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Bank of Canada Rate Announcement Jan 18th, 2017

Bank of Canada Rate Announcement Jan 18th, 2017

Looks like 2017 begins the same way 2016 ended, with the Bank of Canada announcing that it has maintained its target for the overnight rate at 1/2 percent. While the Bank Rate is correspondingly 3/4 of a percent, with the deposit rate holding steady at 1/4 percent as well. The Bank of Canada also released it’s January 2017 Monetary Policy Report and noted that “The Canadian economy is expected to expand by 2.1% this year and in 2018.”

What does this mean for you? It means everything today is exactly as it was yesterday… which isn’t saying much, as yesterday (in case you missed it) had CMHC announce that they were increasing mortgage insurance premiums. Click here to have a read.

The official announcement goes on to say that:

Uncertainty about the global outlook is undiminished, particularly with respect to policies in the United States. The Bank has made initial assumptions about prospective tax policies only, resulting in a modest upward revision to its US growth outlook. Overall, the global economy is strengthening largely as expected and prices of some commodities, including oil, have risen. The rapid back-up in global bond yields, partly reflecting market anticipation of US fiscal expansion, has pulled up Canadian yields relative to the October Monetary Policy Report (MPR).

In contrast to the United States, Canada’s economy continues to operate with material excess capacity. While employment growth has remained firm, indicators still point to significant slack in the labour market. The resource sector’s adjustment to past commodity price declines appears to be largely complete, but negative wealth and income effects will persist. Meanwhile, the Canadian dollar has strengthened along with the US dollar against other currencies, exacerbating ongoing competitiveness challenges and muting the outlook for exports. Consumption is expected to remain solid, while residential investment will be tempered by previously announced changes to housing finance rules and by mortgage rates that have risen in response to higher bond yields. Federal and provincial fiscal measures are still expected to support growth in 2017.

Bearing in mind the important assumptions embedded in its forecast, the Bank projects that Canada’s real GDP will grow by 2.1 per cent in both 2017 and 2018. This implies a return to full capacity around mid-2018, in line with October’s projection.

Inflation in Canada has been lower than anticipated since October, mainly because of declines in food prices. Measures of core inflation are below 2 per cent, reflecting material excess capacity in the economy. As consumer energy prices rise and the impact of lower food prices dissipates, inflation is expected to move close to the 2 per cent target in the months ahead and remain there throughout the projection horizon while excess capacity is being absorbed.

In the context of a projection that is largely unchanged, the Bank’s Governing Council judges that the current stance of monetary policy is still appropriate and maintains the target for the overnight rate at 1/2 per cent. Governing Council will continue to assess the impact of ongoing developments, mindful of the significant uncertainties weighing on the outlook.

Here are the announcements dates set our for 2017.

  • Wednesday 1 March
  • Wednesday 12 April*
  • Wednesday 24 May
  • Wednesday 12 July*
  • Wednesday 6 September
  • Wednesday 25 October*
  • Wednesday 6 December

*Monetary Policy Report published

All rate announcements will be made at 10:00 (ET), and the Monetary Policy Report will continue to be published concurrently with the January, April, July and October rate announcements.

January 2017 Monetary Policy Report

CMHC to Increase Mortgage Insurance Premiums in March 2017

CMHC to Increase Mortgage Insurance Premiums in March 2017

The Canadian Mortgage and Housing Corporation announced this morning that they will be increasing mortgage insurance premiums on March 17th 2017. They were quick to outline that the changes would only amount to roughly a $5 increase per month for borrowers. Which was the same stance they took when they last increased premiums in June of 2015. The bottom line here is that mortgage financing just got a little more expensive for new borrowers. Existing mortgage holders are not impacted by these changes.

“We do not expect the higher premiums to have a significant impact on the ability of Canadians to buy a home,” said Steven Mennill, CMHC’s senior vice-president of insurance Steven Mennill. “Overall, the changes will preserve competition in the mortgage loan insurance industry and contribute to financial stability.”

Here is a chart that CMHC posted on their twitter account that outlines the new premiums.

New premium chart for CMHC-1

If you have questions about these changes, please contact me anytime at 416.945.9123 or by email at mat@fugeremortgage.ca

Outlined below is the full CMHC press release for your convenience, it was originally posted here on January 17, 2017.

