than those who didn’t or wouldn’t put in the work. … Read more
Obstacle course
Some people dream that life and success in life for that matter is a straight line from A to B. If it were only that simple. Others have even said that it is a marathon rather than a 100 meter sprint. I think the best analogy is that it is more like an obstacle course.
We have to learn to zig, zag, go over, under or around obstacles that are in the path of our ultimate destination. Remember that where this is a will, there is always a way to overcome any and all obstacles in our path. I hope that you have an amazing day and are able to conquer all the obstacles in your path today.
Today I am thankful for all the new books that come into my life since the holiday’s, all the lessons learned from … Read more
Mad as hell
Sometimes in order to really reach the point where one has to change then you need to get mad as hell and not be willing to take it any more. This could be about your finances, your relationship, your health or any number of things. You didn’t all of a sudden wake up today broke, lonely and 50 pounds overweight. You let it happen and you are the only one who can do anything about it.
Don’t be confused by thinking that using the power of attraction will be the miracle that fixes it all for you. You have to get off your ass and take massive action to make it happen. Sure thinking positive is a great start, but it’s just that a start, the next step is doing something about it.
Sure there are many things in life … Read more
Mr Speaker
For any large group to function as it should then it needs a leader who can speak on its behalf. Without that consensus there is chaos and nothing gets done. Classrooms have teachers, schools have principals, companies have CEO’s and political parties have leaders. All of these positions work well when these leaders have the support of the people they represent or lead.
While it is true that concessions have to be made from time to time, no group can and should be held hostage by a small minority trying to force their opinions and views on the majority. That is not a democracy. However recently it has evolved to the point where those with the loudest voices try to force their point across even if they do not accurately reflect the majority of the people.
For progress to be … Read more
Compartmentalize
compartmentalizekŏm″pärt-mĕn′tl-īz″, kəm-pärt″-
transitive verb
In layman’s terms, don’t let the fact that someone cut you off on the way to work, you split your coffee or your kids or spouse said something that you didn’t like rune the rest of your day. See it for what it was, an isolated incident and move on with the rest of your life.
Today I am thankful for the 3 weeks I got to spend with my girls while they were home for Christmas, an uneventful drive to the airport and now a very quiet house.
I look forward to hearing from you in regard to your mortgage needs.
Patrick
p.s- You can click on this link to start the process whenever you are ready. Schedule your meeting with me here.
p.s.s- I should tell … Read more
Always Options
Not much bothers me more than when someone says the reason that they did something that they later regretted is that they had no choice. You always have a choice. It is just sometimes we choose incorrectly.
- We could chose to read instead of watching TV
- We could chose to eat healthy instead of junk food
- We could chose to get up early instead of sleeping in
- We could chose to stay up late studying or preparing rather than trying to wing it
- We could chose to do a workout instead of Netflix
- We could chose to study more instead of complaining why you didn’t do well
- We could chose to work harder instead of complaining about your boss or co-workers
- We could chose to learn a new skill instead of saying that it can’t be done
- We could chose
… Read morePlan Ahead for 2023
Now that we are a few days into the new year and officially back to work, it’s a good idea to make some plans as to how you want the year to unfold. Cause if you don’t plan then you essentially plan to fail. Even if you had an amazing 2022, it is still a good idea to set new and bigger goals as nobody wants to stand still.
Find a goal that excites you. Don’t think small or write down something that you have done before. Make it big enough that it has to stretch you to reach it. The downside of not doing this … Read more
Year In Review
New Year’s Eve is typically when we look back to see how we did over the past 12 months. Don’t be too hard on yourself, the whole idea is just to see how you did and use the data to see how you can improve going into next year.
In 2022 I did:
I have always felt strongly that if you track it then you can improve … Read more
Christmas Break
The way the calendar works this year means that most of the people involved in financing will be off, unavailable or on reduced hours until January 3rd 2023. With the way the financial markets have been this year the break will be well deserved and allow me to spend some time with my family and plan for bigger and better things for next year.
So if you have any immediate financing needs then it will be best to get your request in very soon before all those needed to help you are no longer available.
Today I am thankful for having all my kids back home for Christmas, a lunch date with an old friend and the smell of fresh baked sweets all through the house.
I look forward to hearing from you in regard to your mortgage needs.
Patrick
p.s- … Read more
Give and Take
Sometimes to get what you want you have to give a little bit to get it. Life is a game of compromises of all sorts. We can’t always bully people to doing things exactly how we want or we won’t have any friends. So give a little bit and take a little bit in return.
So whether I am doing someone’s residential or commercial financing project there is always a little give and take involved in getting it done. Want the best terms then you must be able to give all the documents required to get them. Anyone who is married and has kids will understand the daily negotiating that is involved.
Consider it a transfer of value the same as when you are buying your groceries or fuel for your vehicle. You have to give a little bit of … Read more
Last minute
Just like there are always last minute Christmas shoppers there are also last minute requests for financing before the lender, brokers and lawyers take a break for the holiday’s. While Christmas is now less than 10 days away, there is only 6 full banking days and two half days left before we complete 2022.
So if you are still hoping to close in 2022, you may have missed your chance. Any files in now are looking to close the 5th of January 2023 at the earliest. Also Keep in mind the dates on your contracts as I had to send one back this morning that had a condition date of January 14/2022 instead of January 14/2023.
The only sources who could possibly close before the end of the year are my private lenders. To get this accomplished however we would … Read more
No Show
I have learned a lot about business and people in my 20 years of doing this business. When I started I used to drive across town to see people who wanted to meet with me. Only to have them either not show up or not ready to start the process because they didn’t qualify.
While I still love working with people, I have had to put a value to my own time. As if it takes me 30-45 min to get across town to meet with someone who doesn’t show up or qualify then that time could be better spent staying in my office. This is why I prefer to have the initial meeting either over the phone or virtually through the computer.
We still get to have the same conversation but it will also allow any in person follow … Read more
Over Cautious
During the holiday’s it also time to be over cautious about your credit card account(s). Most banks these days have notifications or warnings that they send you messages if they notice any unusual activity. This may be the season of giving but it is also the season for scams and fraud. So keep an eye on your accounts and notify your provider immediately if you notice any unusual activity.
Today I am thankful for a call from my bank to tell me that my wife was buying my Christmas presents, that my girls will be home soon from university and that the unusual activity on my account was just a purchase done with a retailer not Amazon or Apple.
I look forward to hearing from you in regard to your mortgage needs.
Patrick
p.s- You can click on this link to … Read more
Focus
At each and every moment we get to chose to focus on something that will move us forward to or something that will hold us back. Sure it could be scare or it can also be exciting, it’s your choice what you want to focus on. At the end of the day ultimately we get what we focus on.
Watching too much of the news or spending too much time on social media will just leave you frustrated hearing about war, the economy or how much fun influencers are having on their vacation. Turn it off and live your own life, focus instead on making a difference in the one life that you can control, your own.
Focus instead on what you can control which is your focus, your effort and your attitude. Everything else is outside your control. Get … Read more
Better
Just incase nobody has told recently, you’re better than anyone. Better than all the rest, anyone that i’ve ever met. You’re simply the best. This Tina Turner song played during my Peloton workout and it was the perfect start to the day.
This is what I texted my daughter this morning who is in the middle of her exams at university. Sometimes all is takes is someone to believe in you when you don’t even believe in yourself. If this is you, know that whatever you are going though it is only temporary and I believe in you and that you can do it.
So put on your headphones and crank up a feel good song like this one and shake off all your troubles. Now does’t that feel better?
Today I am thankful for FaceTime that allows us to … Read more
Weigh your options
With the most recent move by the bank of Canada, it may be time to look at the age old dilemma of fixed vs variable mortgages. Sure over the past few years it made mathematical sense to take and stay with a variable rate mortgage. However the tides may have turned and it is an ideal time to look at this again and see if the numbers favour fixed or variable.
Currently the prime rate is at 6.45%. If your mortgage is insured ( CMHC, Sagen or Canada Gurantee) you will have a discount to prime of between .90 to 1.10 depending on the lender and when you took it out. This will put you around 5.45% for your current mortgage which is now above the 5.25% stress test rate that you qualified when you took out the mortgage.
So … Read more
The day after
The day after a big breakup, a job loss, a death in the family, a huge project collapsed or another rate hike. What do we do that next day? We just get up and continue to move on. Shit happens to everyone, it is how we deal with it the sets us apart. There is no sense doubting yourself with would have’s or could have’s. You can’t change the past but you can learn from it so you can change the future.
The faster you learn and recover the better you will be. The only thing constant in this thing called life is change and the better that we can adapt to those changes the more successful we will be. Sure it sucks but if you can take a few minutes and look back at all the challenges that you … Read more
Interest Rate Hike
Well the Bank of Canada met this morning for the last time this year and hiked the overnight interest rate by 50 basis points or a half a percentage point. This means that those with variable rate mortgages and home equity lines of credit will have to pay more to service the debt.
This is as a result of our staggering high inflation rate which is currently sitting at 6.9%. Although it has come down in recent months from the high of 8.1% back in June, it is not coming down fast enough or far enough. The rate hike is the banks way of wants Canadian’s to drastically cut back on our spending so that the inflation rate will come down more quickly to it’s 2% target.
So while inflation has made everything from food to fuel more expensive, now … Read more
Buckle Up
So most of the economists in Canada are predicting a 25 to 50 basis point increase to the over night lending rate tomorrow. This will mean that prime rate which effects our variable rate mortgages and home equity lines of credit will also go up by the same amount.
When you know something unpleasant is coming up around the corner does that make it any easier to bear? Stand still while I punch you in the face. You know it’s coming so anxiety of the anticipation may be worse than the actual damage itself. Sure we have had our share of increases in the past year so what’s one more. You have already punched me in the face 6 times this year, so what’s one more?
So the best advise is to buckle up and prepare for the worst, if … Read more
Ho Ho Oh No
It’s now the 5th of December and just 20 days from the big day for those of us who celebrate Christmas. Just one thing I want you to keep in mind as you are doing your Christmas shopping, Don’t finance your gifts. Try to use debit or cash as much as you can. Credit card debt is the gift that keeps on giving long after the initial purchase. Specially these days with rising inflation and interest rates, when you buy on credit you are essentially robbing from Peter to pay Paul.
If you can’t pay for it in full now or at least in 30 days then don’t buy it. The reason for the season is not to spend as much as you can on your loved ones. It’s to spend as much time and attention with them as possible. … Read more
Use it or lose it
Use it or lose it applies to your health, your finances, your time and your relationships. Invest in each of those areas so you will be able to reep the benefits as you grow older. George Bernard Shaw famously said that “Youth is wasted on the young”. Just like beauty is wasted on the vain and you would know this if you happen to have an instagram account with all the look at me pictures.
Far too often lately people are reaching old age broke, sick and lonely. However these things are all mostly within our control. We take good health for granted when we are young and don’t invest in it daily so it will last. The same applies to our finances, invest when you are young so you will have financial stability when you are older. Buy life … Read more
Currency
No it’s not Money, but time is your greatest currency. Whether you believe it or not, but you can always make more money. You can’t make more time. So if there is something that you have been putting off that’s important to you, then you best do it now before it’s too late.
“What would life be if we had no courage to attempt anything?” Vincent Van Gogh
These are just some proof that it is never too late to be … Read more
Soap Box
Just because you have the biggest soap box and are the CEO of several large firms ( which shall remain nameless) does not mean that the financial regulators in your country have to listen to and follow your advice. Yes these recent rate hikes have been painful to business owners and consumers alike, but it does not mean that they were unwarranted.
The US Federal Reserve Chairman Jerome Powell is due to address the state of the US economy and the effects of all the recent rate increases later today. As much as we all want the rate increases to stop and to even reverse course with some decreases, this is highly unlikely to happen. What is most likely is language addressing the continued need to move the rates higher to finely get control of inflation.
So criticize, condemn and … Read more
Slow Progress
Slow progress is still progress. The latest economic figures are out and the Canadian GDP grew by .7% in the third quarter compared to the estimate of .4%. At an annualized rate the economy grew by 2.9% in the third quarter. While still not a recession the rate of growth has been shrinking over the past few months. This is down from an estimate of 3.2%, which was driven by strong exports of oil & gas products.
The key to the reports was the changing demand from Canadian consumers which was down 1% and business investment dropped 5.1%. Both key figures which point that we are heading towards negative territory very soon. The silver lining may be that these pullbacks may give the Bank Of Canada the data they needed to start softening the interest rate hikes so we may … Read more
Cyber Monday
Since today is Cyber Monday 2022, here are a few ideals for you today.
Everything is more expensive this year but what is priceless is your time and attention, so give that instead. The gift that is unwrapped will soon be forgotten but the time spent together will create memories that will last a lifetime.
I look forward to hearing from you in regard to your mortgage needs.
Patrick
p.s- … Read more
It’s not what happens
It’s not what happens in life, it how you deal with it that is all that matters. Bad suff happens to everyone every day, just pick yourself up, learn from what happened and move on. It doesn’t matter if you got your heart broken, lost your job or your football team lost. You can’t win all the time, so learn from what happened and keep going.
