These 4 words put together are game changer for first-time buyers looking to boost their down payment faster and keep more of their hard-earned money in their pocket: First Home Savings Account (FHSA).

The FHSA is a registered savings account that helps you save up to $40,000 toward your first home — tax-free.

Here’s how it works:

• You can contribute up to $8,000 per year, and those contributions are tax-deductible (just like an RRSP).

• The money you earn inside the account — whether that’s from interest or investments — grows tax-free.

• When it’s time to buy your first home, you can withdraw it tax-free, too (similar to a TFSA).

It’s basically the best of both worlds — RRSP-style tax deductions going in, TFSA-style tax freedom coming out. Whether you’re just starting to save or already tucking away money for your first home, the FHSA is a smart tool to make those dollars work harder for you.

Who Can Open an FHSA?

To qualify, you must:

• Be a Canadian resident.

• Be 18 years or older.

• Meet the definition of a first time home buyer (meaning you haven’t owned a home in the past four years, or lost yours with a marital breakdown).

If that’s you, you can open an FHSA through most major banks, credit unions, or financial advisors.

How to Get Started

1. Open your FHSA with your bank or financial institution.

2. Set up automatic contributions — even $100 a month adds up faster than you think.

3. Invest your savings wisely. The account can hold cash, GICs, or investments like mutual funds or ETFs.

4. Track your annual limit to make sure you’re maximizing your tax benefits. If you can’t contribute the full $8,000 in a year, don’t worry — unused contribution room carries forward, up to a lifetime maximum of $40,000.

How It Works with Your RRSP or TFSA

Already have an RRSP or TFSA? You can actually use them together to supercharge your down payment strategy.

RRSP Home Buyers’ Plan (HBP): You can withdraw up to $60,000 from your RRSP to buy your first home, as long as you pay it back within 15 years.

FHSA: You don’t have to repay what you withdraw — that money is yours, tax-free.

Combine the two, and you could have a serious boost toward your down payment.

A Few Pro Tips

💡 Start early. Even if you’re not buying for a few years, the earlier you open your FHSA, the sooner your contribution room starts growing.

💡 Automate your savings. Consistency beats big one-time deposits every time.

💡 Ask for advice. Your mortgage Broker (hi 👋🏽) can help you align your savings plan with your homeownership goals.

The Bottom Line

The FHSA is one of the best new tools out there for first-time buyers — and when used strategically, it can help you reach your homeownership goals faster and more efficiently.

If you’re dreaming of buying your first home, this is the perfect place to start.

Written October 24, 2025

Let’s be honest — debt gets a bad rap. But not all debt is created equal. In fact, when used wisely, debt can actually be a powerful tool to help you build wealth and reach your financial goals. The key is knowing the difference between good debt and bad debt — and using that knowledge to make smarter money moves.

What’s “Good” Debt?

Good debt is the kind that works for you. It helps you build your future, increase your earning potential, or grow your wealth over time. Think of it as an investment, something that pays off down the road.

💡 Common Examples of Good Debt:

Student loans – Investing in your education can open doors to higher-paying jobs and long-term career growth. Yes, student debt can feel heavy at times, but the payoff (literally) often makes it worthwhile.

Mortgages – A mortgage is a great example of good debt because you’re buying an asset that usually appreciates over time. Homeownership builds equity — and with every payment, more of that home becomes yours.

Business loans – For entrepreneurs, borrowing to grow or launch a business can be the stepping stone to bigger income and opportunities. Sure, it’s not risk-free, but the potential rewards can be huge.

In short: good debt helps you move forward financially — not backward.

What’s “Bad” Debt?

Bad debt, on the other hand, is debt that doesn’t help you build wealth or improve your financial future. It’s usually tied to things that lose value quickly or don’t provide any return. These types of debt often come with high interest rates and can make it harder to get ahead if they’re not managed carefully.

🚫 Common Examples of Bad Debt:

Credit card balances – We’ve all been there. Credit cards make it easy to buy now and deal with it later, but with interest rates often north of 20%, that “later” adds up fast. Vacations, gadgets, or impulse buys aren’t worth the lingering balance.

Car loans – While having a car might be necessary, it’s still a depreciating asset — it loses value the moment you drive it off the lot. Borrowing too much for a vehicle that stretches your budget isn’t a smart move.

Payday loans – These short-term loans come with sky-high interest and fees. They might offer fast cash in a pinch, but they can also trap borrowers in a brutal debt cycle.

Bad debt drains your resources instead of building them — and it can make your financial goals feel a lot further away.

The Bottom Line

Debt isn’t the enemy — it’s a tool. The trick is knowing which debts help you grow and which ones hold you back.

Good debt moves you toward your goals: owning a home, building a career, starting a business. Bad debt? It keeps you paying for the past instead of planning for the future.

If you’re carrying debt and not sure which type it is (or how it might affect your mortgage plans), let’s talk. A quick strategy session can help you make the most of your good debt — and clean up the not-so-good kind.

Written October 24, 2025

Getting pre-approved is one of the smartest first steps when buying a home. It gives you a clear picture of what you can afford — combining your down payment with the amount a lender is willing to approve.

But what happens when that number isn’t quite what you expected? Don’t panic! There are a few things you can do to bump up your pre-approval amount and move closer to the home you really want.