CMHC to Increase Mortgage Insurance Premiums

OTTAWA, January 17, 2017 — CMHC is increasing its homeowner mortgage loan insurance premiums effective March 17, 2017. For the average CMHC-insured homebuyer, the higher premium will result in an increase of approximately $5 to their monthly mortgage payment.

“We do not expect the higher premiums to have a significant impact on the ability of Canadians to buy a home,” said Steven Mennill, Senior Vice-President, Insurance. “Overall, the changes will preserve competition in the mortgage loan insurance industry and contribute to financial stability.”

Capital requirements are an important factor in determining mortgage insurance premiums. The changes reflect OSFI’s new capital requirements that came into effect on January 1st of this year that require mortgage insurers to hold additional capital. Capital holdings create a buffer against potential losses, helping to ensure the long term stability of the financial system.

During the first nine months of 2016:

  • The average CMHC-insured loan was approximately $245,000.
  • The average down payment was approximately 8%.
  • The average gross debt service ratio (GDS) was 25.6%. To qualify for CMHC insurance, a homebuyer’s GDS should not exceed 32% of their total monthly household income.

Chart for CMHCAM

Premiums are calculated based on the loan-to-value ratio of the mortgage being insured. The premium can be paid in a single lump sum but more frequently is added to the mortgage principal and repaid over the life of the mortgage as part of regular mortgage payments. Additional details and scenarios are included in the backgrounder below.

CMHC regularly reviews its premiums and sets them at a level to cover related claims and expenses while also reflecting the regulatory capital requirements.

CMHC is Canada’s most experienced mortgage loan insurer. Our mortgage loan insurance enables Canadians to buy a home with a minimum down payment starting at 5%. As a Crown corporation, CMHC is the only mortgage insurer whose proceeds benefit all Canadians.

As Canada’s authority on housing, CMHC contributes to the stability of the housing market and financial system, provides support for Canadians in housing need and offers objective housing research and information to Canadian governments, consumers and the housing industry.

For additional highlights please see the attached backgrounder.

Clarity, Ownership, and Structure in 2017.

Clarity, Ownership, and Structure in 2017.

  • By mathieufugere@gmail.com
  • January 5, 2017
  • Blog,Finance

Over the last three years, Canadian financial blogger Sandi Martin from Spring Personal Finance has released a series of posts with her dreams for her clients in each 2015, 2016, and now 2017. It started with finding clarity, then taking ownership, and now the series is brought together by the idea of structure. Nothing to do with conventional definitions of success and everything to do with freedom (her words). Here is the third instalment titled “What I Want for You in 2017” written by Sandi Martin, with links to the previous years posts. Let these words and ideas resonate with you and inspire you as 2017 is most certainly a year of possibility!

What I want for you in 2017

What I dearly want for you this year is structure.

(Just what you’d expect from an introverted money nerd who once answered “spreadsheets” when asked to name one thing that made her happy to her son’s kindergarten circle, am I right?)

Listen, when you hear “structure” I don’t want you to think about restrictions. The kind of structure I’m wishing for you has nothing to do with timetables, spreadsheets, or checklists (unless you’re into those sorts of things). I’m not trying to convince you to track your time, food, or money in a little book somewhere, or to twist yourself into knots in an endless pursuit to maximize, optimize, or anything-ize your life according to whatever “10 Ways Successful People Brush Their Teeth” article that’s making the rounds this week.

The kind of structure I want for you has nothing to do with conventional definitions of success (higher net worth! efficient use of time! productivity! peak performance!) and everything to do with freedom — within whatever circumstances life has placed you in — to be more you and to live more life.

What is structure, after all, but the invisible stuff that does the boring work of supporting the important stuff?

Let’s rewind a bit, because this is really part three of a story I’ve been telling for years.

In 2015, I wanted you to have clarity, remember?

How would your life be better if you were absolutely clear about what you want your life to look like, the resources you have or will have at your disposal, and the obstacles that you’ll have to get over, around, or through to make it happen?

Pursuing clarity means paying attention. Often in financial planning, as in most data-heavy professions, we encourage you to pay attention to easily measurable things like how you spend your money, how it’s invested, and what you’re going to spend it on over the next five, fifteen, or thirty years.

But how do you feel?

It’s equally important to pay attention to how satisfied/restless/anxious you are today and how excited/worried/unhappy you about tomorrow, and how those feelings change with new information, a change in direction, or sometimes something as simple (seeming) as the weather/news/that vexing update on Facebook.