“Success is stumbling from failure to failure with no loss of enthusiasm”. Sir Winston Churchill
Today I am thankful for the times that I have failed and learned what didn’t work so I could try again, the perspective that no failure is permeant if we learn and keep trying and that there are three more games to watch today and surely I will be able to successfully pick a winner.
I look forward to hearing … Read more
Cookie Cutter
There is no cookie cutter or one size fits all solution when it comes to your mortgage requirements. Just like all clients are not suitable for the same mortgage product, I am equally not suitable with all clients. What works for one person may not nor will not work for another. This is why it is best listen and find out what is important to each client.
However products or services can not be recommended until all documents have been received and reviewed for each client. To quote someone a rate or product prior to reviewing any and all of their supporting documents would be unfair for the client and unwise for myself the broker.
As the saying goes, you never learn anything when everything goes smoothly the first time. It’s when it goes sideways or badly that you learn … Read more
World Cup 2022
No not the Quidditch World Cup, the World Cup of Football or soccer for those who play in the US. I have to confess that I had not really followed football until I watched “Welcome to Wrexham” recently. Now I love it. Watching Wales come back and tie and almost beat the Yanks was amazing.
Here are a few interesting World Cup Stats.
- Average viewership for the world cup in 2018 was 191 Million, compared to only 100 Million for the Super Bowl in the US or 150 Million total viewership world wide. The finals for the last world cup brought in 517 Million viewers.
- As for total reach approximately 3.56 Billion people watched at least 1 min of the past world cup in 2018 compared to only 3.05 Billion to the Olympics in 2020.
- Most world cup
… Read morePlaying Catch Up
Do you ever feel like you are playing catch up from the moment that you get up in the morning till your head hits the pillow at night? If this is you you may need to put the brakes on and start planning ahead. Nobody wants to go around all day in reactive mode, you get way more done by being pro active and planning ahead.
Today I am thankful for getting caught up after sleeping in longer than I had … Read more
Not Now?
If not now, then when? We all arrive on this rock with an expiration date, yet most of us live life as if it will never come to pass. More or less just existing rather than truly living. Knowing what we should do but never doing it. How is that living?
We all know that we should eat better but we never do it. We all know that we should exercise more but we never do it. We all know that we should save our money but we never do it. We should read more, study more, love more and try new things but we never do that.
Yet people come to a tipping point all the time and make the changes and stick with it. However it should not take surviving a heart attack to cause you to wake … Read more
Know your number
For this post I am not talking about your SIN number or your age, phone number, work or student ID number. For this I am taking about your credit score. In order to qualify for a mortgage you must know your credit score and if it is poor how to improve it quickly.
Although you are way more than a number in so many ways, when it comes to mortgage lending there are hard stops when it comes to getting you approved based on your credit. Because the products I have available are so diverse I am not going to focus on one number for qualification but just to say that the higher the number the better the credit and the lower the risk of default for the lenders and easier to get you approved.
If you are reading this … Read more
Down Payment Assistance
Sometimes clients have the desire, the income, the credit but not the means to make home ownership possible. It’s for this reason that Nova Scotia created the down payment assistance program. Through this program they will lend you interest free a down payment up to 5% of the purchase price of your new property.
There are some requirements for the borrower:
These are the … Read more
Dress for success
Jeans and a t-shirt may be comfortable but don’t always convey your status as someone who is successful. It also helps to improve your mood and attitude about what you are doing. You take yourself much more seriously when you dress for success and start to walk the talk. The same applies if the success you are aiming for is of an athletic nature, I’ve not seen anyone running in jeans and sandals. Show up and dress for the part and you’re well on your way.
Today I am thankful for the opportunity to addend my first networking event since Covid started, that my dress clothes still fit even though I’ve lost a few pounds and an opportunity to change up the routine for a day.
I look forward to hearing from you in regard to your mortgage needs.
Patrick
p.s- … Read more
Be a Player
Today I am thankful for the ideas I get from the book’s I’ve read, the conversations that I have with clients and that our kids text us in the middle of the night instead of calling.
I look forward to hearing from you in regard to your mortgage needs.
Patrick
p.s- You can click on this link to start the process whenever you … Read more
It’s all your fault
To interpret that another way, you current situation or your lot in life is 100% your responsibility. It’s not your parents, your teachers, your bosses or your spouses fault. The faster that we all come to the realization that we are responsible for our results or the lack thereof, the happier and more successful we will be.
People all the time take it in their own hands to improve their health and their finances. The internet is full of before and after success stories. However on the down side there is also many that blame their lack of results on so called external events outside their control.
Don’t blame the economy if your business is slow and you are also not doing sales calls with clients and following up with leads. There are many people excelling in this market and … Read more
Network speed
As I have discovered lately is that your wifi network is only has fast my 7 year old router is capable of broadcasting it. This is similar to the fact that a business rises or falls at the pace of it’s leader.
Not getting the results that you want, maybe it’s time upgrade your network. By this I mean, more calls, more meetings, more networking, read more books, listen more, more workouts, more sleep and more and bigger goals.
Life is meant to be lived and experienced to the fullest, not just existing and passing the time. Upgrade your network and take yourself to the next level.
Today I am thankful for the text from my neighbour saying that it was time to go for a run, without a pacer today I may not have finished or even started and … Read more
Adaptability
Life comes at you fast, make sure that you are flexible and adaptable to meet the changes head on. For example just two short days ago it was 21 c and felt like 26. Today on the other hand it feels more like -2. We don’t know what will happen in our lives from one day to the next. The best way is to be prepared.
We have been hearing economists talking the last few months about a pending recession next year. Are you prepared for the down turn to the economy with the possibility of losing your employment? Do you have several months of expenses saved up in the event that the worse does happen.
Being fit is being prepared for what ever life throws at you physically. Having a close circle of friends and family will help you … Read more
Know you care
Mortgage brokering is a knowledge based business. It is also a fact that if you have been in the business long enough that there will be many like you who process the same level of knowledge. What will separate us at that point is demonstrating how well we care about those clients who come to us for help with their mortgage.
It’s not just in my field it will also apply to whatever product or service that you are selling. I remember when my wife and I were shopping for a new car a few years ago and we had gone to several different dealerships and looked at quite a few different models. While everyone one quoted us payments and features, there was only one sales person who cared enough to follow back up with us.
I was thinking about … Read more
A Sure Thing
People are always bouncing around from one thing to another trying to figure out what it will take to be successful. Looking for that one sure thing that will push them over the top. Well the thing is that it’s not the latest gadget or app or weekend course or book, it’s something that all high achievers share. It’s belief in their own abilities to get things done.
The one sure thing is to bet on yourself. Have overwhelming confidence in your own abilities to get things done and you will achieve far more than you could every imagine. Start small if you have to and think of all the things that you have overcome to get to where you are today. I bet there there are even things in the past year that you overcame to get to where … Read more
You have options
Sometimes people say that they don’t have options when presented with certain situations. However that is just an excuse for choosing the easy way out. The right path forward usually requires more work and the fact that you must push yourself outside your comfort zone. It’s so easy to blame others for your lot in life rather than taking personal responsibility and doing the work and making the changes that are necessary.
People are going to disappoint you, not every business venture or relationship will succeed, the sooner you realize this the happier you will be. You can either accept the cards you have received in life or do your best to change your situation. Either way is a choice on your behalf. The option to accept and do nothing or put in the work and make the changes.
Can’t … Read more
Language
I am not talking about you being a potty mouth but the actual language and words that you use to communicate. More precisely I want to reference to what the US Fed chair Jerome Powell said at their most recent meeting this week. While Canada and the US are two distinct countries, we are pretty much joined at the hip economically.
When the US Federal Reserve met this week they increased their overnight lending rate by 75 basis points vs the 50 basis points increase from the Bank of Canada recently. The important part is what the Fed Chair said as part of his announcement, he said ” There is significant uncertainty around that level of interest rates & we still have some ways to go, and incoming data since our last meeting suggests that the ultimate level of interest … Read more
Self Discipline
Nothing great was ever achieved without a great measure of self discipline.
Today I am thankful for the self discipline that has allowed me to design a life worth living, a changing market which has allowed for more face to face meetings and being able to see … Read more
Numbers Game
It has been said for as long as anyone worked in sales that it was a numbers game. The more people you talked to the more prospects you had then the more client and more sales. While part of that is true, that if you want to be the top realtor, mortgage broker, life insurance, automotive or insert the sale profession here, then you must have more sales than the person next in line.
However I also believe that it’s about more than that. While yes your numbers are important, they are not the most important aspect of a great sales career. To me the most important aspect is that you must have an overwhelming desire to help people and believe strongly that your product or service can do that.
With this strong “Why” it will be so much easier … Read more
Easy goals vs hard goals
I have always loved the quote from Jerzy Gregorek ” Hard choices easy life, easy choices hard life.” I was thinking of this recently while talking with my daughter who struggling to adapt to university life. Everyone wants the million dollar bank account, the nice house on the hill, a cottage, luxury car or two and fancy vacations. However not everyone is willing to put in the work to make it happen.
If it were easy then everyone would be doctor’s, lawyers, accountants, business owners and make over 100K a year. However not everyone is willing and or able to persist through the struggle and the pain to make those goals happen. The same things applies to the goal of becoming fit. When you default to the easy things to do like watching tv or eating fast food then you … Read more
A Shining Light
Sometimes life is not always sunny days, rainbows and happy puppies. Sometimes it feels dark, gloomy and down right depressing. We have no idea what everyone else is going through or the battles they are fighting. However if we try, we can be the shining beacon of light in an otherwise dark and goodly world.
This does not mean that you have relentlessly positive which in some cases it downright annoying. Sometimes it is just being there to listen and show that you support them. Letting them know that they are not alone could be the difference maker in someone’s life. Be that ray of shining light and see how everything around you starts to change.
Today I am thankful for the jogger who yelled back at me when I shined the light in the otherwise dark path this morning, … Read more
Sow and Reep
Like there is a harvest in the fields from what you have sown in the spring, you also reep in life for the work that you put in a season ago. I am talking with so many people who are complaining about how slow business is for them, while others are still run off their feet with business.
You can’t expect to get fit and stay fit if you can’t get off the coach, do the workouts and eat right. You can’t be tops in sales if you haven’t made the calls and done the follow up. You can’t get the top marks if you haven’t studied and done all the assignments.
This applies to anything in life worth achieving. You get out of it what you put into it. So if you are not getting the results that you … Read more
A Simple Thank You
In a close second to being loved is being appreciated. It’s an amazing feeling when someone tells you out of the blue how much what you said or did meant to them. Who needs artificial mood enhancers when you have honest and sincere appreciation.
If you have not been on the receiving end recently, you can try your hand at giving some out. It’s amazing how well you will feel. Giving a simple thank you to someone may just make their day, and who doesn’t love that.
I do a lot of calls, some people I reach and others I just have to leave a message. Someone that I had only spoken with one time but left a few messages called me yesterday and told me how much he appreciated me calling. The little things do matter and as a … Read more
Take your lumps
Well the Bank of Canada gave us our lumps yesterday, another rate increase of 50bps. It’s our medicine and we have to take it so we can start to win this war against inflation. The increase wasn’t as bad as many had expected, I don’t think that it was due to any outside political pressure but the fact that the inflation rate has been dropping. It is just not shrinking as quickly as the Bank needs it to as it is still quite the distance from the 2% target.
While it is true that many people survived the lock downs with much higher cash reserves and then went out and bought new homes and new cars and went on vacations. While so many did this it created a market frenzy and drove up prices on homes, back orders for vehicles … Read more
The Fine Print
The Bank of Canada will come out with their latest interest rate announcement at 10am eastern or 11am here in the Maritimes. While many of us are expecting at least a 75bps increase to the overnight lending rate, the real meat and potatoes will be in the press release from the meeting.
The devil truly is in the details, as the fourth quarter monetary policy is also announced today. The Bank will give details on whether it thinks that the current and past rate increases are doing what they were supposed to do and if more are necessary. While it is true that the overall inflationary rate is decreasing, it is just not coming down fast enough. It decreased by .1% to 6.9% this month, while the target rate is 2%. We still have a ways to go to get … Read more
Only downside
The only downside to being self-employed is having to work when you don’t feel 100%. The dreaded man cold has hit my house and yes I am still working. Work still needs to get done even when I don’t feel like working. Being irreplaceable is a double edge sword.
I have done conference calls from a hospital bed and closed files with a 103 degree temp, so a cold may make me feel like crud but it won’t stop me from helping my clients.
Today I am thankful for a huge supply of cold meds in my house, that the sniffles and head cold are a minor inconvenience compared to what others are going through and that my office is such a short commute.
I look forward to hearing from you in regard to your mortgage needs.
