How To Navigate This Market

Tracy Head • August 13, 2023

Sometimes when I sit down to write my column I struggle to find a topic that I’d like to write about. Other times like today I have a clear idea of what I’d like to say. For the most part I love what I do. I enjoy meeting and working with my clients, and there is something to learn every day. Many days I come across a new product or lender, changing guidelines to offer better solutions for my clients, or ways to enhance my process.

The last few months have been challenging for everyone in the mortgage world. With rates continuing to rise and no noticeable drop in housing prices many clients are finding it tough to qualify to purchase a home. More troubling for me is seeing more families struggling to make ends meet.

I feel like many lenders are hunkering down and tightening their belts. Some are running short-handed

or operating with many new staff members that are trying to learn the ropes.

Over the last few weeks I’ve had conversations with two of my favorite lenders about changes behind the scenes. On overall strong files (not high ratio insured files) there are lenders that will consider exceptions if the numbers are not where they need to be. What this means is that in cases where clients have significant equity in their home and a clean credit history these lenders will allow the numbers to go a little higher than their published guidelines.

Over the last few weeks both of these lenders have had policy changes limiting the exceptions they can ask for and approve. Files that I would have been confident submitting even two or three months ago are now being declined if the ratios are out of line. I understand the logic – these files are a higher risk to the lender. However, particularly with refinances, the new mortgage payment will actually put the clients in a far better position with respect to cash flow.

Equally frustrating, it feels like lenders are becoming even more particular with their document requests. As an example, specialty programs designed to provide solutions for high net worth clients require every document you can imagine plus a pint of blood.

The pint of blood was not really asked for, although I did have one client comment that they figured a full cavity search was coming next.

Being the intermediary between a client that doesn’t want to provide any more information and a lender that requires it is a balancing act. I understand how clients can feel that the document requests are over the top and intrusive. Putting myself in the lender’s position I understand why they want to be confident in their clients before handing over mortgage funds. They have no interest in foreclosing on properties – their income comes from collecting interest on their mortgage funds.

When I start working with clients I do my best to explain how particular lenders can be with respect to the documents they ask for. I find it very frustrating to have to explain and justify what we are asking for.

The other challenge with staffing levels at certain lenders is that it can take them four or five days to review and sign off on documentation submitted. There are some lenders who are easier to work with in terms of documentation but the tradeoff can be higher rates or slower turnaround time. The mortgage world is certainly challenging right now but the positive news is that lenders are constantly looking for better options for their clients.

My suggestion is to have all of your paperwork organized and a mortgage pre-qualification in place well before you move forward with writing an offer to purchase a home. Take your time and educate yourself as much as you can. Choose a mortgage professional that is able to help educate and support you as you navigate your mortgage application.

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Tracy Head

Mortgage Broker

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House in foreground with a large wildfire and thick smoke burning on the hillside behind it

When Wildfires Interrupt Your Home Purchase: What Every Buyer Needs to Know

By Tracy Head • August 10, 2026

For many Canadians, buying a home is one of life's most exciting milestones. You've found the perfect property, negotiated an accepted offer, arranged financing, and started picturing where the furniture will go. Then, almost overnight, Mother Nature throws a curveball. A wildfire starts nearby. As someone who has spent many years helping Canadians navigate home financing, I've seen firsthand how quickly a wildfire can change what seemed like a straightforward transaction. The good news is that many purchases still close successfully—but it's important to understand how these situations can affect everyone involved. One of the most important concepts in a real estate contract is something called force majeure . While the exact wording varies depending on the contract, a force majeure clause generally recognizes that extraordinary events beyond anyone's control—such as natural disasters—may temporarily prevent one or more parties from fulfilling their contractual obligations. If evacuation orders are issued, government offices close, roads become inaccessible, or lawyers, lenders, appraisers, or buyers simply cannot complete the necessary steps to transfer ownership, a force majeure clause may allow the closing date to be postponed until those circumstances have passed. It doesn't automatically cancel the sale, but it can provide valuable flexibility during an unpredictable situation. This is one of the reasons it's so important to stay in close communication with your mortgage broker, REALTOR®, lawyer, and lender. Everyone needs to understand what's happening so adjustments can be made if necessary. One issue that catches many buyers by surprise is home insurance. Most lenders require proof of insurance before they will release mortgage funds. During wildfire season, insurance companies sometimes place temporary restrictions or even stop issuing new policies altogether for homes located in high-risk areas. If you've waited until the last few days before possession to arrange your insurance, you could suddenly discover that coverage isn't immediately available. Without insurance, your lender may be unable to advance your mortgage funds, potentially delaying your closing. My advice is simple: purchase your home insurance as early as your insurer will allow. Having coverage arranged well in advance greatly reduces the chance of running into last-minute surprises if wildfire conditions change. It's one of those tasks that's easy to move to the bottom of the list until it suddenly becomes the most important item on it. Wildfires can also create a ripple effect that extends well beyond the property you're purchasing. Imagine you're buying a home in one community because your current home has sold and is scheduled to close first. Everything is carefully timed. Then a wildfire threatens your existing neighbourhood. Perhaps your buyers are unable to obtain insurance. Maybe their lender won't fund the mortgage until conditions improve. Or perhaps the buyers simply cannot complete the purchase because of evacuation orders. If the sale of your current home is delayed, you may no longer have the funds available to complete the purchase of your next home. That can create a chain reaction affecting multiple transactions, sometimes involving several families. These situations are stressful, but they also highlight why real estate professionals, lenders, and lawyers work so hard together when unexpected events occur. Everyone's goal is usually the same - to find a practical solution that allows the transaction to move forward once circumstances permit. If you're buying or selling during wildfire season, don't be afraid to ask questions. Understand how your contract addresses unforeseen events. Arrange your insurance early. Keep your financing documents up to date. Most importantly, stay in regular contact with your mortgage broker and the rest of your professional team. Wildfires are unpredictable. Preparation isn't. While none of us can control the weather, we can control how prepared we are when unexpected challenges arise. A little planning today may make all the difference tomorrow, helping ensure that when the smoke clears, you're still on track to receive the keys to your new home.

