Is Home Ownership Still Within Reach?

New Mortgage Rules?

Last week, we saw the beginning of the hearings in Ottawa on the new mortgage rules. The Mortgage Centre worked long and hard on a written submission to the Standing Committee on Finance and Tracy wants to share it with you. Download the submission here: Mortgage Centre Feb2017 SubmissionCommittee.

What was within reach for many – home ownership – is no longer attainable. This has a direct and immediate impact on the economy at the local, regional and national level. The housing market represents roughly 13% of Canada’s GDP, so the impact is quite significant. Housing has been one of the major contributors to economic growth in recent years.

Although we appreciate and share the government’s concern regarding the debt levels of Canadians, mortgage brokers across Canada were surprised by the extensiveness and immediacy of mortgage rule changes announced October 3rd 2016, which had significant impacts on thousands of people. As Canadians, we all have the responsibility to ensure our voices are heard and the powers to be hear them loud and clear!

Wish you had an interpreter to make sense of new and pending mortgage rules? You do! Tracy Irwin is an experienced and knowledgeable Mortgage Broker ready to help you navigate the terrain of home ownership.

Watch the 15 minute video summary from nearly four hours of testimony on January 30th here:

Annual Report Reveals “New Normal” for Young Canadian Homebuyers

Each year, Mortgage Professionals Canada conducts research that focuses on trends in the housing and mortgage markets, consumer attitudes, as well as interpretations of government policies related to mortgages and housing designed to assist members better understand and serve their customers. Among the trends analyzed in the report by Chief Economist, Will Dunning, the reports reveals “Rental income and housing affordability represent a “new normal” for young Canadians”. Read the Report: Annual State of the Residential Mortgage Market in Canada.

Canadian Housing Health Check

Recently released by RBC Economics Research, the Canadian Housing Health Check provides an assessment of key indicators of Canada’s housing market that are deemed to offer early warning of potential imbalances. Here is a graphical depiction of the current situation in Canada.

Four Time Nana

Tracy’s son, Nathan and his wife, Nicole are excited to announce the arrival of their first child, a daughter, Mila Rae, weighing 7 lbs 12 ozs, born on January 21st at 8:28 pm.

Life is perfect when you’re sleeping, isn’t it?

Tracy’s Boxing Day Challenge

Here’s Tracy, ready to run the YMCA Boxing Day 10 Miler Run (16k for those who prefer metric).

The race started at 11 am and despite the drizzle and rain, it was a great run!

(Tracy’s not sure if the shot of Sambuca after Christmas dinner was such a great idea, but she definitely got the job done!)

Liberty for Youth

Tracy started a 10k race on January 24 on the indoor track at the David Braley Athletic Centre at McMaster University, in support of Liberty for Youth. Unfortunately, she had no idea how many laps it would take to run 5K and had to be convinced (rather forcefully – lol!) to switch to a distance of 10K. According to Tracy, “50 laps around an indoor track is really tough. I’d rather run outside any day! This was a really great cause”. Most of us would give up after 1 lap, let alone 50!

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