Patrick
p.s- You can … Read more
Expectations
Does the expectation of an unpleasant event make the experience worse? Does the boxer feel it less than the guy who got sucker punched at the bar? Having emergency surgery any less painful than the one that has been planned months in advance? Getting let go from your job that you have worked at for years any less painful than suddenly quitting?
The economists have been talking the impending rate increase by the central bankers since the last big one in September. Will this make it any less painful if we expect at 75basis point increase vs it coming out of the blue! Will we feel any different about a recession if they have been talking about it for months?
Either way it will be best is we prepare for the worst case scenario. Hope for the best but prepare … Read more
Plan Ahead
Now that my annual filing is complete for my license here in NS, it’s time to shift the focus from the past and plan for a prosperous future. That’s not to say that the past year wasn’t good, it was, however like with anything in life the goal is to constantly improve.
The standards that the province put into place last year gave me a view of my business that I had not seen before. It was both startling and eye opening. It is sort of like when your doctor asks you to step on the scale during your annual check up. Part of you wants to know and part of you doesn’t.
The best way to plan for changes ahead is to get an accurate picture of exactly where you stand. You want to make more money then you … Read more
TPS Reports
If you have every watched Office Space you know the scene where to boss keeps asking for the TPS reports. Well putting it off or doing it poorly never helps you in the end. This is why I will be spending my weekend doing my equivalent to the dreaded TPS reports which is filing my annual return for the local licensing body. Wish me luck.
Today I am thankful for having a great CRM that keeps track of all my important data, a strenuous but somehow relaxing 60 minute peloton workout this morning and hearing from my girls via FaceTime.
I look forward to hearing from you in regard to your mortgage needs.
Patrick
p.s- You can click on this link to start the process whenever you are ready. Schedule your meeting with me here.
p.s.s- I should tell … Read more
Self Love
According to my Peloton instructor Ben Alldis who said this morning ” Self love is never selfish”. We can’t take care of others unless we are taking care of ourselves. Our mental health is just as important as our physical health and from my own personal experience if I am taking care of one, then I am also benefiting the other.
You see I have experienced anxiety for as long as I can remember. My mom used to say that I worry too much and my Dad would say that I was stressed while my friends would say that I was too uptight. Whatever the label it was all the same and many members of my family from my Dad to now my daughter experience it as well, and so may many of you.
Each individual treats it’s effects differently … Read more
Why?
Do you ever have those day when the first thing that you ask yourself upon waking is why do I have to get up? Then why do I have to go to work? Why do I have to eat right? Why do I have to do my workout? Why do I have to pay my bills? Why do I have to make my prospecting calls? Why do I have to pay my taxes?
If you noticed the key part of all those questions is “have to”. If this is how you are approaching life then you are looking at it the wrong way. We live in a free society, we have the power to “choose” to do whatever we want to. However we must also pay the price if it does not help us or the larger society as a … Read more
To Stay or go?
Most of us are familiar with the classic song by The Clash ” Should I stay or should I go”. Well right now that applies to those of us in variable rate mortgages. There has been a lot of nervousness about staying in a variable rate and riding out the Bank of Canada rate announcements or bailing and going for a fixed rate.
There are a few things that you should look at if you are deciding to convert to a fixed rate.
- What is your current discount to the prime rate, and is the rate for a comparable fixed rate higher than what you are currently paying.
- Look at your mortgage statement and see if you are still paying interest & principal. If you’re not because of the recent rate increases it may be time to either increase your
… Read moreApathy
Apathy, learned helplessness or give up itis, it’s all the same. It is when we have determined in our head that we can’t do it so why bother try. This in my mind is the one true pandemic in our society. Giving up on our goals and dreams without realizing that we were so close to achieving them in the first place.
Parents don’t give up on their children when trying to teach them to walk or talk, yet we give up on ourselves after just one or two failures or setbacks. There is a good chance that if you are married or in a long term committed relationship that you are not with the person with who you had your first kiss. You handled the ups and downs ( no pun intended) of relationships and kept at it till … Read more
Market Place
Just this past week CBC Marketplace did an episode on mortgage fraud. To me it showed the lengths that some people would go to get a commission as the instances he demonstrated were initiated by the realtor in cahoots with a dishonest mortgage broker/bank mortgage specialist.
Just so everyone knows we are in a 100% commission business so we get compensated when our files close. If you are ever in a situation where someone in our industry ( realtor or mortgage) tries to show you a short cut then run in the other direction. I don’t personally need a commission bad enough that I would jeopardize my 20 year career.
I also want to offer a little clarity on fee’s. Yes there are times when it is necessary to charge a fee to successfully complete a mortgage transaction. However the … Read more
Don’t Cry
Let me explain that further, don’t cry over spilt milk. More precisely don’t hold on and get upset over your past mistakes. We all make mistakes, learn from them and do your best not to repeat them and move on. This does not matter if it’s a mistake in your relationship, a mistake at work or something else. Nobody is perfect so learn from it to the best of your ability and move on.
Beating yourself up over something that you regret that you did does not help you today. Apologize if it’s possible, learn from it and move on. I was inspired to write this today as I had a service shredding some ancient documents and I made the mistake of not looking through a box more throughly and out went a bunch of personal memories from University Laval. … Read more
Market Mimic
Canada and the United Stated are pretty much joined at the hip economically. Whatever happens to our neighbours can soon be mimicked in our economy. So while their overall inflationary rate decreased to 8.2 in Sept from 8.3 in August, when you take out the two largest contributors which are energy & food you get core inflation which is now at 6.3% or the highest rate since 1982.
What this means is that the central bankers are pretty much locked in to rate increases in Nov & Dec. Predictions at this point at 75 basis points for each, however sometimes we don’t know the result till it actually happens. So as I have been saying in my recent posts, it’s time to tighten your belts and reign in your excess spending so you can limit the effects of the impending … Read more
Recession Proof
With all the talk about an upcoming recession in 2023, now is the best time to prepare for the effects of a shrinking economy. While there may not be much you can do to influence the overall economy, there is plenty that you can do to influence your own personal finances.
- Make sure that you have an emergency fund of at least 90 days of your personal expenses in the event of employment interruption. The best way to do this is to be using YNAB.
- Sorry to those who work in restaurants & hospitality, but cut back or eliminate unneeded trips and meals out.
- Trim back or eliminate streaming services that you no longer use, sorry Netflix.
- Workouts at home were all the rage during the lockdown and may soon be again once people cut back on time spent
… Read moreSpoiled Rotten
We have been spoiled rotten with the rock bottom low interest rates that we have had for the past 15 or so years. I am reminded of this fact now that the five year discounted rate is 5.14%. However this sill pales in comparison to high rates of the mid 80’s at 16 or 17%.
People keep asking me when do I see rates coming back down. Well if you listen to the central bankers like Tif Macklem who is the head of the Bank of Canada, it’s going to keep going up before it comes back down. This is because our overall inflation rate is till too high. With the last monthly report from August which had us at 7%. Yes it is coming back down from it’s record high this summer, it’s just not coming back to earth … Read more
My Miracles
Exactly 18 years ago today my two little miracles came into this world. My girls Ella & Georgia were born today 18 years ago at 08:41 & 08:42. When they arrived 11 weeks early at 29 weeks gestation, they were 2″11 and 2″13 respectively. As they were quite pre mature the first few days and weeks were very anxious as it was going to take miracles for them to get through and make it. Fortunately they did and are now no worse for ware.
As they were born on Thanksgiving Monday in 2004, they have continued to be something I am thankful for each and everyday. If you think about it, we all have miracles in our lives. You just have to appreciate everything that you got through that allowed you to get to this very day. My Mom who … Read more
R&R
I love the slower pace and the chance to rest and relax that holiday’s bring. This weekend is a great time to get the extra yard work done before the weather turns too cold. Sleep in and not have to worry about traffic or work. Also a great time to sit back and enjoy a good book. I know what I will be doing, so enjoy yourself today.
I look forward to hearing from you in regard to your mortgage needs.
Patrick
p.s- You can click on this link to start the process whenever you are ready. Schedule your meeting with me here.
p.s.s- I should tell you that I am licensed in Nova Scotia Brokerage (2021-3000179) Broker (2021-3000180), Ontario(M18001555) & in British Columbia(BCFSA #504098).
p.s.s.s You can download my new mortgage app here… Read more
Giving Thanks
As we move closer to Thanksgiving here in Canada, it’s the perfect time to reflect on all the things that you are thankful for.
I look forward to hearing … Read more
Fight against inflation
Yesterday the Bank of Canada governor gave a speech to the Halifax Chamber of Commerce. He said that even though core inflation started to come back from it’s all time highs, prices on food and other items are still at all time highs. As a result he said that we should expect further rate increases as more work needs to get done to further tame inflation.
What this means for you and me is that we will have increased borrowing costs until inflation finely comes under control. Those of us on variable interest rates will increases as will those with home equity line of credits. The main goal of all the rate increases is to get us to reduce our spending, thus lowering demand and then prices will start to come down.
The rampant need to travel post lockdown has … Read more
Enthusiasm
enthusiasmĕn-thoo͞′zē-ăz″əm
noun
It’s really amazing what you discover when you read books printed almost a century ago. I was reminded of this while reading “How I raised myself from failure to success in selling”, by Frank Bettger. One of the first things he talks about was how adding enthusiasm to whatever he did drastically changed his life.
Truthfully it’s difficult to achieve anything great without first being enthusiastic about it. This applies to getting in shape, having better relationship, improving your finances or raising a family. Being ho hum all the time will not make you fun to be around and basically just gets you through the day.
Here are two thoughts from Steve Jobs whom I admired greatly, “The only way to do great work is to love what … Read more
Fortune favours the brave
I have always loved the quote from Thomas Jefferson, ” I find that the harder I work, the more luck I seem to have”. We can make our own luck by getting out there and working our tail off. As my headline states, fortune does favour the brave. Those who are brave enough to make the calls, to do the speeches, attend the meetings, go to the classes, read the books and just do the work.
Nothing bothers me more than when someone says that so and so is lucky or smart, without acknowledging how hard they worked to get to where they are. People don’t see all the calls or training that came before the big sale or the olympic medal, they only see the end result.
So instead of being jealous or envious of your friend or neighbour … Read more
Double down
If you are not getting the results that you wanted in your sales, then double down with you efforts. The same applies in regards to your physical fitness, personal finances, relationship or education. If you are not getting the result that you wanted, don’t let a little hard work scare you off.
It’s easy to do what we have always done, but we will end up getting what we have always gotten. Growth is uncomfortable so don’t expect this to be easy but it certainly will be worth it. Failures are not permanent, they are learning experiences meant to show you want doesn’t work so you can find a way that does. Keep going, you got this.
Today I am thankful for the ability to get up and try again on a new day, all the lessons learned when things … Read more
Recovery Day
All work and no play makes Jack a dull boy, or so how the saying goes. It could also be true of all training and no recovery makes Jack a broken boy. Thus the reason that I did as little as possible yesterday after biking 100k for the ride for cancer on Saturday.
We can’t work or train all out all the time and expect to forever operate at peak capacity. It’s just not logical. The rare but important off or rest days are just as important as the days that you give it your all. It’s the rest and recuperation that allows us to then return to peak capacity as quickly as possible.
Today I am thankful for 30 minutes of stretching this morning to recover from a busy weekend, getting to see the stars while walking my dog … Read more
Pales in Comparison
So today I completed my 100K ride for cancer on the rails to trails system. We ( I was with friends) from Bayers lake to almost Hubbards and back. Now while this was getting uncomfortable towards the end of the ride, it pales in comparison to what my mom, my wife’s mom, my 1st cousin went through while they were all battling cancer. While they all subsequently lost their battles with cancer, I am doing this fundraiser so someone else’s mom, dad, sister, brother, aunt, uncle, cousin or friend will be able to beat it if they are diagnosed with cancer.
This is the last time I will ask you this year but if you are able to donate to my ride for cancer, it could benefit someone’s loved one and really make a difference in their life. Here is … Read more
Truth & Reconciliation
On September 30th, the Day for Truth and Reconciliation, Canadians learn, recognize and reflect upon the history and ongoing legacy of residential schools, the trauma experienced by many, and the hope for a healthy future. The day emphasizes the ongoing need for reconciliation, and building and strengthening relationships between Indigenous and non-Indigenous people.
Sincerely,
Patrick… Read more
Burning Bridges
There are times in life when it’s necessary to burn a few bridges and cut yourself from any possible retreat and there are times when that is just a bad idea. Change in life is hard and sometimes to do it successfully you have remove any sort of temptation that would permit you to drift back to the old ways.
If you are determined to eat better then it is a good idea to toss out all the junk food in your house so you are not tempted to just have a few chips, cookies or sweets. The same goes if you want to watch less tv and read more, you will cancel your cable and some may go as far as selling the TV. Want to cut out the few drinks at the pub with friends after work, then … Read more
Point of no return
There are still many of us still riding out on a variable rate mortgage, even though there have been 5 rate changes this year and the strong possibility of another one soon. At the time it was the easiest decision out there as rates were low and the fixed rate while still low was about a percent and a half higher than the discounted variable rate.