A smiling couple holding a small set of house keys over an open palm

Your Mortgage Is Approved... Now What? The Final Steps Before You Get the Keys

By Tracy Head • July 24, 2026

One of my favourite phone calls to make is telling a client, "Congratulations! Your mortgage has been approved." It's a huge milestone and one worth celebrating. But many buyers are surprised to learn that there are still several important steps between receiving that approval and standing in the doorway of their new home with keys in hand. The final few weeks before possession can be busy, emotional, and occasionally overwhelming. Having a plan makes the process much smoother. Stay in touch with your mortgage broker. Even after financing is approved, your broker is still working behind the scenes with your lender and your lawyer to make sure everything is ready for closing. If anything changes with your employment, income, debts, or banking before possession day, let your broker know immediately. It is always better to have a conversation early than to discover a problem at the last minute. Watch for communication from your lawyer or notary. Your lawyer will contact you to schedule your signing appointment, usually several days before your possession date. Don't wait until the last minute to book this appointment, especially during busy times of the year when legal offices are handling many transactions. Your lawyer will also provide a statement showing exactly how much money you need to bring to closing. This includes your down payment (if it hasn't already been paid), closing costs, legal fees, property tax adjustments, and other applicable expenses. Be sure to ask your lawyer what form of payment they require. Most will request a bank draft or certified funds, and you'll want to allow yourself enough time to obtain those from your financial institution. Get your down payment ready. One of the most common causes of unnecessary stress is scrambling to move funds at the last minute. If your down payment is coming from investments, an RRSP through the Home Buyers' Plan, another financial institution, or the sale of another property, make sure those funds are available well before your lawyer's deadline. Some investments require several business days to redeem, and transferring money between institutions can take longer than many people expect. Arrange your insurance. Your lender will require proof that the home is insured before they release your mortgage funds. Contact your insurance broker early so there is plenty of time to arrange coverage beginning on your possession date. Book the movers sooner rather than later. Professional movers often book weeks—or even months—in advance, particularly during the busy spring and summer moving season or at month-end. Whether you're hiring movers or borrowing your friend's pickup truck, having a moving plan in place early will save you a lot of stress. Transfer your utilities. Nothing takes the excitement out of moving day quite like discovering the electricity hasn't been connected. Arrange to transfer or activate services such as electricity, natural gas, water, internet, television, garbage collection, and any security monitoring before possession day. Some providers require advance notice, so don't leave these calls until the final week. Update your address. Changing your address is one of those jobs that's easy to forget until important mail starts arriving at your old home. Take time to update your address with: Canada Post Your employer Banks and credit card companies Insurance providers CRA Your driver's licence and vehicle registration (according to your province's requirements) Medical providers Subscription services Family and friends A simple checklist can prevent a surprising number of headaches later. Don't underestimate the emotions. Buying a home is one of the largest financial decisions most Canadians will ever make. Even when everything is going perfectly, it's completely normal to experience a wide range of emotions. Excitement. Anxiety. Second-guessing. Relief. Even a little panic. I've seen first-time buyers worry they've forgotten something important. I've seen families leaving homes where they raised children feel unexpectedly emotional. I've seen retirees excited about a fresh start while also grieving the chapter they're leaving behind. These feelings are all perfectly normal. A home purchase isn't just a financial transaction—it's a life transition. Give yourself permission to feel both excited and sentimental. Both can exist at the same time. The finish line is worth it. The days leading up to possession often feel like a whirlwind of paperwork, packing boxes, phone calls, and checklists. But before long, you'll be unlocking your front door, carrying in that first box, and beginning a brand-new chapter. As mortgage brokers, we're proud to help clients secure financing. But we're just as proud to help guide them through the entire journey—from the first conversation about affordability to the moment they finally receive the keys. After all, mortgage approval isn't the end of the process. It's the beginning of your next adventure.