Pursuing clarity means keeping your eyes open to the (changing) combination of circumstances that give you a sustained feeling of contentment with both the present and the future.

In 2016, I wanted you take ownership. To get comfortable with your own definition of success, to stop apologizing for the ways your direction veers away from the conventional path or looks like someone else’s definition of failure. To fearlessly be the most authentic version of you. To trade away the things that don’t fill you up for things that do.

To outsiders, your contented, authentic self might look too lazy, too ambitious, too social, not social enough, materialistic, ascetic, too involved with your kids, not involved enough at your church…there’s an infinite number of ways that a well-meaning community, predatory marketers, and privileged bloggers can make you feel bad about all the things you aren’t doing well enough or aren’t doing period. Don’t let them (not even me).

Well, that’s easy to say

Exactly. That’s why we need structure.

I’ll give you some examples of structure that flows from clarity and ownership in my own life. Be warned, though: they’re not particularly counter-cultural. Anyone who’s spent more than five minutes with me knows I’m a natural-born Hufflepuff: unambitious, stubborn, plodding…in short: boring and proud of it, so don’t expect anything earth-shattering.

First example: I finally realized that Facebook vexes me, and that although I love all (most of) the people I’m friends with and want to stay connected with what’s happening in their lives, I don’t want to mindlessly scroll through a newsfeed full of whatever Facebook has decided I should look at today. The happiest me is one who connects with people, not an algorithm, and I’m okay with missing a few things and being out of touch by not constantly checking in. It might not sound like structure to you, but the simple act of deleting the app from my phone stopped the mindless scrolling. It’s just not something I do on my laptop. 

Another example: For the longest time, I thought I had to have free bank accounts and the best rewards credit card, because only dummies pay service fees or miss out on points, right? This led to a soul-sucking tangle of accounts that took tremendous mental energy to sort through every two weeks. I’m my happiest self when I’m reconciling accounts, absolutely…but not when reconciling accounts and transferring money all over creation is stealing time and energy away from more important things. With inspiration from my good friend Chris, I drew a picture of the fewest number of accounts that will still keep my business and personal stuff separate, and it’s so streamlined that I reconciled my bank accounts on New Year’s Eve. For fun.

One last example, I promise: Last year I realized just how frazzled it made me to fit focused work in between meetings and phone calls every day of the week while still leaving enough space to be with my family, serve my community, visit friends, and read a book or two. I’m my happiest self when I have big stretches of time to spend on whatever I want without rushing to the next thing, so I stopped scheduling meetings outside of Mondays and Tuesdays. I was worried that clients would be upset, colleagues would give up on me, and potential clients would call somebody else, but clients weren’t, colleagues didn’t, and potential clients might have but I’ll never know the difference.

(I warned you I was boring)

Let me sum up: Structure is intentionally designing the default settings of your life to align with what you want it to be. It’s automatic permission to be a little more yourself. Structure is saying no to a lot of things that don’t mean much at all so you can say yes to the few things that mean a lot.

In 2017, what I want most for you is to get clear about what fills you up, get brave about pursuing it even in the face of opposition, and set yourself up to say no to everything else.

Annual State of the Residential Mortgage Market in Canada December 2016

Annual State of the Residential Mortgage Market in Canada December 2016

Every year, Mortgage Professionals Canada (Canada’s national mortgage broker association) releases a report called The Annual State of the Residential Mortgage Market in Canada. Prepared by MPC Chief Economist Will Dunning, the report is a collection of surveys that compiles data on mortgage transactions and consumer sentiment.

Below is the press release from Mortgage Professionals Canada with their highlights, along with a copy of this lengthy document. Expect to see some more highlights on the blog in the coming days! There is certainly a lot of great information in this report! 

Rental Income and Housing Affordability Highlight a “New Normal” For Young Canadians in the Mortgage Market

Canadians who purchased their first home within the past two years reflect a “new normal” in the Canadian housing market, according to Mortgage Professionals Canada’s fall 2016 survey. Thirty-four per cent of recent first time buyers think it is important to generate income from their properties, and 13 per cent of those who undertook renovations on their homes did so to add space for a rental unit. Half of 18-34 year-olds do not own a home, primarily because they are saving for a down payment.