Now there are a few things that those of us still on a variable rate should be aware of. These are the Trigger Point and the Trigger Rate. Firstly the Trigger Rate is the point that you are no longer paying interest and principal on your mortgage but only paying interest. Meaning that you are no longer paying it down. The Trigger Point is when the balance on your mortgage now exceeds the amount … Read more
Growing pains
There is always a little discomfort to growth, whether physical or emotional or financial. It’s relatively easy to do nothing and stay within your comfort zone. Real growth requires work and sometimes blood, sweat and tears. My girls are going through that this year as it is their first year away at university. One is adapting easier than the other but I know that they are both growing and becoming better.
We are going through some growing pains right now with the economy and financial markets. The rapid increases to inflation over the past year has effected us all and as a result we have had to change adapt along with it. Some say that we have been spoiled over the past 15 years with record low interest rates and that the party is now over and it’s time to … Read more
The Clean Up
We are still in the midst of the big clean up here in Halifax post Fiona. We are doing the same things as if you had suffered a set back in life. You pick yourself up, dust yourself and do your best to get your life back to normal.
When life knocks you down, you need to get back up, learn from what happened and try to do better next time. From this storm I’ve learned that 10 litres of fuel is not enough to keep a generator going. That the clean up from the storm is so much easier with great neighbours. That lasagna can in-fact be made on the BBQ and it was delicious.
One of my clients lost the 21 unit building that he was constructing in Glace Bay. However he said that he will build it … Read more
Generator Safety Tips
I woke up this morning to a request from my wife to run out and get a generator when the stores open. Hurricane Fiona is predicated to be a generational storm in size and intensity. The last major hurricane we had was Juan in 2003 which saw major damage and many of us without power for over a week.
So with Fiona due to hit us overnight I was off to the big box stores when they were opening their doors and was lucky enough to get a generator from Costco today. So if this is you as well, here are few safety tips.
- Pick a generator that will produce more power than you need.
- To avoid being electrocuted make sure to only use it once the rain and storm has passed. Electricity and water are not a good combination.
… Read moreAugust inflation numbers
The inflation numbers for August 2022 for both Canada & the United States came out over the past week. In Canada our inflation rate dropped from 7.6% to 7%, and in the US it decreased from 8.5 to 8.3. While both are retreating from the highs of a few months ago, we are still well off the comfort level of 2%.
As a result of the still too high inflation rate, the US Federal Reserve delivered it’s third straight 75 basis point increase to their interest rates yesterday. To many economists this bakes in with pretty much certainty that the Bank of Canada will follow suit with another large rate increase when it meets next on October 26th. The only thing that could change the amount of the rate change would be the CPI (inflation) numbers that will be coming … Read more
Not Shrek’s Fiona
Batten down the hatches as Fiona is heading our way. She is scheduled to make landfall early Saturday morning and right now she is aiming towards CBRM. Given her arrival is still a few days away, it’s best to take the time now to prepare.
Here are a few things to take into consideration as we prepare for the arrival of the storm.
- Be prepared to spend a few days with out power
- Make sure vehicles are full of gas and BBQ propane tank is topped off
- Charge up all your electronic devices and if you have battery back ups make sure they are charged as well.
- Move to higher ground if you are in an area that is prone to flodding
- Have supplies of food, water & medicine that will last you at least a week.
- Have a battery
… Read moreSwitching
Over the course of the pandemic when the real estate market was on fire and everything and I mean everything was selling for well above the list price, the majority of people opted to go with the variable rate as opposed to the fixed. You see it was simple math at the time, as fixed rates were about 1% percentage point more expensive.
Well now thanks to soaring inflation and recent moves by the Bank of Canada, that rate disparity has all but disappeared. So if you are getting a bit nervous with your variable rate, then just reach out to your lender and ask to switch to a fixed rate for the remaining term. This is one of the advantage of the variable rate, you switch to a fixed with the same lender with out a penalty. If this … Read more
Clarity
When doing something as important as your mortgage and complex regarding the paperwork, then clarify definitely helps. Also the details matter. Getting all the details right the first time allows your file to be approved faster and will also help with answering any of the clients questions the first time around. So be clear, be concise and pay attention to all the little details and everything will go much better.
Today I am thankful for the 70 years of service that Queen Elizabeth gave to Canada and the rest of the commonwealth nations, patient clients who helped with the details while I clarified their questions and the slower pace of the day as some of the banks were closed to mark the Queen’s funeral.
“The world is not the most pleasant place. Eventually, your parents leave you and nobody is … Read more
High Standards
Whether personally or professionally, something that you should never ever do is to compromise your high standards. Not for friends, family, a neighbour, an old school friend or a potentially high commission. Once broken it is a slippery slope and if you do it for one then now you have to do it for everyone.
You have developed and maintained a high level of standards to a reason. You’re a professional and your reputation with your current and future clients is the life blood of your business. This is exactly how I feel and why I felt it was necessary to lose a file than have to make a concession for the standards on how I operate my business.
Today I am thankful for the good friends who have offered to help my daughter with a technical issue, an amazing … Read more
Parity
par·i·ty | \ ˈper-ə-tē , ˈpa-rə- \plural parities
Definition of parity
: the quality or state of being equal or equivalent
Women have fought for parity with men in the workplace.
This is the topic of the day as we have reached the point where the fixed rates and the variable rates have reached parity. With the many increases to the Bank of Canada overnight lending rate, this has now given us a prime rate of 5.45. With the available discounts to prime of between prime -.55 to prime -.90 this takes us to pretty much parity with the fixed rate.
That being said you will still need to consider the various pro’s and con’s of each product before you make your final decision of where you want to go. Here are a few things to keep in mind.
The benefit of the … Read more
Friends & Flowers
I come from a big extended Cape Breton family, and growing up almost every weekend we would have some members of the family over to visit. You see my Mom was the glue for the family and they all flocked to her as she was a great listener and since we had a big house in the country the rest of the family used us as their vacation spot. Which was fine with us as we got to hang out with our cousins.
Brest cancer took my Mom 17 years ago on the 9th of Sept. This is the main reason I am doing the ride for cancer. So hopefully the funds that we raise will allow someone’s Mom to fight a little longer or possibly receive the cure or treatment that is needed. You can sponsor me here. … Read more
Preconceived Limits
We all have preconceived limits to our abilities. Who put your limits in place, your family, friends, teachers, employers, coaches or heaven forbid yourself. You are capable of so much more than you could ever imagine. It is when you are able to finely push past them that you truly discover what you are really made of.
The first step is to believe that you can do it and then follow it up with massive action and persistence until you have achieved your goal. I have been inspired to write this as a personal testament of what is happening with me. You see I have been running for years. Normally my pace was in the high 4’s low 5’s per KM. I ran much less often over the past winter and when I started up again in the spring I … Read more
Higher Standard
If you want to achieve anything noteworthy in life then you must begin to hold yourself to a higher standard. Doing things as you have always done will only get you the same results or lack thereof. Don’t even think for one second that’s it is impossible due to external people or events in your life. Events and people happen to everyone, both good and bad. What you are ultimately responsible for is your attitude or reaction to those external events. Nobody can tell you how to respond but you.
Doctor’s, Lawyer’s, Accountant’s, Engineer’s & Business Owners also come from lower economic area’s as well as higher ones. You are only limited by your thinking and the actions that you take. So if you want to achieve great things, then focus all your thoughts and actions on moving in that … Read more
My promise to you
My promise to you as your mortgage broker is that I will bring more value to you during your transaction than anyone else in the marketplace. I can say this as I have been in this business for 20 years and have assisted clients funding a wide range of transactions. Everything from AAA credit clients, Alternative lending, private mortgages and large commercial multi residential mortgages.
Sure other brokers or lenders may offer you a slightly lower rate ( but not always). However remember what is priceless in this process is getting the seasoned advice rather than someone who is just chasing a commission. The commission is the reward for a job well done, and my primary role is to secure the financing for you that suits your requirements. I work for you, not a large national brokerage house or any … Read more
Worth it
This is your reminder that if your goals are big enough that they will not be easy to achieve but they certainly will be worth it. So don’t stop trying and working at it whenever you encounter a set back.
Today I am thankful that the repair work in my home is almost complete, that I never gave up when I received the first no from the insurance company and for a great run home after dropping off my truck to get serviced
I look forward to hearing from you in regard to your mortgage needs.
Patrick
p.s- You can click on this link to start the process whenever you are ready. Schedule your meeting with me here.
p.s.s- I should tell you that I am licensed in Nova Scotia Brokerage (2021-3000179) Broker (2021-3000180), Ontario(M18001555) & in British Columbia(BCFSA … Read more
Open House Day
Well today is Sunday and for those in the market for a house this is also known as Open House Day. If you haven’t already, please make sure that you are pre approved before you put in your first offer as it makes the process so much easier for everyone involved.
I’ve made an addition to my website this week that should help you when and if you need to run some numbers on the house you just saw. Just click on calculators on the top of this page and pick the one that’s appropriate for your situation, if you’re buying then it’s this one. There is a better version that will give you a native app on your phone, to get that just go down to the p.s.s.s section and click on the mortgage app and it will … Read more
Healthy Obsession
Sometimes people associate the word obsession to negative behaviours or activities such as drinking, smoking, gambling or excessive shopping. However it’s possible to have healthy obsessions as well, such as personal improvement, physical fitness, career advancement, your education or success in your business.
Good healthy obsessions pull you forward towards your goals, while unhealthy ones hold you back. We have all come across those people who are driven by a higher goal or obsession and they seem to vibrate at a higher rate and just radiate energy. We all want to be around those with healthy obsessions as they will also aspire us bigger and greater things.
I was inspired to write this post as I am currently reading Grant Cardone’s book “Be obsessed or be average“. I made a commitment just over a year ago that my … Read more
Insurmountable
There are many things in life that seem insurmountable when first encountered. However once you have had time to digest it, that once insurmountable task now becomes something quite achievable. This could be losing a lot of weight, getting accepted at a prestigious school, obtaining a promotion, getting your dream job, repairing a relationship or paying off a large amount of debt.
Whatever your large task is that’s in front of you, know that others have faced similar obstacles and have over come them in a short amount of time. You see that time is going to pass anyway so make the most of it and focus with laser like precision on achieving your objective. I faced what seemed like an insurmountable task last year and was able to overcome it so I know that anything is possible.
Today I … Read more
Change / rest
The quote ” A change is a good as a rest” does not apply when you are driving your kids half way across the country to go to university. We traveled through 4 provinces, 5 people + dog in the SUV who’s A/C decided it no longer wanted to work about an hour into our adventure. So the change in my daily activity over the past week was not as good as a rest. However we have safely delivered our girls to university and safely returned back to our home yesterday.
So when you need a break from your every day run of the mill life and you want to go a bit of an adventure, at least make sure that your A/C is working. Other than that it was excellent and got to see parts of our country and … Read more
The Next Chapter
The next chapter of my girls lives starts very soon. They graduated high school in June and now are about to start their university life. Our house will certainly be a lot quieter with both of them away for school. However it is also an opportunity for them to grow and develop away from us so they can become independent.
Whether we realize it or not, we are often given opportunities to grow and develop and move away from our past. It could be a new job, new school, new relationship, new home or new town or country. It’s up to us to decide when the last chapter ends and the new one begins so make the most of it.
Today I am thankful for the opportunity to run and be pushed to run faster with my neighbour, I am … Read more
Upgraded
As the only thing constant in life is change, we all have to regularly make sure that our skills are upgraded to keep up with the pace of all the changes. I am sure that there are people out there who have not picked up a book since they left school but I don’t know about you but I sure as hell do not want that to be my doctor, accountant or my mechanic.
I have been a mortgage broker since 2002 and since then a lot has changed. We have had 40 amortizations, 100% financing and no doc’s stated income products that are all no longer available. We have stress tests to get a mortgage that were not here 5 years ago and may not be around next year if the rates keep climbing but in hind sight it … Read more
Mortgage credit insurance
When I get clients approved for their mortgage I send them out a digital signing package with all the documents that must be signed for both the lender and from a compliance standard for our industry. One of the documents that I include at the beginning of every package is the MPP mortgage protection plan, also called credit insurance.
Clients can choose to accept or waive the insurance. The main purpose of it is to protect the borrowers or their estate in the event that something where to happen to them while the mortgage was still in-force. Personally I know how it helped my family back in 2005. My Mom passed away from breast cancer in 2005, while my parents did not have a mortgage at the time then did have a secured line of credit and had the insurance … Read more
Be Prepared
You will never know what life can and will throw at you, so it’s best to be prepared. Most if not all cars and trucks come with a spare tire and the necessary tools required to change it. Any household with small kids will also have a first aid kit or a least a good stock of bandages cause accidents happen.
