Is Now a Good Time To Buy? (Covid-19)

Diane Buchanan • March 30, 2020

If you’ve been thinking about buying a new home, chances are the instability of the Canadian economy and the impact Covid-19 has you second-guessing yourself. And chances are, at this point in time, you are probably right to do so.

Right now there is uncertainty in the Canadian housing market. We’re in uncharted waters and the full impact of Covid-19 has yet to be seen. Obviously, as people continue to self-isolate, we can expect sales numbers to drop.

But as real estate agents find new ways to make house-hunting accessible online through virtual tours, coupled with incredibly low interest rates, it’s certainly not as cut and dry as might be expected.

So, is right now a good time to buy a home? Well, that’s tough to answer, but what if you looked at it another way?

Instead of basing your buying decision on external market factors, consider asking yourself, is now a good time to buy a home for me?

When you stop looking at the market to determine your timing to buy a home, and instead examine your personal financial situation and your reasons for buying a home, the picture becomes clearer.

Consider asking yourself the following:

  • Does buying a new home now put me in a better or worse financial position?
  • Is there a chance I could lose my job or get laid off because of Covid-19?
  • Have I saved enough money for a downpayment?
  • Do I have a plan in place if I get sick and I’m not able to work for any length of time?
  • Is there any scenario where I might have to sell quickly and potentially lose money?
  • Do I really want to buy, or am I feeling the pressure that if I don’t buy now, I might never be able to?
  • Am I scared that if I buy now, the market will crash the second I do?

Regardless if you decide now is a good time to buy, or to wait, consider putting a plan in place! A plan makes all the difference.

If you decide to wait, consider ways to save a little extra money for the downpayment or to squirrel away in your emergency fund. Interest rates won’t be going through the roof anytime soon (slight fluctuations are normal), so don’t feel you need to be in a hurry.

If you decide now is a good time to buy start with a mortgage pre-approval. Contact me anytime ; we can go over your financial situation, complete an online mortgage application and put together a plan.

Although Covid-19 has significantly impacted the way we live our lives, life will go on. People will continue to buy and sell houses, albeit maybe not as many for a while. But we all need places to live and we can’t let fear make our decisions for us.

Having a plan in place is what allows you to have certainty in these uncertain times!

DIANE BUCHANAN
 Mortgage Broker

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Selling Your Property? Let's Talk

By Diane Buchanan • July 9, 2025
If you’ve been thinking about selling your existing property, for whatever reason, it would be in your best interest to connect with an independent mortgage professional before calling your real estate agent or listing it yourself. And while talking with your mortgage professional might not sound like the most logical place to start, here are a few scenarios that explain why it makes the most sense. If you’re buying a new property If you’re selling your property, chances are, you’ll have to move somewhere! So, if you plan on buying a new property using the equity from the sale of your existing property, chances are you’ll need a new mortgage. Don’t assume that just because you’ve secured mortgage financing before, that you’ll qualify again. Mortgage rules are constantly changing; make sure you have a pre-approval in place before you list your property. Also, by connecting with a mortgage professional first, you can look into your existing mortgage terms. You might be able to port your mortgage instead of getting a new one, which could save you some money. If you’re not buying a new property Even if you aren’t buying a new property and want to sell your existing property, it’s still a good idea to connect with a mortgage professional first, as we can look at the cost of breaking your mortgage together. Unless you have an open mortgage, or a line of credit, there will be a penalty to break your mortgage. The goal is to work on a plan to minimize your penalty. Because of how mortgage penalties work, sometimes it’s just a matter of waiting a few months to save thousands. You'll never know unless you take a look at the details. Marital breakdown The simple truth is that marriages break down. When that happens, often, people want closure, and unfortunately, they make decisions without really thinking them through or seeing the full picture. So, instead of simply selling the family home because that feels like the only option, please know that special programs exist that allow one party to buy out the former spouse. The key here is to have a legal separation agreement is in place. If you’d like to discuss the sale of your property and your plans for the future, connect anytime. It would be a pleasure to work with you!

Buying a Vacation Home? Here’s What You Need to Know

By Diane Buchanan • July 8, 2025
The idea of owning a vacation home—your own cozy escape from everyday life—is a dream many Canadians share. Whether it’s a lakeside cabin, a ski chalet, or a beachside bungalow, a second property can add lifestyle value, rental income, and long-term wealth. But before you jump into vacation home ownership, it’s important to think through the details—both financial and practical. Start With Your 5- and 10-Year Plan Before you get swept away by the perfect view or your dream destination, take a step back and ask yourself: Will you use it enough to justify the cost? Are there other financial goals that take priority right now? What’s the opportunity cost of tying up your money in a second home? Owning a vacation home can be incredibly rewarding, but it should fit comfortably within your long-term financial goals—not compete with them. Financing a Vacation Property: What to Consider If you don’t plan to pay cash, then financing your vacation home will be your next major step. Mortgage rules for second properties are more complex than those for your primary residence, so here’s what to think about: 1. Do You Have Enough for a Down Payment? Depending on the type of property and how you plan to use it, down payment requirements typically range from 5% to 20%+ . Factors like whether the property is winterized, the purchase price, and its location all come into play. 2. Can You Afford the Additional Debt? Lenders will calculate your Gross Debt Service (GDS) and Total Debt Service (TDS) ratios to assess whether you can take on a second mortgage. GDS: Should not exceed 39% of your income TDS: Should not exceed 44% If you’re not sure how to calculate these, that’s where I can help! 3. Is the Property Mortgage-Eligible? Remote or non-winterized properties, or those located outside of Canada, may not qualify for traditional mortgage financing. In these cases, we may need to look at creative lending solutions . 4. Owner-Occupied or Investment Property? Whether you’ll live in the home occasionally, rent it out, or use it strictly as an investment affects what type of financing you’ll need and what your tax implications might be. Location, Location… Logistics Choosing the right vacation property is more than just finding a beautiful setting. Consider: Current and future development in the area Available municipal services (sewer, water, road maintenance) Transportation access – how easy is it to get to your vacation home in all seasons? Resale value and long-term potential Seasonal access or weather challenges What Happens When You’re Not There? Unless you plan to live there full-time, you'll need to consider: Will you rent it out for extra income? Will you hire a property manager or rely on family/friends? What’s required to maintain valid home insurance while it’s vacant? Planning ahead will protect your investment and give you peace of mind while you’re away. Not Sure Where to Start? I’ve Got You Covered. Buying a vacation home is exciting—but it can also be complicated. As a mortgage broker, I can help you: Understand your financial readiness Calculate your GDS/TDS ratios Review down payment and lending requirements Explore creative solutions like second mortgages , reverse mortgages , or alternative lenders Whether you’re just starting to dream or ready to take action, let’s build a plan that gets you one step closer to your ideal getaway. Reach out today—it would be a pleasure to work with you.