“Creating income remains a useful tool for first-time homebuyers,” said Paul Taylor, President of Mortgage Professionals Canada. “People are looking for ways to make owning a home more affordable. Generating income allows them to reduce their mortgage more quickly.”

Canadians responding to the survey underscore this point. For homes purchased during 2014 to 2016, the average contracted amortization period is 22.4 years. Each year more than a third of mortgage holders take actions that will shorten their amortization periods. The most recent buyers expect that, on average, they will repay their mortgages in 18.8 years, which is 3.6 years shorter than their average contracted period.

On October 3, the federal government announced that for all insured mortgages, the borrower’s ability to afford the payments must be tested using the “posted rate”, which is currently 4.64% and far above the actual interest rates found in the market.

“It is too soon to measure the impacts of this policy change,” said Will Dunning, Mortgage Professionals Canada Chief Economist and author of the Annual State of the Residential Mortgage Market in Canada report. “The survey finds that among potential homebuyers who expect to be subject to that test, their ability to buy a home will be impaired. As a result, they also expect that there will be negative impacts in the overall housing market and in the broader economy.”

Read the rest of the press release here >>

Annual State of the Residential Mortgage Market in Canada

New Mortgage Stress Test Explainer Video

New Mortgage Stress Test Explainer Video

As you may well know, the Canadian government has recently made some changes to how Canadians qualify for insured mortgages. They have instituted what is being called a “stress test” for your mortgage. Here is a good explainer video that does an excellent job of summarizing these changes, and how they impact you directly if you are looking to qualify for a mortgage.

 

If you have any questions about the new qualifications, the stress test, or how it impacts you, please contact me anytime at 416.945.9123 or by email at mat@fugeremortgage.ca

Bank of Canada Rate Announcement Dec 7th, 2016

Bank of Canada Rate Announcement Dec 7th, 2016

No big shocker here, in the final rate announcement of 2016, just as every economist in the country predicted, the Bank of Canada announced this morning that it is maintaining its target for the overnight rate at 1/2 per cent. The Bank Rate is correspondingly 3/4 per cent and the deposit rate is 1/4 per cent. 

Economic data suggest that global economic conditions have strengthened, as the Bank anticipated in its October Monetary Policy Report (MPR). However, uncertainty, which has been undermining business confidence and dampening investment in Canada’s major trading partners, remains undiminished. Following the election in the United States, there has been a rapid back-up in global bond yields, partly reflecting market anticipation of fiscal expansion in a US economy that is near full capacity. Canadian yields have risen significantly in this context.

In Canada, the dynamics of growth are largely as the Bank anticipated. Following a very weak first half of 2016, growth in the third quarter rebounded strongly, but more moderate growth is anticipated in the fourth quarter. Consumption growth was robust in the third quarter, supported by the new Canada Child Benefit, while the effects of federal infrastructure spending are not yet evident in the GDP data. Meanwhile, business investment and non-energy goods exports continue to disappoint. There have been ongoing gains in employment, but a significant amount of economic slack remains in Canada, in contrast to the United States. While household imbalances continue to rise, these will be mitigated over time by announced changes to housing finance rules.

Total CPI inflation has picked up in recent months but is slightly below expectations, largely because of lower food prices. Core inflation is close to 2 per cent because the effect of persistent economic slack is still being offset by that of past exchange rate depreciation, although the latter effect is dissipating.

Overall, the Bank’s Governing Council judges that the current stance of monetary policy remains appropriate. Therefore, the target for the overnight rate remains at 1/2 per cent.

You can read the official report here. 

Here are the announcements dates set our for 2017.

  • Wednesday 18 January*
  • Wednesday 1 March
  • Wednesday 12 April*
  • Wednesday 24 May
  • Wednesday 12 July*
  • Wednesday 6 September
  • Wednesday 25 October*
  • Wednesday 6 December

*Monetary Policy Report published

All rate announcements will be made at 10:00 (ET), and the Monetary Policy Report will continue to be published concurrently with the January, April, July and October rate announcements.