I was reminded of this while doing an 80K bike ride with my friend Marissa today. We rode out to the 40K marker and she had to do an extra Km as my route to meet her was a Km. So during this kilometre ride she crashed. Came back to our turnaround point with a bike bent, and scrapes and bleeding. While I didn’t have a first aid kit with us, I did have a towel and water to … Read more
Expectations
More often than not when things don’t turn out as we have expected them to turn out we get upset, angry or disappointed. This is because we got caught up in some future picture instead of focusing on the present. Not everything turns out as planned and things don’t necessarily get resolved on our desired timelines.
The only thing that we can control is our selves and our responses to the events around us. That’s it! We can love, guide and teach our kids but ultimately they will do what they want to do. The same applies to your friends & family. So don’t “should” anyone but yourself.
I love the Buddhist philosophy on expectations whereby they say that disappointment, frustration or anger are emotions that we feel when people or events do not meet our expectations. This causes us … Read more
Prep work
It has long been said that the best time to apply to borrow money is when you don’t need it. Also the best time to workout is when you are young and healthy. This is because if you do the prep work when it is easy but not necessary your life will be much better.
Life is not always smooth sailing so I have always looked at each workout as a deposit into my future health bank. The same can be said about your investments and sound financial management. Far too often people have the instant gratification mindset. It’s best to approach life as a marathon rather than a sprint. Playing the long game will always make you much better off, and doing the prep work when it’s easy to do will help make that happen.
Today I am thankful … Read more
Add/Subtract
I am learning from experience that in order to add any desirable behaviour, one must also subtract a corresponding undesirable behaviour. In my effort to read more I have decided that I don’t need to watch TV at night. So I have replaced the TV watching with more reading. Good habit in, bad habit out.
The thing is that we can’t add more time to our days. We all get the same 24 hours, or 86,400 seconds in each day. So in order to really improve by adding more good habits, you must also remove the bad ones. Want to exercise more then consider cutting out social media. Want to save more money then consider preparing your own meals & coffee instead of buying it during the week. Want to be more of a morning person, then go to bed … Read more
Small changes
Sometimes small changes yield big results. Also small changes done consistently over time will give you humungous results. I say this from experience as just in the past year or so I decided to dedicate at least 20 minutes a day to reading. Now I have always enjoyed reading, it’s just that I had not really made time for it until recently. So last year I comfortably read 25 books and this year I will strive to hit 30.
This same principal can also be applied to your finances, your health or your personal relationships. Rome wasn’t built in a day and people don’t just decide to run a marathon on a whim. Pick some area that you want to improve and start with small changes repeated daily.
Apply this to saving for a down payment on a house or … Read more
The biggest mistake
The biggest mistake that we all make is that we all think that we have more time. Time is our only finite resource. You’re delusional if you think it’s money as you can always make more of that given enough time. It’s also not your health either as people have shown time and time again the ability to totally transform themselves from overweight/underweight to the picture of health given the proper amount of time to do so.
For some tomorrow, next week or next year will not happen for them. So get it done today. Make reparations with that family member or old friend as you may not get another chance. Say yes to that spontaneous invitation to do something different as we have all spent far too much time in our own homes the past few years.
If you … Read more
Close call
For most a close call is a wake up call. It’s a signal to pay attention so you won’t get caught off guard again. Almost hit people in a crosswalk cause you were playing with your phone, then it’s time to put it away and use Bluetooth only. Survived a heart attack or a stroke then that is a sure sign that you need to make your health a priority. Car making a weird noise and the dealer who only puts on new parts quotes you 2K to replace it until you find a local shop with a mechanic that can fix it for $250.
I thought of this today as I had one of those close calls yesterday. I always to my long workouts in the weekend and yesterday I did a 50K bike ride. Even though we finished … Read more
Stimulus Response
Yes I know this was a scientific theory developed in the 1940’s by Clark Hull. However today I want to talk about my personal experiences with stimulus response. In layman’s terms it means that we are already pre programmed to respond to situations that life presents us in already pre defined ways. So in order for us to change our behaviours we have to recognize what sets us off so we can change how we respond.
I won’t say that I am a weekend warrior as I train every day of the week, I just schedule my longer intensity sessions on Saturday & Sunday. Saturday I normally do a 50-70K bike ride with friends and Sunday I run between 10-15K. However if I am not careful if I sit down too long at any point in the afternoon on either … Read more
Every Penny Counts
When it comes to managing your money, every penny counts. It’s the same when it’s about life in general, the little things matter. Far too often we discount the small purchase or the small actions until they have accumulated into a massive bill or horrible habit.
So to put this into perspective, that daily coffee habit is closing you far more than you think. That grande non fat latte is $5.65, I know as this was my wife’s daily drink. This is $28.25 a week, $113 a month or $1,356 a year. Since she is now working at home we purchased a Nespresso machine and just make it at home for 1/4 of the cost.
You can look at your daily habits the same way. I just had breakfast with a childhood friend and he was asking me for advise … Read more
To the limit
No this is not a reference to the Eagles song, but rather about pushing yourself to new area’s of growth. If you are always living in your comfort zone and doing things well within your limits then you are merely surviving but not actually truly living to your fullest potential.
I bring this up as I have been running for years and was normally quite pleased with my running pace. However after having some injuries this past winter I was struggling to get back to where I was before and each run seemed like a struggle. The effortless pace of the past had been replaced by a slog to get through my runs.
This all changed when I started running with a neighbour and challenging each other to improve the pace at the next interval. Doing this resulted in my … Read more
Better Goals
Better goals, and more specific goals get better results. More often than not most of us have the goal of just getting through the day or the week and if that is the case it’s no wonder that we are not getting the results that we want.
Be more intentional about your life and you will find that you may just get what you want. You need to be as specific as possible, what does it look like, sound like, feel like etc. Don’t get caught up in how it will become possible, the first thing you need to do is to get a really clear picture of what you want and why you want it.
This is not some manifesting thing where you create the idea or goal in your head and set it and forget it. Instead you … Read more
Canadian Inflation Numbers July 2022
The inflation numbers for July 2022 just came out and they have finally started to come down. The Canadian inflation rate for July was 7.6% which is down from 8.1% in June. So it appears that we are headed in the right direction and coming down from peak inflation. This is similar to what the American’s announced last week.
On the whole consumer prices increased by only .1% the smallest change since Dec 2021. While we are not out of the woods yet as we are still well above the comfort level of 3% inflation. The next report in September will be the best indication that we are truly headed in the right direction once and for all.
The may be the news that the Bank of Canada has been looking for after hiking rates by a full percentage point … Read more
Track It
In today’s modern world there is data for everything, from your daily steps, calories consumed, money saved or spent, distance ran or biked to amount of sleep. It has often been said that you can’t change what you don’t track. This goes for everything from your weight, your finances, your fitness or your sleep.
If it is important to you then you should be keeping track of it on a regular basis. In order to improve yourself you first need to know where you stand today and the best way to do that is track your current and past results.
Want to improve your finances then you should be keeping track of how much you make and how you spend it. Start first with recording everything for a week, incoming and outgoing. For any change to happen you need to … Read more
Silver Lining
If you are like most people there is probably some part or someone in your life that doesn’t make you happy. If this is the case then it sounds like a little change in perspective is in order. It is so easy to think about all the things that make you mad, that in and of its self is unproductive and will take you toward a no win scenario.
So instead of continuing to think what you don’t like or what’s not working, focus on what you like and what you are grateful for and a whole world of opportunities will open up to you.
Out of shape, be grateful that you now realized this and that it is in your power to do something about it
Too much debt, talk with your creditors if you have to but also … Read more
Double up
Roughly one year about the fixed mortgage rates for a 5 year AAA client were 2.04%. Now the rates for the same term is 4.59%. While much higher thank last year it has come down in the past few weeks from it’s peak of 5.09% back in June.
Let’s say that you were one of the lucky ones who got a fixed rate mortgage last year with a rate of 2.04%, 25 year amortization and 300K mortgage balance with a payment of 1276.15. Most of the lenders I deal with have excellent pre payment privileges, from putting an extra 15 to 20% of your principal directly on your mortgage once per year or doubling up your payments.
Since not many would have an extra 45-60K just lying around to put directly on your principal but you’re doing well this year … Read more
Self Care
No matter who you are, there all comes a point where we must take care of ourselves. You can’t help friends and family with money if you yourself are experiencing money problems. You can’t help others relax if you yourself are overly stressed. You can’t help friends and family with their health if you yourself are also in poor health.
When we take care of ourselves first, it makes it that much easier to take care of everyone else that is important in our lives. So take care of your money so you can help those you love if it is needed. The same goes for your health, both mental and physical health are equally important.
Don’t feel guilty about taking some time to take care of yourself, we all need to do that from time to time. Even those … Read more
Peak Inflation
The US inflation numbers came out yesterday and it showed that inflation has started to come back from it’s high of 9.1% in June to 8.5% in July. So this has many of us hoping that we have hit peak inflation. Most of the reduction stems from gas prices coming back from their highs in June. The month over month prices of good and services were flat with a 0% change from June to July and this is after hitting a 17 year high in June.
So while this is positive news, the true indication will be where the numbers go for next month. Will this report be just a fluke or a true indication that inflation has started to reseed from it’s highs. If this is the case will bond yields come back down and bring the fixed rates … Read more
Compliance
compliancekəm-plī′əns
noun
In the mortgage industry compliance is a necessary part of business. On one side it is about doing what is right for your clients and on the other side it is about adhering to the rules and standards as set forth by our local licensing body. It’s not just a cool song by Muse.
I see my role with clients similarly to how a fiduciary would act in the financial planning field. That means I work for the clients to help them secure the financing that makes the most sense to them and as a result of a job well done I receive compensation as a result. Those … Read more
Surprise Visit
Would you be ready for a surprise visit to your home if someone showed up unexpectedly. It could be CRA, the local police or heaven forbid your in-laws. I always advise clients when an appraisal is necessary to have your home prepared as if you were having an open house as it will show pride of ownership.
So look around your home now, are there piles of laundry all about the place, dishes piled high in the kitchen and newspapers or periodicals scattered throughout the house. Are you filled with a sense of pride or a dread that anyone would see where you live. You may say that you are too busy to have a clean home or that you like your organized chaos. However there are lots of people who have plenty of kids, work a full time job … Read more
Dog days of Summer
According to the Almanac this is what they have to say about the dog days of summer.
“The term ” Dog Days ” traditionally refers to a period of particularly hot and humid weather occurring during the summer months of July and August in the Northern Hemisphere. In ancient Greece and Rome, the Dog Days were believed to be a time of drought, bad luck, and unrest, when dogs and men alike would be driven mad by the extreme heat!”
The good news is that we only have 3 days left according to them as they normally last from July 3rd to August 11th. I love the hot days but could do with some cool nights.
Today I am thankful for the repair work that is finally happening on my home office, people who show up on time and as … Read more
Be the hero
Be the hero instead of the victim in your own story. Shit happens to all of us, but don’t dwell on it nor focus on it. Acknowledge that it happened, learn from it and move on with your life. Instead focus where you want to go rather than what happened or who hurt you.
People are drawn to those who have a clear vision of where they want to go and what they want to do. Nobody wants to hang around with a woe is me or someone is is constantly the victim. Be the hero and take charge of your own life, make things happen and don’t worry or focus on the things that you can not control or events or circumstances that happened in the past.
Today I am thankful for a great early morning run before it … Read more
Challenge Accepted
What I always tell my clients is that, where there is a will there will be a way. There is nothing like the satisfaction from closing a challenging file. I have had many in my years as a broker and they always feel good when you can get them to close. It could be unique and challenging credit situation, particular location or type of property, a unusual income confirmation or any number of things.
I will try any and all legal and ethical ways to get clients files to close. When these challenging files close, irregardless of the mortgage amount there is always a celebration and sigh of relief. There have been commercial files that have take 18 months to close and residential files that have had multiple declines, approvals or submissions before we found one that worked with everyone … Read more
Start over
When things aren’t going your way, take this as an opportunity to start over rather than quit. Not everything goes according to plan the first time around and the most successful people in life realize this and are persistent as a result. Learn from what was not working and keep trying until you achieve your desired result.
Also what if anything did you learn if it went well the first time? Not much really, as you learn more from when it didn’t work out and you had to start over and try again. So do not think of all these attempts as failures but rather as learning experiences that make you better and better each day till you finely achieve what you set out for in the first place.
Today I am thankful for all the times I have failed … Read more
Better late than never
The good things in life take time. As much as we would like there are no real quick fixes to most of our major challenges in life. There is no pill to take to make you skinny or smarter, and buying lotto tickets is not part of the ideal long term financial plan.
That good month you are having now at work can be traced back to months and months of prospecting and cold calls. The same for your current level of fitness, the early morning workouts that you did even though you didn’t want to get out of bed paid dividends.
So appreciate the fruits of your labours when they finely arrive as you put in the work and you deserve it. When people call you an overnight success they are discounting all the work that you put in … Read more
Jack of all trades
The old expression goes ” jack of all trades, master of none”. Yes there are the rare few among us who are polymaths but they are more the exception than the rule. When your issue is important and specific it is best to deal with a specialist.
