Why buying your first home during inflationary times is good

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Are you a first-time homebuyer concerned about rising inflation? It's understandable to have some reservations, but rest assured that there are still plenty of reasons why buying your first home is a great idea, even during inflationary times.

Firstly, Canada's housing market has historically been stable and resilient, even during economic downturns. This means that homeownership remains a reliable investment in the long run, and you can feel confident in your decision to buy a home.

Secondly, the Canadian government offers programs and incentives to help first-time homebuyers get into the market, such as the First-Time Home Buyer Incentive and the Home Buyers' Plan. These programs can help you get a foot in the door and make homeownership more accessible and affordable.

Additionally, as inflation drives up the cost of living, owning a home can provide a sense of stability and predictability in your monthly expenses. Unlike renting, where landlords may increase your rent at any time, owning your home means that your monthly mortgage payment will remain the same for the duration of your mortgage term.

Finally, by owning a home, you can build equity and wealth over time, which can help you achieve your long-term financial goals.

As a mortgage broker, I can help you navigate the Canadian housing market and find the best possible mortgage deal for your unique financial situation., now could be the perfect time to take the leap into homeownership.

So if you're a first-time homebuyer, don't let rising inflation discourage you from achieving your dream of homeownership. Contact me today to schedule a consultation and start your journey towards owning your first home.

Consumer Proposal vs. Bankruptcy – What’s the Difference?
August 27, 2025 @ 9:16 AM by:

When financial stress starts to feel overwhelming, many Canadians begin to explore debt relief options. Two of the most common are consumer proposals and bankruptcy. While both can help manage unmanageable debt, they work very differently—and they also affect your credit report for different lengths of time.

🔹 What is a Consumer Proposal?

A consumer proposal is a legally binding agreement with your creditors, arranged through a Licensed Insolvency Trustee. You agree to repay a portion of your debt (often less than the full amount), over a set period of up to 5 years.

  • You get to keep your assets (like your home or car).
  • Collection calls and legal actions stop.
  • It’s less severe on your credit than bankruptcy.

Credit Report Impact:

  • Equifax: Stays on your file for 3 years after completion, or 6 years from the filing date (whichever comes first).
  • TransUnion: Stays for 3 years after completion, or 6 years from the date you filed.

🔹 What is Bankruptcy?

Bankruptcy is usually considered a last resort. It eliminates most unsecured debt but may require you to surrender certain assets.

  • First-time bankruptcies generally last 9 to 21 months, depending on your income.
  • You are released from most debts once discharged.
  • It has a greater impact on your credit compared to a consumer proposal.

Credit Report Impact:

  • Equifax: Reported for 6 years after discharge (first bankruptcy). A second bankruptcy can remain for up to 14 years.
  • TransUnion: Also remains for 6 years after discharge for a first bankruptcy, and longer (up to 14 years) for repeat bankruptcies.

✅ The Bottom Line

  • Both options offer relief, but they come with long-term consequences for your credit profile. A consumer proposal is usually less damaging and allows you to keep your assets, while bankruptcy provides a faster reset but with heavier credit implications.
  • If you—or someone you know—are facing tough financial decisions, let’s have a conversation. I can help explore your mortgage options, even if you’ve had a consumer proposal or bankruptcy in your past. Sometimes, the right strategy can get you back on track sooner than you think.