Here are five practical ways to increase your mortgage pre-approval amount.

1️⃣ Lower Your Debts

Your debt-to-income ratio is one of the biggest factors in determining how much you can borrow. Simply put — the less of your income that’s tied up in payments, the more room there is for a mortgage.

Before you apply (or reapply), try paying down high-interest consumer debt like credit cards or personal loans. Even small reductions can make a big difference. Lower debt = stronger borrowing power = higher pre-approval.

2️⃣ Boost Your Credit Score

Your credit score tells lenders how well you manage debt and it directly affects how much you can qualify for (and sometimes the rate you’ll get). Before applying, check your score and make a plan to improve it.

A few quick wins:

• Bring any late payments up to date.

• Keep your credit card balances below 30% of their limits.

• Avoid opening new credit accounts right before you apply.

Even a small bump in your score can open doors to a better pre-approval.

3️⃣ Explore Different Mortgage Options

Sometimes, it’s not your finances holding you back — it’s the mortgage product itself. For example, if the term length you prefer has a higher rate, it can actually reduce the amount you qualify for after the stress test has been applied. That’s where your mortgage broker (hi 👋🏽) comes in! We’ll compare different term lengths, rate types, and amortizations to find the structure that gives you the most flexibility and buying power.

4️⃣ Increase Your Down Payment

If you have more money saved up (or can access it), putting a larger amount down can help you qualify for a higher-priced home. A bigger down payment means you’re borrowing less, which can make lenders more comfortable extending a larger loan amount.

If saving more feels out of reach, consider:

• A gifted down payment from family.

• Down Payment Assistance Programs.

Every extra dollar you put down works in your favour.

5️⃣ Consider a Co-Signer

If you have a trusted friend or family member with solid credit and income, adding them as a co-signer could help you qualify for more. A co-signer strengthens your application by adding their financial stability to yours — but it’s a big decision. They’ll share responsibility for the loan, so make sure everyone understands what that commitment means before moving forward.

Final Thoughts

Getting pre-approved for a higher amount is possible...it just takes a little time, strategy, and sometimes a few tweaks. But remember: just because you qualify for more doesn’t mean you should borrow the max. Take a close look at your budget, monthly expenses, and lifestyle goals before locking anything in.

At the end of the day, the goal isn’t just to buy a home — it’s to buy one that fits comfortably within your financial life.

Written October 24, 2025

Last month, I sat down with M & E. They were stressed: "We’re far from selling, but interest rates are making our payments tight."

Instead of focusing only on buying or selling, I asked them to look at something they already had: home equity. That shift in perspective changed everything — and it can do the same for you.

What is Home Equity, Anyway?

Your home equity is the difference between what your home is worth today and what you still owe on your mortgage. Over time, that number usually grows as you pay down your mortgage and — hopefully — as your home increases in value.

Many people think equity only matters when selling. Nope. It’s actually a powerful financial tool you can tap into before you sell:

• Grow your wealth

• Fund renovations

• Consolidate debt

• Support your kids

Equity gives you options — and options are everything.

Why Now Is a Smart Time to Tap Equity

Here’s what’s happening in Canada that makes equity extra valuable right now:

• Affordability easing: Mortgage rates have dropped recently, which makes ownership a little easier.

• Cooling prices in hot markets: Some high-price regions are seeing slight declines.

• One million renewals coming: In 2025-2026, many Canadians will renew fixed-rate mortgages. If you have equity, you have flexibility.

• Equity isn’t just a safety cushion, it’s a strategic asset.

Real Ways People Are Using Equity

Here’s how some clients are leveraging their home equity:

Renovations: Just last week, clients tapped a portion of their equity (via a HELOC) to update their roof and kitchen. The result? A more comfortable home and higher resale value.

Debt consolidation: A file I'm working on right now is for a family with high-interest credit cards and an unsecured line of credit. Using equity at a lower rate, they simplified payments and saved money on interest.

Down payment for a second property: Some clients use equity as part of the down payment for a rental or investment property — letting their home work for them.

Tread Smartly — Equity Isn’t Free Money

Using home equity is powerful, but only if you do it carefully:

• Don’t over-leverage: Borrowing against equity is tempting, but leave a buffer.

• Understand interest & amortization: Make sure you know how payments and total interest will change.

• Plan for rate changes: Some borrowing is variable — costs can rise.

• Focus on value: Use equity for improvements, investments, or debt consolidation, not just “fun money.”

How to Tap Your Equity Wisely

Call your broker/lender: Get an equity assessment without compromising safety.

Shop your options: HELOCs, second mortgages, cash-out refinancing — compare terms and fees.

Map your cash flow: Run “worst-case” scenarios to see how payments behave if rates rise.

Use equity strategically: Invest in improvements, pay down high-interest debt, or fund a second property.

Monitor regularly: Reassess your strategy as your home value or mortgage changes.

Why This Matters for Almost Every Homeowner

Even if moving isn’t on your radar, your home equity gives you choices. It’s financial flexibility that can help you navigate uncertainty, and it’s a strength many people overlook.

If you want, I can send you a home equity calculator tool so you can see exactly how much equity you have and what borrowing might look like. Shoot me a text to 705-529-6272!

Written October 24, 2025