There are those in the big 5 branches who do much more than just mortgages, they also open accounts for you, your investments, your insurance and credit cards. If your question is a general one, these may be great people to seek out. However when it is something more specific then it is time to seek out the advise of someone who is a specialist in that field.
The same applies in the mortgage broker channel. Given the diversity of the types of product available there are brokers who do mostly AAA files, … Read more
Never Ending
The process for learning is never ending. It used to be said that when you grew up ( what ever that means) you would not have to take any more courses, classes or do any studying. However since we are always growing and learning or at least we should be, there is always something new to learn.
Those who read regularly are more creative, less stressed, happier and are paid more than those who do not read on a regular basis. Yes it takes time and we are already quite busy, but this is something you need to make the time to do. It’s just like exercise but for your brain.
A few years ago I would read maybe 5-6 books a year, and was very sporadic in my reading habit. That changed last year when I committed to doing … Read more
Extreme Focus
Having extreme focus on small micro tasks will allow you to achieve monumental goals. We far too often get caught up in the pie in the sky big goal that we convince ourselves that we can’t do it. However these big goals are just small micro tasks accomplished and stacked one upon another.
There are plenty of people who are capable of running a marathon which is 26.2 Miles or 42.195 Kilometres. They don’t suddenly wake up the day of the event and decide to do it with out any training. They train for it, even if they have never run before it is still possible. Any training program can be scaled down to the simplest task, so all you have to do is stack one achievement upon another and you will get there.
Focus on what you can control. … Read more
Get Lost
Since it is a beautiful summer long weekend, it is also the perfect time to get lost. And no I don’t mean getting lost in the woods, unless that is what you are into then fill your boots as they say here in the Maritimes.
Get lost in conversation with a loved one.
Get lost in thought while enjoying one of our beautiful beaches or lakes.
Get lost in the stores while hanging out with friends & family.
Get lost in playing the game that you forget to keep track of the score.
Get lost in mediation and truly find your inner peace.
Get lost in a good book which is what I will be doing today.
Today I am thankful for the beautiful running trail that is so close to my house, the great book that I just finished … Read more
Bang for your buck
People often wonder what gets the most bang for your buck, paying off debt or investing for the future ? Well I think it all boils down to which will give you the greatest return. It is best to look at the costs of your debts, do you just have a mortgage with a rate below 5% or do you also have a line of credit, credit cards and a vehicle loan.
If you can generate a greater return in the market higher than what you are paying to service your high interest credit card debt then by all means invest it in the market. However unless you are Warren Buffett, George Soros or Ray Dalio you should start by paying off your high interest debts before investing in the market.
There is one thing to consider before you put … Read more
Economic Data Q2
The national GDP numbers just came out and our economy grew by .8%, which was well below the forecasted growth of 1.4%. This was our weakest performance in three quarters due to a sharp drop in international exports and lower government spending.
The United States who just recently published their economic data and it showed that they now have two consecutive quarters of negative which is the definition of a recession. While we here in Canada have not had as high of inflation as the US nor the current lows of their GDP, there are still predictions that we will have two consecutive quarters of negative GDP data very soon as well.
While personally there is not much we can do as individuals to influence the overall financial health of the country, there are actions that we can take to … Read more
Forward momentum
I find that nothing beats consistency. Good habits done once are meaningless. We all want to eat better, to exercise, have better relationships and to be better with money. However doing all these things once in a blue moon and not on a regular basis will not get you to where you want to go.
This is because our habits define us. If you want to really get to know someone then find out what they do on a regular basis. Great habits will give you lots of forward momentum to achieve your goals while poor habits are like an anchor around your neck.
You don’t have to swing for the fences and take massive actions all at once, but you do have start doing something. So start small and continue with your actions every day and you will be … Read more
Cottage Life
Sorry I was unavailable most of the day as I spent a well deserved day away at my brother’s cottage. I am thankful for a fun day with family, laughs at my expense and that I lost my sunglasses ( the to bottom of the lake thanks to falling off the seadoo) but found out that nobody liked them anyway.
I look forward to hearing from you in regard to your mortgage needs.
Patrick
p.s- You can click on this link to start the process whenever you are ready. Schedule your meeting with me here.
p.s.s- I should tell you that I am licensed in Nova Scotia Brokerage (2021-3000179) Broker (2021-3000180), Ontario(M18001555) & in British Columbia(BCFSA #504098).
p.s.s.s You can download my new mortgage app here… Read more
Seemless process
When you operate a sales business like a mortgage brokerage, a financial planner or a realtor it definitely helps to have a seamless process to help guide clients through it from start to finish. Having an efficient process will educate and inform the client as well as help alleviate any stresses involved in the transaction.
The past few years have heralded the announcement of quite a few tools to help with the mortgage business. New application tools that allow for a seamless application process. Digital signatures are now accepted by the lender ( the pandemic helped this happen). Also there are some excellent CRM ( customer relationship management) systems out there that automate every step of the process.
All of this allows for increased efficiency for the brokers and happier clients. Happier clients leads to more referrals in the future … Read more
Drive it like you stole it
We far too often play it safe in matters of love, finance or recreation for that matter. I was recently reminded of this expression above while giving the keys to my company Facebook page over to a new administrator. We take more chances when it’s not our car, when the rope swing is over water or when you have been lucky in love recently.
Why play it safe as we only get one kick at this can called life. There are no do over’s. Life is either a daring adventure or it’s nothing at all as Helen Keller had said. So be daring and drive it like you stole it as there are no second chances.
Today I am thankful for the progress being made on a commercial file that has been in the works for a while, the cool … Read more
I am melting
Today I know how Frosty the Snowman felt when he was stuck in the greenhouse. I am melting. Sadly this Canadian was built for the winter in -20c instead of +30c. However we are being told to expect most of the later instead of the former due to increased global warming.
So when it’s hot like this for several days in a row, you need to keep your cool both literally & figuratively. So here are few idea’s. Keep your blinds & curtains closed during the hottest time of the day. Limit your exercise to the early morning or the late evening when it’s cooler. Stay hydrated with lots of water rather than alcohol or caffeinated beverages.
Today I am thankful for an early morning run before it got too hot, another Sunday lunch date with my wife and lots … Read more
When a plan comes together
Don’t you just love it when a plan comes together. In my house this is usually because my wife has planned it and I give her full credit but am happy just the same. I fully admit that I worry about things not working out when we travel and only tend to relax once the plane takes off or when we finely hit the road.
However in order for things to work out one must first plan ahead. This applies when you are traveling, trowing a party, getting married, getting in shape or buying a home. Trying to get everything done at the last minute is just as recipe for disaster. Give yourself time to achieve your goal and you will have a much greater chance of it actually happening.
In regards to financing your new home, it’s a good … Read more
Don’t Blink
Don’t blink or you might miss summer here in Nova Scotia. Other area’s may have hot spells that go on for days if not weeks. While we tend to have a hot day here and there with a foggy overcast day in-between. The common expression about the weather here in Nova Scotia is if you don’t like it, then wait 5 minutes and it will change.
The point I am trying to make is to enjoy the nice days when there are here as there will be no guarantee that they will continue. This is the same for everything in life. Try to appreciate and to be thankful for every moment in your life as you will never know when it will change.
Today I am thankful for a quick fix for what I thought was going to be an … Read more
Hot Hot Heat
Well we have made it to the heat of the summer. I am writing this from the coolest spot on my property, my back deck as my home does not have air conditioning. So while most of the country, I mean the northern hemisphere is now suffering from the heat of the summer here are a few tips to dealing with the heat.
- Drink plenty of fluids ( by this I mean water, not caffeinated drinks which will make it worse for you)
- Limit your time outside during the hottest part of the day
- If you still want to get your workout in, do it in the early morning or late evening
- Wear light breathable fabrics and a hat with a wide brim if venturing out
- Have all the watermelon you want or other hydrating foods like spinach, lettuce or
… Read moreSetting new records
New records are being set almost every day. Most recently with heat waves in Europe and in North America due to climate change ( yes it’s a real thing), and now today with Canada’s new CPI ( consumer price index) numbers. The CPI for the month of June here in Canada was at 8.1% up from 7.7% in May but still off the predicted high expected of 8.4%. Thankfully much lower than the American inflation rate of 9.1%.
We are at the highest level since January of 1983. Prices of almost everything are up from gas, groceries, housing and consumer staples. The one silver lining if there is one is that the CPI rate for June came in lower than expected for the 1st time in months. If this is the indication that we have hit our peak inflation rate … Read more
Ounce of prevention
An once of prevention is worth a pound of cure, or so as the old saying goes. As I was reading through the financial headlines this morning the one that jumped out at me said something like ” if you are reacting the market volatility after it’s happened then you’re too late”. So back to the point of the post is talk about preparation so the market volatility does’t effect you.
Here are a few thing to consider to help insulate your personal finances against any upcoming market volatility:
- Reduce your reliance on unsecured debt
- Maximize your mortgage pre payment privileges
- Create an emergency reserve
- Pay yourself first with every pay check ( put it in your emergency fund or investment before anything else)
- Have a high interest savings account ( where you put your emergency fund) that you can’t
… Read moreRecession Obsession
If you read any of the financial papers all the economists and writers are taking about a possible pending recession. Just like chicken little running around telling everyone that the sky was falling. If you are reading this you made it through the 2007 financial meltdown and the 2020 lock down, so there is a very good chance that you will make it through this as well.
However remember that there will be a silver lining as with every challenge there is always an under lining opportunity. So keep your eyes open and know that what ever happens you will get through this. Economies go in cycles so just know that this too will not last.
Today I am thankful for the downhill portion of my run today, classical music as the sound track to my morning and planning for … Read more
Time to celebrate
Make sure that you create time to celebrate all your important win’s no matter how small or seemingly insignificant. Progress is always made not in leaps and bounds but at one small step at a time. You can’t land a large account your first month on the job, so instead celebrate being consistent with your prospecting. The same goes for your physical fitness, if you have never run before starting with a 5K run may seem like an impossibility. Instead run for 1 min and walk for 2 until you are no longer walking.
The important thing to do is to always try to make progress. As long as you continue to move forward you will get there eventually. It’s like committing to reading 30 books a year is not that difficult as long as you continually put aside 20-30 … Read more
Best Investment
The best investment that you can every make is not in some hot stock, or even in real estate but it in yourself. Invest in your health by watching what you eat and doing exercise so that you will live a long and active life. Invest in your finances but putting aside a percentage of every dollar that you make, so even if you have a few rainy days you will always have funds to spare. Invest in your own education by taking the time every day to read. As little as 20 minutes a day will have you reading up to 30 books a year.
We are not a finished product when we graduate high school or university for that matter. Those who have invested massively in themselves are best prepared for anything that life throws at you. Recently … Read more
What does it mean?
Yesterday for the first time a very long time ( 26 years in-fact) the Bank of Canada raised the key overnight lending rate by 100 basis points or 1 full percentage point. As a result the bank prime lending rate is now 4.7%.
Many of us are now waking up this morning asking what does this all mean and how will it impact me. Firstly if you have a variable rate mortgage your payment has now increased. Those with lines of credit their payments have also increased. Basically if you are looking to borrow money it has now become more expensive. The days of cheap/free money are now officially over.
The Bank of Canada has made these moves in an effort to bring inflation which is now at 40 year highs under control. In-fact just prior to the BOC making … Read more
BOC Rate Announcement
The Bank of Canada meets today and will publish their latest policy on interest rates. Most economists are widely expecting a 75 basis points increase similar to what the Federal Reserve did in the US just recently. If this does happen it will be the largest rate increase in over 26 years. Which many believe is required to finely bring our sky high inflation under control.
With the announcement today that the US CPI numbers just hit 9.1% for June which is a 40 year high, it is almost assured that we will have an oversized rate increase.
Well the BOC just exceeded everyone’s expectation by increasing the overnight lending rate by 100 basis points to 2.5%. This as a result will increase the prime lending rate from 3.7% to 4.7%. So those with variable rate mortgages or lines of … Read more
The Big Reveal
It’s the moment you have been waiting for, the new hairstyle or outfit, the reno’s are complete or my case today my son’s braces came off. It is all about the big reveal, the before and after pictures, the years of waiting, the big day has finely come. Sometimes transformations can appear to happen instantly so make sure that you appreciate every stage of life. If you don’t pay attention the special days will pass you by.
Today I am thankful for the fact that my son got his braces removed today, that we can now focus on paying for our kids university instead of their orthodontist work and that the big reveal also had an awesome smile.
I look forward to hearing from you in regard to your mortgage needs.
Patrick
p.s- You can click on this link to … Read more
Counting the days
Big events in your life often have you counting down the days till they happen. It could be a wedding, birth of your first child, graduation or a long awaited trip. For the most part the people I am working with are counting down the days till closing on their new homes. So while you are in the final count down, make sure that you keep a few things in min.
- Call to switch all the services ( phone, power, water & cable)
- Book a locksmith to re key all the locks
- Do the final walk through with your Realtor
- Have your mover’s ready to go
- Sign all the documents with the lawyer’s office well in advance
- Do NOT finance anything between when your mortgage has been approved and you get the keys to your new place.
