Emotional Mortgaging

Tracy Head • May 19, 2023

For the last few months I have felt a bit of a return to normal in the mortgage world. Fixed rates have

been trending down and we’ve seen some great rate specials available. More importantly, it has felt like a more balanced market where people are taking a bit more time to do their due diligence and make more educated and thoughtful (as opposed to emotional / panicked) decisions about their home

purchases.


The last few weeks I’ve felt a subtle shift. The housing market is starting to heat up a little, in that I’ve seen a few situations where there are multiple competing offers. Inventory still seems a little low which is likely fuelling  this. I have been dealing with two families that have taken completely different approaches. The first family is looking to right-size their home and move from a condo to a single family home. They already have two littles and a third on the way. They are wanting more space and a better neighbourhood to raise their children in.


They wrote an offer on a lovely home before they looked into their mortgage options. They came to me with an accepted offer and are madly in love with the home they wrote the offer on. They are willing to move heaven and earth to make it happen. The challenge is that they have not had an offer on their condo yet. They both make great income and have investments that will cover the necessary down payment. The trick is that if they have haven’t sold and have to move forward with their purchase they will have to use a private lender to make it happen because their ratios are too high carrying both properties.


Two years ago I might not have been so concerned but with the market being a bit slower there is

significant risk that their condo might not sell in the time frame they need it to.


If this happens and they choose to go the private lender route, they are looking at roughly $20,000 in

fees and closing costs and an interest rate of ten per cent. Monthly payments are $4400.00. They will not be able to rent out their condo because of restrictions in their strata. With strata, property taxes, and their mortgage payment they are looking at about $2600.00 per month. If they end up having to carry both of the mortgages for more than a few months they are going to burn through their savings very quickly. They may end up having to drop the price of the condo significantly which means they might take a loss on the condo as their mortgage balance is close to the break even mark after realtor fees.


They are determined to move forward regardless and quite honestly it concerns me. Another family I am working with has taken a different view. Similar situation and they can more than cover both mortgages if they have to. They have done a very thoughtful analysis of their finances and lifestyle and have taken the approach that it will all come together if it is meant to, and that if their current home doesn’t sell they will not put themselves in jeopardy to buy this particular home.


This approach makes me much more comfortable. What is the danger in the first situation? If for some reason they do move forward and their condo doesn’t sell for several months I don’t think they will be able to afford the payments on both homes. If they fall behind they will have no buffer left and could potentially end up in foreclosure. Maybe it doesn’t get that drastic, but the stress of carrying both properties will be overwhelming.


Before you write an offer on a home, I cannot stress how important it is to connect with a mortgage

professional to get your financial ducks in a row. Knowing what you qualify for (and if you qualify for

that matter) and the costs of making a move will help set you up for success.

There is often a way to arrange temporary financing to cover both homes, but the big question is does it make sense to move forward if you are madly in love with the home? Only you can make that decision.