2016 Year End Tax Tips

2016 Year End Tax Tips

  • By mathieufugere@gmail.com
  • November 29, 2016
  • Blog,Finance

As financial literacy month winds down, now is a great time to review your personal finances and take advantage of any tax planning opportunities that are available to you (before the December 31st deadline). Here are some tax tips you might want to consider to help reduce your 2016 taxes:

Making RRSP Contributions

This year the deadline for RRSP contributions is March 1, 2017, which means you have about 3 months left to contribute for the 2016 tax year. If you’ve contributed the maximum amount in previous years your 2016 contribution room is limited to 18% of your 2015 income (with a maximum contribution of $25,370), excluding any pension adjustments. Remember, contributions made as early as possible will maximize tax-deferred growth!

Paying Investment Expenses

To claim a tax deduction (or credit) this year, investment-related expenses must be paid. This includes things like interest paid on money borrowed for investing, or investment advising fees.

TFSA Contribution Reminder

The contribution limit for a TFSA in 2016 is $5,500. Luckily, there is no deadline to contribute to your TFSA!

If you haven’t previously contributed to a TFSA you can contribute up to $46,500 this year (as long as you are at least 18 years old and have been a resident in Canada since 2009).

Making Charitable Donations

It’s the season of giving! The last day you can make a donation and receive a tax receipt is December 31st. Lots of charities accept online donations and offer electronic tax receipts (most likely emailed to you instantly).

For Families with Kids

Education and Textbook Amounts 

This is the last year to claim education and textbook tax credits (they are being eliminated January 1, 2017).

Claiming Federal Credits for Children’s Activities

This is also the last year you can claim two popular federal credits for your kids’ activities. If you don’t think you’ll spend enough to maximize these credits this year, perhaps consider prepaying these expenses for 2017. For example, if you’re planning on enrolling your kid in hockey or violin lessons in 2017, pay for the activities by December 31, 2016 and you can claim the credit(s).

When it comes to your finances, the earlier to you act the more likely you are to benefit from tax savings when you go to file your 2016 personal tax return. Of course, you should check with your accountant or tax advisor for your particular situation to see how you can reduce your taxes.

This article was originally written by Randy Cass and published here, on November 25th 2016.

Let’s Talk Housing!

Let’s Talk Housing!

The Canadian government just released its housing strategy plan, called “What We Heard, Shaping Canada’s National Housing Strategy”. It has been included below in all its 66 page glory, but first here are some of the highlights.

Helping those in greatest need. It is clear that Canadians are united in wanting better housing outcomes – not just for themselves, but for individuals and families with the most severe housing needs, including low-income Canadians, the homeless and victims fleeing violence.

Helping Indigenous peoples achieve better housing outcomes for themselves. Indigenous peoples told us that a separate, but parallel strategy is needed to address the unique housing challenges facing Métis, Inuit and First Nations peoples living on and off reserve, in cities and remote areas, and in the North and bring housing need levels on par with non-Indigenous peoples.

Eliminating homelessness. A fundamental goal of a National Housing Strategy should be to eliminate homelessness in Canada, and short of that, make it rare, brief and non-recurring. The needs of homeless Canadians, who fall at the extreme end of the housing spectrum, ought to be prioritized.

Making housing more affordable. Canadians said housing they can afford and that meets their needs was the most important housing outcome. The lack of affordable, suitable and adequate housing is especially a concern for low-income households and other vulnerable Canadians across the country. 

Adopting a housing systems perspective. Canadians told us they expect a National Housing Strategy to better coordinate the various housing initiatives already in motion across the country and to tackle housing needs across the entire continuum.

Housing policies and programs should centre on people and place. All recognized the need for housing solutions to be people-focused so that individuals and families have access to jobs, schools and supports in order to participate in their communities and help lift them out of poverty. Canadians also want housing located in safe neighbourhoods with day-care facilities, community services, public transportation, recreational and other amenities nearby.

Setting clear outcomes and targets. You told us that a national strategy must set clear outcomes and measurable targets in order to report back to Canadians on progress in achieving better housing.

Delivering long-term and predictable funding. We heard loud and clear from housing providers and developers that long-term and stable funding is necessary to plan and deliver more affordable housing. Similarly, access to innovative financing and affordable lands will also help alleviate affordable housing gaps.

Realizing the right to housing. Canadians said a national housing strategy should examine whether our laws, policies and practices are sufficient to prevent homelessness, forced evictions, and discrimination in having adequate housing.

Improving data collection, analysis and research. Canadians and housing experts stressed that more and better housing data is needed to understand housing conditions and the housing needs of Canadians, and in order to develop informed, cost-effective, policies, programs and initiatives.