- Make sure to
… Read moreYard Work
One of the most satisfying things about being a homeowner is yard work on a beautiful summer day. There are also quite a few benefits of having a well manicured lawn & garden.
Today I am thankful for such a beautiful day to get yard work done, my daughter back home after a weekend camping with friends and a good book on a nice summer day.
I look forward to hearing from you in regard to your mortgage needs.
Patrick
p.s- You can click … Read more
In Good Company
There are so many things in life made exponentially better with good company. Fine wine, good food, funny movies, long walks and brutal workouts. It is for that last one that I appreciate my friends who accompanied me for another 50K bike ride today.
I also use this good company approach when clients come to me requesting a private mortgage. While there are many players in the market, the ones I deal with I trust far more than the others. These would be the same ones I would go to if the shoe was on the other foot. Honesty and integrity are paramount when it comes to wanting or needing a private mortgage.
Today I am thankful for the good company on my bike ride this morning, my family who I call religiously every Friday and the most perfect day … Read more
High Tech Outage
It is not TGIF if you are a Rogers customer today, or if you were planning to go shopping with your debt or credit card as these payment terminals have also been effected. In this day and age when we all expect things to just work and when they don’t it is like you have gone back into the stone age.
My morning zoom meeting today was cancelled as the other party didn’t have internet, so for some this has become the early start to a weekend. It’s times like this that you should have an emergency stash of cash on hand. We have gotten so used to paying by debit or taping our digital wallet’s on our phones that when things suddenly don’t work we don’t know what to do.
Today I am thankful for my Eastlink internet service … Read more
Flexibility
Flexibility is the ability to bend easily without breaking or in the case of this post to adapt quickly to a changing environment. The changing environment in this case is the ever changing mortgage market. Just a year ago 5 year fixed mortgage rates were in the low 2% range and now they are above 5%. The variable rate as well has seen some changes too going from 2.3% for prime last year to now sitting at 3.7%.
One of the great things of the fixed mortgages, if you were lucky enough to get one when they were at their generation lowest point is that low payment that you have is set for the length of your term. The downside however is if you need to break your mortgage for whatever reason your new rate will be much higher if … Read more
Fiscal Cliff
The Bank of Canada meets next Wednesday July 13th and it’s widely expected that we will have another rate increase. However the worry is now that the increase will be too large and start to push us into a recessionary environment. Yes still have sky high inflation with the prices of gas and consumer staples still at record levels. However economists are coming out saying that with the recent retreat of the price of oil that other prices will start to recede as well.
So this brings us back to the next potential rate increase. The US federal reserve increased their over night lending rate by 75 basis points just a few weeks ago and since then the expectation has been that the BOC would follow with the same level of rate change. However the hot real estate market has … Read more
Set your intensions
Henry Ford famously said that “whether you think you can or think you can’t you’re right”. This boils down to the fact that you get what you think about, positive, negative, good or bad. So set your intentions for your best possible results and make them happen.
Yesterday I talked about it being the perfect day. So as it turns out because I had set positive expectations for the day, great things happened as a result. We all want good things to happen in our lives but many of us don’t know how to turn the switch to improve our moods.
I just finished a great book called “The Happiness Experiment” by Shawn Achor and one of the things he mentioned is just sharing a smile with someone for as little as 7 seconds could have a profound effect on … Read more
Perfect Day
Every once is a while the stars seem to align and everything about your day just falls into place. When those days happen you just want to make a carbon copy of it for the other 364 days. Your renewed sense of optimism presents you with options you never thought of before and allows you to spread your good day to others.
This is the kind of thing I want going viral. Not a virus or cat videos but that sense of contentment and optimism of those really great days. So if you are having one of those perfect days as well, call an old friend, buy the car behind you their meal when you get to the window or go out of your way to just help others today.
Today I am thankful for an amazing run and workout … Read more
Pink Elephants
Telling yourself or someone else not to think of a particular thing like pink elephants, chocolate cake or that big presentation with the board on Tuesday will guarantee that will be all you are able to think of. Obsessing about something in particular especially if it is a current problem or challenge will just guarantee that you will not be able to solve it.
More answers will come to you when you are relaxed and at ease than when you are stressed out thinking about something. So step away from your current issue and go for a walk or a run and clear you head. Once relaxed and at ease the answers you were stressing about will come to you. For me this is the amazing power of exercise. It is pretty hard to think about what is bothering you … Read more
Point of view
So yesterday I made a comment on Twitter about how great I thought Canada was to live in ( as it was Canada Day after all). Sure we are not perfect, no person or place is. However people came out of the woodwork to tell me ( a stranger as we had never conversed before) how wrong and stupid I was. I do totally understand that we are all entitled to our own point of view, however what we are not entitled to is to shove our opinion down someone else’s throat and insult them in the process.
Social medial and our current political climate seems to have given people free reign to say and do whatever they want without reproach. However this is confusing free speech with just being ignorant. Free speech allows you to freely express your option … Read more
Happy Canada Day
While we may not be perfect and have made some serious mistakes in the past with how we treated the Indigenous population, I still believe that Canada is a great country and I am proud to call it my home.
So where ever you are today I want to wish you a very happy Canada Day.
Today I am thankful for another beautiful summer day, a great 10 minute workout to clear the head and a great book to read on a holiday.
I look forward to hearing from you in regard to your mortgage needs.
Patrick
p.s- You can click on this link to start the process whenever you are ready. Schedule your meeting with me here.
p.s.s- I should tell you that I am licensed in Nova Scotia Brokerage (2021-3000179) Broker (2021-3000180), Ontario(M18001555) & in British Columbia(BCFSA … Read more
Reputation Risk
As a brokers we deal with a wide variety of clients, from those seeking A bank lenders, alternative lenders, private mortgages or commercial. Because of this mix, clients come to me with an expansive and diverse background. Occasionally I come across clients who have had less than stellar pasts. I know this because we Google them as well. As a result things that they may not be proud of come up as a result of the search.
While I do this business for the money and because I enjoy it, I also keep a sharp eye my reputation from my lending parters. I will never take on a file of a questionable nature just to get a commission. Life is way too short for that. I also disclose any findings of my background checks on my clients to my lending … Read more
Graduation
It seemed like only yesterday that I was taking my girls to pre school then to their first day of primary, and today they graduated high school. If you don’t pay attention time will fly by and you will miss all the important events in life.
It’s so easy to get stressed out about the every day events in life and totally miss what’s really important. So slow down, take a deep breath and try to enjoy all the special events.
Today I am thankful for how hard my girls worked for the grades they got, a nice celebration lunch with the family and that they had their choice of where to go to university.
I look forward to hearing from you in regard to your mortgage needs.
Patrick
p.s- You can click on this link to start the process … Read more
Personal Outlook
Your personal outlook, yes I am talking about whether you see the glass as being half full or half empty, effects everything in your life. I prefer to see it as half full and view challenges or issues that pop up as learning experiences rather than failures.
We can’t get through life without any struggles, but it’s how we deal with them that sets us all apart. This does not mean that you should walk around with rose coloured glasses on but that you should instead adopt a more optimistic view of life.
Whatever life has thrown at you in the past you have gotten through. Things that you thought were going to be doom and gloom did not end up that bad, it just prevented you from seeing the solution as quickly. New opportunities come up every day if … Read more
Poodle Power
I have always had a dog in the family for as long as I can remember. When I was a kid we had Shepards, Collie’s and Beagles. As an adult who still has the occasional severe bout of asthma we opted for a Poodle as that is what my wife grew up with. So today we have a standard Poodle name Augustus, but most times we just call him Augie.
I have met more people in my neighbourhood while walking Augie than through my kids school. He is a great icebreaker but does not like to stop too long to chat as when he is on his walks ( yes they are his walks) he wants to keep going.
I don’t post a lot to Instagram but when I do they are usually pictures of my wife’s gourmet meals, workouts … Read more
Third option
Sometimes when people are going through a tragic or life changing event it has often been thought they would get through it either with no change to their lives or making it much much worse. As a result you could see people be unfazed by what just happened and carry on with their ever day lives but you could also see people become paralyzed with fear, develop PTSD and becoming unable to function properly.
These could be responses to major life altering health events like having a heart attack, stroke or being diagnosed with cancer. There could also be major fearful events like being in a war zone battle, being the victim of an assault or from a financial perspective suddenly and unexpectedly losing your stable employment or going bankrupt.
However there is a third option. The often talked about … Read more
Equal Rights
I am a big believer of equal rights. I strongly feel that it should not matter if you are a man, woman, trans, bi, gay, black, white, young or old or whatever, we should all be treated fairly and equally. It is because of this I was deeply troubled by the events in the US yesterday. This is because at the core it is an equal rights issue, they are now saying that women do not have equal rights over their physical bodies and that this is now the domain of the state goverment.
Just imagine if this same logic was applied to housing. That if you did not fit a particular demographic then you would not be allowed to purchase or own a home. Yes I know that this was the case not that long ago in the US … Read more
School’s out
School is out for the summer, and for my girls it marks the culmination of their high school experience. Although vastly different from the high school experience that I remember. I remember school trips, school carnivals and dances and my girls had none of that thanks to Covid. Through it all they never complained and are now graduating with top marks and had their picks of which University they wanted to go to in the fall. I am so proud of them as they have worked so hard.
Now that the kids will be off for the summer, what are your plans now that we are now able to freely move about the country and other countries for that matter. If your plans were to leave the country and you don’t have your passport yet, you may want to take … Read more
It’s for a good cause
So every year around this time I reach out to friends, family, past clients and everyone in between to help support me for my annual ride for Cancer. As you may know both myself and my wife lost our Mom’s to Cancer. I would love to have your support and all donations made today (June 23rd) are being matched dollar for dollar. Click here to support me for this very worthy cause.
Thanks for all your help. Your donations make the most advanced treatments possible for those battling cancer.
Sincerely,
Patrick… Read more
May Inflation Rate
The May inflation rate has just set a record that we have not seen since 1983, which was a rate of 7.7%. Up almost a full percentage point since last month when it was 6.8%. Yes we expected it to be above 7% but not by this much.
The biggest contributor to the increase was the price of gas, which was up 48% compared to a year ago. Increased fuel costs put upward pressure on so many things from food, flights, lumber and any other product that gets shipped is now up as a result.
The next step to help cool the sky high inflation is for the Bank of Canada to increase the rates again. The next meeting is in July and this what I fully expect them to do. The US federal reserve recently announced an oversized rate … Read more
Happy Indigenous Peoples Day
We once had a PM who tried to tell us that there were two types of Canadian’s. The old stock Canadian’s who had been here for a few generations and those who only arrived in the last generation. Well my family has been here since the mid 1750’s but it pales in comparison to the Indigenous population who have been here for thousands of years.
So today we should all pause and celebrate their culture & heritage and the fact that we still share their land. Speaking of the land, on key Indigenous value that we should all adopt is something called the “Seventh Generation Principal”. This means that we should make our decisions today based upon how those decisions will effect the future seven generations. We must realize that we are only here for a short period of time … Read more
Cost vs benefit
The old adage of you get what you focus on is spot on. People can make a heaven out of hell or a hell out of heaven. If you’re in a good mood then the chances are that you will find things to support that, and the same goes if you are in a foul mood.
Benjamin Franklin has a quote that I have always loved ” The bitterness of poor quality remains long after the sweetness of low price is forgotten”. Meaning if you value low prices more than quality then you will always have issues with quality and as a result will end up costing you more to replace it.
I have pretty much always been a Mac computer user. Yes they are more expensive than the comparable PC computers but in my personal experience the quality is … Read more
For all the Dad’s
Happy Father’s day for all the Dad’s out there. My Dad has been gone for 10 years now and Father’s days are not the same with out him. So if your Dad is still around today then give him a big hug for me.
I look forward to hearing from you in regard to your mortgage needs.
Patrick
p.s- You can click on this link to start the process whenever you are ready. Schedule your meeting with me here.
p.s.s- I should tell you that I am licensed in Nova Scotia Brokerage (2021-3000179) Broker (2021-3000180), Ontario(M18001555) & in British Columbia(BCFSA #504098).
p.s.s.s You can download my new mortgage app here… Read more
Nip it in the bud
The first sign of any unwanted behaviour it’s best to nip it in the bud, or put a stop to it before it gets out of control. You notice that your pants don’t fit right anymore, don’t wait till you need a whole new wardrobe, do something about it now. Suddenly having too much month left at the end of your money, do something about it now before it gets out of control. Weeds taking over your garden, nip them in the bud before they have a chance to take over.
Some pundits ( arm chair economists) says that the Bank of Canada reacted too late to the rising inflation and should have acted earlier by increasing the overnight lending rate much sooner that it did. The BOC actually started increasing the rates right around the time that the inflation … Read more
Psychological Barrier
A psychological barrier is a commonly held belief that something can’t be done until someone brave enough proves everyone wrong. Take Roger Bannister for example, nobody believed that the human body could be able to run the mile in less than 4 minutes. So on May 6th, 1954 he proved them wrong by running it in 3:59.4. With this barrier broken, the record only stood for 46 days till it was broken again.