Tracy Head

Mortgage Broker

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Reverse Mortgages

By Tracy Head • February 6, 2026
Reverse Mortgages: A Tool More Canadians Should Understand After years in the mortgage business, I’ve learned that few financial tools are as misunderstood as the reverse mortgage. I’ll admit it upfront: for a long time, even mentioning the words made people tense up. I’d see shoulders tighten, brows furrow, and someone would inevitably say, “Isn’t that how you lose your house?” Let’s clear the air. A reverse mortgage is simply a way for Canadian homeowners aged 55 and over to access some of the equity they’ve built up in their home—without having to sell it or make monthly mortgage payments. For many retirees, that alone is a game changer. Many Canadians I work with are “house rich and cash poor.” They may own a home worth a significant amount, but their retirement income hasn’t kept pace with the rising cost of groceries, utilities, property taxes, or helping adult kids and grandkids. A reverse mortgage can help bridge that gap by turning part of that home equity into tax-free cash. That money can be taken as a lump sum, regular payments, or a combination of both. Some homeowners use it to top up their retirement income. Others use it to pay off an existing mortgage or line of credit, eliminate monthly debt payments, or fund renovations that let them age comfortably in place. I’ve even seen clients use it to cover medical expenses or make their home safer with mobility upgrades. One of the biggest benefits—and one that surprises people—is that you don’t have to make monthly payments. Interest is added to the balance, and the loan is typically repaid when the home is sold or the owner moves out permanently. As long as you keep the home maintained, insured, and pay your property taxes, you remain the owner of your home. Another common concern is inheritance. It’s a fair question. What happens to the house? The reality is this: when the home is eventually sold, the reverse mortgage is paid off, and any remaining equity goes to the homeowner or their estate. These products in Canada are regulated and include safeguards so you’ll never owe more than the fair market value of your home. Are reverse mortgages right for everyone? Absolutely not. They tend to work best for homeowners who plan to stay in their home long term and need access to equity but don’t want the pressure of monthly payments. They’re also something that should be discussed openly with family and reviewed with a qualified professional who understands the fine print. What I always encourage is education—not fear. Too many homeowners dismiss reverse mortgages based on outdated information or horror stories that don’t reflect today’s Canadian market. Like any financial tool, they have pros and cons, but when used appropriately, they can provide flexibility, dignity, and peace of mind in retirement. At the end of the day, retirement isn’t just about numbers on a page. It’s about choices. Staying in the home you love. Reducing financial stress. Enjoying the life you worked so hard to build. For many Canadian homeowners, a reverse mortgage can be one of the tools that helps make that possible. And that’s worth a second look.

Trying to Buy a Home in a Competitive Market

By Tracy Head • January 23, 2026
Trying to Buy a Home in a Competitive Market? You’re Not Imagining Things After years as a mortgage broker, I can tell you this with confidence: buying a home in a competitive market isn’t just hard. It’s emotionally exhausting. I talk to buyers every day who feel like they’re doing everything right. They’ve saved a down payment, checked their credit, talked to a lender, and started house hunting with realistic expectations. And yet, they’re still losing out. Multiple offers. Bidding wars. Homes selling in days — or hours. It can make even the most level-headed buyer question whether homeownership is still within reach. One of the biggest challenges I see is speed . In competitive markets, hesitation can cost you the house. Buyers are often expected to make quick decisions on the largest purchase of their lives, sometimes with limited conditions and tight timelines. That’s a lot of pressure, especially for first-time buyers who are still learning the process as they go. Then there’s the financing side. In a hot market, a strong offer isn’t just about price. It’s about certainty . Sellers want to know the deal will close. That’s why buyers with solid pre-approvals, flexible closing dates, and fewer conditions tend to stand out. Unfortunately, many buyers don’t realize how important this is until they’ve already lost a few bidding wars. Another challenge is expectations versus reality . Online listings and headline prices don’t always tell the full story. I often see buyers fall in love with homes that are priced low to attract attention, only to sell well above asking. That can be discouraging, especially when it happens repeatedly. It’s not that you’re doing something wrong. It’s that the market is playing a different game. Appraisals can also throw a wrench into things. Even if you’re willing to pay more, the lender still needs the property to appraise at or near the purchase price. When prices are rising quickly, appraisals sometimes lag behind the market. That can mean buyers need to come up with extra cash or renegotiate. That’s not a conversation anyone wants after winning a bidding war. And let’s not forget the emotional toll. I’ve seen buyers go from excited to deflated more times than I can count. Losing out on a home — especially one you pictured yourself living in — hurts. Do it three or four times, and it’s easy to feel burnt out or start second-guessing your plans entirely. So what helps? Preparation. Flexibility. And a good team. Getting your financing sorted early — ideally before you start house hunting — gives you clarity and confidence. Understanding your true budget (not just the maximum you qualify for) helps you move decisively when the right home appears. Being open on location, property type, or timing can also make a big difference. Most importantly, remind yourself of this: This market is not a reflection of your worth or your effort. It’s competitive because demand is high and supply is tight. Not because you’re failing. I’ve seen many buyers feel like they’d never catch a break, only to end up in a home they love — sometimes one they hadn’t even considered at first. The path may be longer and bumpier than expected, but with the right guidance and a bit of resilience, it’s still very possible. If there’s one thing I want buyers to know, it’s this: You’re not alone. And you’re not crazy.  This market is tough — but tough doesn’t mean impossible.