Taking a collaborative approach to housing. Canadians told us that a National Housing Strategy should take an integrated approach, building on the capacity of all orders of government and other partners. Clear collaboration and flexible solutions are necessary to achieve a national vision of housing.

What We Heard by Mortgage Resources on Scribd

Are Rates Finally Going Up?

Are Rates Finally Going Up?

Well, after many years of unprecedented low interest rates in Canada, it appears the Canadian government by way of rule changes, and the American government by way of Trump, are impacting mortgage rates. Simply put, the Canadian government has recently made it more expensive for banks to lend money, while predictions of the policies that could be implemented by Donald Trump as the new President of the United States has impacted the bond market, which in turn compels lenders to increase rates.

Earlier this month TD announced that they were increasing their TD Mortgage Prime Rate to 2.85%, and if you have already scrolled through your news feed this morning, you will have seen that RBC increased their fixed rate mortgage pricing effective immediately. In typical fashion, it won’t be long until most lenders follow suit and we see increases to mortgage rates across the board. Because let’s face it, banks will use any excuse to make their businesses more profitable.

There is certainly no reason to panic, this seems more like a correction than anything, however, are rates finally heading upwards? It appears that way.

So what does this mean to you? Well… here are some action points.

  • If you have a mortgage that renews in the next 6 months, let’s talk, we can look at your options, and determine the best course of action for you.
  • If you have been thinking about refinancing your mortgage to access equity, there is no time like the present. Let’s talk.
  • If you have been sitting on the fence, considering a venture into the housing market, but aren’t sure… it’s probably a good idea to at least get a pre-approval and hold a rate for up to 120 days. No obligation, but if rates are going up, a rate hold now makes sure you save some money if you decide to make your move.
  • If you are thinking to yourself, I have no idea what I should do… it never hurts to get in touch.

As you can see, regardless of your situation, if you have mortgage questions, please contact me anytime at 416.945.9123 or by email at mat@fugeremortgage.ca, I would love to talk through your options and help you figure out a plan that works for you. I’m never too busy for new clients, or to connect with existing clients.

When Prime Rates Differ?

When Prime Rates Differ?

Although the recent changes to mortgage qualification introduced by the government were intended to create stability in the Canadian housing market, the unintended consequences might have been to make the waters a little muddier. For the first time, it looks like Canadians weighing their mortgage options will have to be aware that not only do different lenders offer different products at different rates, but that the baseline for rate calculation might be different between lenders as well. Comparing apples to apples and oranges to oranges just became more difficult.

You see, in response to these latest changes by the government, last week TD announced that it was raising its TD Mortgage Prime rate to 2.85%, up from 2.70% effective November 1st, 2016. Speculation was that the other major banks would follow suit, however it’s a week later, and still we have no action. This is clearly a pre-emptive move by TD in anticipation of higher mortgage funding costs. And you can’t hold it against them, banks are really good at making money, and they do that by charging interest on lending products to consumers. Well, that and debit transaction fees, but that’s an entirely different topic altogether.

Customers with fixed rate mortgages will be unaffected by these changes, however variable rate mortgage holders will now be paying more interest at TD than any other bank in Canada. But here is where things get complicated, although variable rate mortgages are based on the prime rate (which is now not consistent between all lenders) there is usually what is called a “component to prime”, so it’s usually prime rate, plus or minus a component. At the time this was published most lenders are offering a discount of around a half a percentage point on their variable rate products. With a higher prime rate, TD could effectively offer a deeper discount, and appear like they are offering the lowest rate on the market, but in actual fact, they would be at a higher effective rate.

This certainly isn’t meant to be a slam against TD bank, TD has offered some great products in the past, and will no doubt continue to do so. The main point of this article is simply:

Banks are in the business of making money, mortgage brokers are in the business of taking care of their clients.

With all the products available on the market, how do you know which one is best for you? That’s where I come in. I am an independent mortgage professional, my obligation is to you, my job is to know the ins and outs of all the products offered by different lenders, so that you don’t have to. So regardless of what bank is offering what prime with whatever discount, you have someone who sees through the noise, assesses your needs, and recommends a mortgage solution that is best for you.

If you have any questions, or would like to discuss your mortgage, please contact me anytime at 416.945.9123 or by email at mat@fugeremortgage.ca , I would love to hear from you!