The last 10 years or so we were holding onto a psychological belief that interest rates would stay low forever. Thus giving us access to basically cheap money for as long as we wanted. This barrier too was broken this week when the 5 year fixed discounted rate rose above 5%. Our continued inflationary pressures that have pushed prices of food, fuel, housing and now bond rates … Read more
Two important components
There are two very important components when considering private lending to meet your borrowing needs. They are rate and fee’s. There are other important components like loan to value and location but today I want to talk about rate & fee’s.
The rate for a private mortgage is typically interest only for a 1 year period. I usually call these bridge loans as it helps bridge you from one situation to another. The rate determines your carrying costs for the loan. While there are various private lenders out there, the rule of thumb I advise clients is that it will be 1% per month interest only calculated monthly, which works out to 12% per year.
The next part is the fee’s. Which is the basically the cost to obtain the mortgage. Similar to high ratio loans where there is a … Read more
Stress Tested
There were plenty of complaints when the OFSI increased the stress test rate from 4.79% last year to 5.25%. At the time the concern was it would remove a lot of buyers from the housing market and cool things off. Well at least this was the goal but it never happened. In hind sight it was good that the stress test rate was increased as it proved that consumers could afford the higher rates if they happened.
So all those who closed last year and chose a variable rate, remember when you were stress tested it was proven that you could afford the higher rates. While you were loving the fact that your mortgage was in the 1% rate for last year. Now with the recent increases to prime you are still in the mid to high 2% range. Still … Read more
Don’t Wait
Don’t wait till the stars align and everything is perfect in your life to be happy because that very rarely happens. Choose, yes I said choose to be happy now instead. Don’t wait for the perfect job, perfect relationship or your perfect body in order to be happy. Just be happy now and see how the everyday things in your life being to change.
Suddenly the traffic jam is not so bad as it gives you the opportunity to listen to some great music or call your family. Your car won’t start but meet some great people on your walk or bus to work.
Your happiness is not decided by your bank balance, the type of car you drive, the clothes that you ware or how many followers you have on social media. You and only you are in control … Read more
Necessary Evil
Let’s face it, insurance is a necessary evil. We need it to drive a car, you need it to buy a home or live in an apartment and you need it to run a business. What they don’t tell you is when you need to use it they will make you walk over hot coals, crawl over broken glass and give up your first born to prove that your claim is valid.
I know this is because that people have been less than honest and have taken advantage of them in the past. However isn’t starting with the assumption that the claim is invalid until proven otherwise a poor place to start? Let’s hope that your claims experience is significantly better than the one that I am going through right now.
I look forward to hearing from you in regard … Read more
Celebrate
As I sit here writing this today, I find myself sore in places that I haven’t been sore in quite a long time. I may have over did it just a little bit this weekend, but that in no way means I will changes my approach to fitness. It just means I have to adjust my daily training to account for what I did the previous day.
The main point of my post today is to say that we should all celebrate life. Not just when things are going extremely well, but also when you’re a little sore or a little broke. Being thankful for what you have always has a tendency to bring more of it in your life. Even be thankful for the goals that you have not achieved yet, and especially for the lessons along the way.… Read more
Early Bird
The trouble with being a very early bird today is that 10am felt like 4pm. I was up just just before 4am with no alarm so I could bike along the trail to the Bike & Bean for a cancer fundraiser. You see I lost my mom to cancer in 2005 and my wife lost her mom in 2008. So it’s for a very important cause.
The money we are raising is going to help cancer patients who are receiving treatment at the QEII. This is my annual ride for cancer season whereby friends and I train, fund raise and then come the event in October we ride anywhere between 50-150K.
The discomfort of getting up early and the frequent training sessions truly pales in comparisons to what the cancer patients go through just to survive. So please take a … Read more
Obstacles or Opportunities
I am a glass half full kind of guy. I prefer to look for opportunities rather than obstacles. Not everything goes according to plan every time but if all you focus on is obstacles then you will fail to see the opportunities or the options available to you. As it is how you deal with what happens in life that truly defines you. We all go though failures, breakups, job loss and death in the family. Nothing about any of that is unique to one individual, it’s how you respond to what’s happening to you that determines who you become.
I look forward to hearing from you in regard to your mortgage needs.
Patrick
p.s- You can click on this link to start the process whenever you are ready. Schedule your meeting with me here.
p.s.s- I should tell … Read more
New Normal?
For the first time in many years the discounted 5 year fixed rate is now just under 5%. The insured rate is 4.59% while the uninsured rate is 4.89%. This is quite the change from over a year ago when it was 5 year rate was just over 2%. This latest rate increase is due to the fact that bond yields ( which are the basis for fixed mortgage rates) have soared over 30 basis points in the last 5 days alone. Up 34 basis points in the last 30 days, with the biggest spike in the last week.
The days of rock bottom low interest rates is now gone. In fact we haven’t had bond yields and interest rates at this level since 2007-2008. Variable rates while still much lower than fixed rates, with the current prime rate at … Read more
Affordability
affordability
noun
The last few months our affordability has definitely taken a hit. Everything from gas, housing and food is up. There are recent news reports that people are eating less in order to save some money. Yet our pay checks have not kept up with the steady increase of the cost of everything.
In terms of housing and mortgage affordability, things are vastly different over the last 24 months. We have had a stress test for mortgage qualification, this is in order to protect us from rising rates so we will still be able to afford to make the payment. Not sure that they had this current market in mind when they came up with … Read more
YOLO
Let’s face it we all want the latest and greatest. It doesn’t matter if it’s a new car, new phone or new computer. If it is new and better than what we have now then we want it. We are very much a high consumption society. Our economy runs on it. However with the onset of inflation this year, and prices of fuel, housing and food going through the roof, that new TV or phone does not seem so important.
What used to be a no brainer ( getting that new phone), now you must think of your priorities, which are paying for your every day living expenses. Then and only then if there is money left over can one consider getting the latest and greatest gadget. The shift hasn’t happened yet as we are only a few months into … Read more
Unmotivated
We have all had times in our lives when we have been unmotivated to get anything accomplished. When I don’t want to or I don’t feel like it seems like the perfect answer to almost any question. However if you spend too long in that mindset you will get nothing accomplished.
Because it’s days when you feel unmotivated but do it anyway that will make you feel the best. When you didn’t want to get up but ended up having an awesome day. When you didn’t want to do your workout but did it anyway and now you feel incredible. When you didn’t want to make your sales calls but ended up having some amazing conversations.
The magic happens when you just put one foot in front of the other and just keep moving. Psychology follows physiology, meaning if you … Read more
Hair of the dog
Hair of the dog usually referrs to having a drink while still hung over. I confess that I don’t drink, never have as my family already had too many alcoholics. What I am writing about here is going back to the original activity without being 100% recovered.
So while I ran 15K today and am quite sore from the effort, I will probably go for a small recovery run tomorrow.
If you fall flat on your face from failure, it’s best to get back up immediately and get back at it.
Have your heart broken, we have all been there. You can wallow in your misery or you can make some new friends, I know which feels better.
If your offer on that beautiful house get rejected, it’s not failure it’s a learning experience. Keep looking and and find another … Read more
Decide to be
While doing a 75 min peloton class this morning the instructor threw out a few quotes during the brief intervals of rest. The one that stuck with me was a Wayne Dyer quote, ” You can either be miserable or you can be motivated”. It’s like we can either complain or we can do something about it. You can’t do both.
We have all had moments of misery and when we look back on them they turned out to be highly motivating. It is in the moments between misery and motivation that are the most dangerous. Being comfortable is the antithesis of motivation. The key is to be never satisfied with your current results and always striving to do better.
I am not saying that you should be ungrateful, you need to appreciate all that you have but continually strive … Read more
Everything is up
Everything is up but the paycheques. From food, gas, housing and even Netflix. Central banks around the world have been raising rates in the hopes of consumers putting the brakes on their spending. However if we stop spending too quickly it will put us into a recession. On the other side of it we still need to spend money just to live so something has to give.
The economy relies on consumers and businesses spending money but if rates and products rise too quickly then everyone will cut back on the spending all at once. The balance they say is a slow and steady change but that has not been happening with interest rates nor gasoline. It feels like a big game of chicken, someone has to give first and from all indications it seems like us cutting back on … Read more
Bad Habits
There is an expression in fitness, “You can’t out train a bad diet”. I think that the same applies to finances, whereby you can’t out earn bad spending habits. Thinking that if you just made a little more money that you would then be able to get control of it and have enough to meet all your needs is blatantly false and a gross exaggeration.
The internet full of stories of celebrities, professional athletes, lotto winners and business owners who have gone bankrupt yet were by most accounts rich. There are also plenty of stories of people who by most accounts made a modest living yet when they passed away where quite wealthy. The main difference is that one group knew how to manage their money and the other group did not.
The first rule of money management is to … Read more
BOC June Meeting
The Bank of Canada is widely expect to raise interest rates again this morning. If they come through with another 50 basis points increase, this will be the 3rd increase in a row, amounting to 125 basis points in increases this year.
Yes it is true that inflation is at 30 year highs, the cost of housing has increased dramatically recently and the price of oil is through the roof. However the increase to the over night lending rate which then increased the prime rate that we see as consumers just further increases our housing costs. All of this is supposed to cause consumers to spend less money as the costs of borrowing has increased.
There is only so much discretionary spending that we can cut back as the costs of everything has gone up recently from food, to gas … Read more
Past performance
Your past performance does in no way equal your future results. Companies frequently market mutual funds by touting their past performance but that in no way guarantees what it will do when you invest your money.
As individuals we too often get caught up in how we did yesterday to predict or think about how we will do tomorrow. Just because you failed or did poorly at something the last time out in no way predicts that your results will be the same the next time around.
Focusing only the moment and forgetting about any past failures or poor performances takes a certain level of mental toughness. I think of this every time I watch our Canadian girl Layla Fernandez play a major tennis tournament. This girl is incredible, she never lets dropping a game or a set get to … Read more
36 Years
A lot can change over 36 years, I am thinking of this as it is the length of time between the first and second Top Gun movies. I was 17 at the time of the first one and saw it when I was living in Quebec City for french immersion back in 1986. Went to see the new one yesterday with my best man from my wedding 25 years ago.
Since 1986, there have been 9 different wars fought around the world from the Iran/Iraq conflict all the way up to the current war happening in Ukraine. The population of the word has increased over 60% from just over 4,9 billion in 1986 to over 7,9 billion in 2022. Yet still no Stanley Cup for the lowly Toronto Maple Leafs.
However in terms of personal finance, a 5 year fixed … Read more
The details
The devil they say is in the details, from this I am deriving that it is the little things done consistently over time that count. I am inspired to write that about being a frequent runner the past few years. Normally I would run 20-30K a week, however this past winter with an injury and the weather some days not being conducive to running I only got out a few times. As a result my normal pace of about 5:05/km is now about 5:25/km. So keeping consistent over time matters.
I will extrapolate this to personal finance as well. By saving money consistently and paying your bills as they come due will put you in a very strong financial position. You will have a solid nest egg built up and you will also have excellent credit. Those who have developed … Read more
Peak Rate
People are complaining about how high mortgage rates have risen in the past 6 months. While not realizing how good that we had it over the past 3 years, where fixed rates dropped as low as 1.79% for 5 years.
Things have changed a lot with the increases in bond yields which drives the fixed rates. In the last four months alone the fixed rates have gone from 2.89% at the end of January to now having 5 year fixed rates as low as 4.29%. That is an increase of 140 basis points while the variable rates have increased by 75 basis points.
However don’t forget that the Bank of Canada meets next week to set the next over night rate and most if not all economists are predicting another 50 basis points increase. Some economists are saying that we … Read more
Do Nothing
In times like this I keep thinking of this great quote, “All that is required for evil to flourish is for good men to do nothing”. Those leaders who say we will have less problems if all good men have guns too, is total nonsense if all they do is stand on the sidelines and do nothing.
It’s up to all of us to stand up and demand change for the better. Greta Thunberg proves the point that one person can make a difference. Even if you feel that you are up against overwhelming odds, as Mahatma Ghandi proved with his silent resistance or Rosa Parks with her refusal to give up her seat on the bus. Sometimes great change just starts with one determined person.
So basically what I am saying is to do the opposite of the title … Read more
Amendment
amendmentə-mĕnd′mənt
noun
In mortgage financing we get amendments all the time, when closing dates changes, when the prices change and if the purchaser’s on the original purchase and sale agreement have changed. It basically means that the first legal document was not set in stone as ultimate final version. Amendments are basically improvements to the original document. Also subsequent amentments can also nullify prior amendments as they are in fact additions or corrections to the original document.
Things change with time and need to be updated to keep pace. Amendments written 230 years ago are out of date reflecting archaic values and need to be updated to reflect current times. The sooner …