Yeah, I know I’m crazy late here. I’m reminded of the Seinfeld episode where the characters debate when it’s officially too late to say “Happy New Year.” Jerry gets one in March. The gall.
There should have been a newsletter out three weeks ago, honestly. I know I’m late on it. I’ve been working on something new that I’ve really been diving into, and you’ll have the details soon enough shortly, once I have the big details worked out.
Yes, I’m busy with something new and big, but I want to reassure my readership that I always have time for that initial strategy call. I’m here for you. If have any confusion financially, or want to figure out your mortgage strategy, I’ll always be your guy. And generally it only takes, 15 to 30 minutes.
I ask all the right questions. I delve deep into all the ins and outs of your situation, and then use that information to help you come up with your own mortgage strategy. No, I’m not really telling you what to do; I’m giving you the options, talking it out with you, and letting you arrive at your own conclusion.
Book me now: https://calendly.com/davidsteinberg/15min
This is probably one of the main questions I’m dealing with now, and one that I’ve always dealt with over time. This is such a loaded question. There are so many variables.
Can you sell for what you want? If you keep it and rent it, is it cash flow positive or are you carrying? Is renting a property viable in your situation? Are you thinking shorter term, or longer term? What can you get for rent?
So many questions, and various strategies to deal with. This is where I shine (and have, since 2005 when I started giving banking and mortgage advice).
Happy to report that Olympic Mortgage has surpassed 400 google reviews, which I believe is the most in Victoria for any mortgage broker. Yay us! Thank you clients for working with us and entrusting us with your most important purchase or refinance transaction.
Yes, the strategy call is important in setting the stage and beginning the business relationship. But most of the heavy lifting in getting the deal done comes after the initial strategy call. Document collection, cleaning up the application, lender submission and communication, and finally, tons of “babysitting calls”. Calls with our clients to ensure they’re comfortable and understanding along the way.
There’s a massive amount of time and energy that goes into those things. I have to recognize my amazing team at Olympic Mortgage that help make the engine go.
Yes, we all know that the bank of Canada held the overnight rate steady this week, no drop, no hike. It was expected. Here’s what you already heard – if you have a variable mortgage, nothing changes. Your interest rate doesn’t change either. Basically, nothing happened.
You’ve also heard sentiments like “this won’t do anything to spur on a cool housing market”, and “this won’t help motivate buyers to get off the couch”. The normal surface stuff that comes out of all the newswires and plethora of mortgage emails you probably get.
When the headlines read “we don’t expect there to be any market revival,” those who are already in the market and maybe looking to add another property — or those trying to find their first home — should realize we’re actually in a time of unique opportunity. Let’s think about this logically for a moment.
If you’re holding off because you feel like there’s going to be some dramatic “reckoning” in real estate, there’s no better time than now, IMO (In my opinion, I’m trying to be more liberal in my writing)
You see, while you’re trying to time a purchase with some massive market correction, you have to remember — you only ever contribute one transaction to those statistics.
Here’s how this really works, behind all those statistics they feed you. Some people get deals. Some people get pretty good deals. And then some people get amazing, out of this world deals. Your deal is just one of many, and not representative of the whole lot. Because you decide on your deal. Your deal is unique.
In other words, just because the market hasn’t plummeted doesn’t mean you can’t go out there and find yourself a crazy good deal. You can.
While the headline might be somewhat pessimistic, or anti-climactic, I look at is as an opportunity.
Inventories are higher, sellers are desperate, and we’ve already seen the market correct. There is no better time then now. If you actually start digging — really looking — you can probably find that amazing opportunity. That amazing deal. The house for less than the BC assessment. The house that was the same price it sold for 7 years ago.
But they don’t just pop out at you. You have to do your research, with your realtor, and find it.
-Sellers that just want out
-Sellers that are nervous
-Sellers that don’t have time to wait
-Sellers that have been listed a long time
If you do find a seller that is somewhat desperate because of the above, there might be more room for the price to come down. Some sellers will be willing, others won’t be. Talk to your realtor. Ask them all the questions.
Disclaimer – of course the above isn’t an exhaustive list. There are lots of good deals out there, and there might be so many reasons why a house is listed lower than what you think it’s worth. Go after it.
One thing my clients all love is when I take the time, in a zoom meeting, and bring up realtor.ca. I go through listings in detail with my clients. I talk about the financing and how it relates to the property. We talk about the investment value, and also the actual value a property might have to the buyer. Note – investment value and actual value differ here. Actual value brings in all the non-financial components of a property. Right location for you? Does it work for you? Do you love it? Those aren’t in the numbers. Those are in your heart (oh I’m so sentimental).
Anyways, my clients almost always come out of that conversation with more properties to look at, more clarification into what they want AND the market, and just more knowledge. My realtor partners often thank me for helping them give their clients a more clarity, and actually get my clients more excited to make a property move, and of course, the RIGHT property move.
Give yourself the information! The data! Don’t be in the dark as to what’s out there. Even if you have one specific home in mind, go and see 10 more. Give yourself all the information. What’s available? How does it compare in price and value to what I want?
Gather the data, so you can make a better informed, and comfortable decision. Because there is nothing worse than getting an accepted contract, and then thinking afterwards, “was this the right move”? If you’ve really given yourself all the information and seen lots of property, then you’ll know you’re making the right decision when you end up writing the offer.
Of course I’ll do a fantastic job with your clients, if you do refer them over to us, that’s a given. It’s why over time we’ve had over 250 various agents in the business referring us over time. Your client will thank you, trust me.
But what do I mean, mortgage broker for hire? It also means I’m happy to contribute to your homebuyer seminar. And if you’ve been to any of my seminars in the past, you know I’ll keep your audience captivated.
Also, if you do open houses, someone from my team is happy to come by and host with you. We’ll bring along a rate and feature sheet. Just get in touch with me, and let’s talk details.
Fixed rates have crept up in the last few weeks, and then down. And then up. Some down. Some up. Make sense? Didn’t think so. But before you get all scared and say, nope, not for me, listen up: I have some strategies surrounding rates to tell you about. but I’ll only tell you when we’re specifically talking about your mortgage. So, call me?
Rates are subject to change without notice. Everyone’s rate can be different, and it really depends on if you’re high ratio, low ratio, purchasing, refinancing, or switching. If you’re really curious about how rates work, please read my blog “when we talk turkey”.
When you deal with me for your mortgage, I explain EVERYTHING. In clear and easy to understand language. And I confirm that you’re understanding as we go. You’re in the right hands here. Believe me, I’ve been helping folks with their mortgages since my early banking days in 2005. Funny, I don’t feel old, but I guess that’s what time does to us.
If you’re thinking of making a move, book that strategy call with me, and let’s get to work.
Signing off for now,
David Steinberg, AMP BComm
Mortgage and Property Strategist
Lead Broker, Owner
Olympic Mortgage
2508587160 or just click on the contact us page, or just email me at david @ olympicmortgages.ca (no spaces)
Check out the latest from the Victoria Real Estate Podcast. Thanks as always to Vincent Baart and Adrian MacLaren for having me on their show!
Audio Only – Victoria Real Estate Podcast
Video (youtube):
Simplify, simplify, simplify. Just like I try to simplify my client’s lives by being instrumental in their purchase, debt consolidation, or whatever-it-is, I realize that I too have to simplify some aspects of my business and life that have become a little too confusing, or cumbersome, to me. A bit of a reset, so to […]
Article originally sent out to the distribution list on September 17, 2025. Made Ya Look! Sorry, I was just trying to think of a clever way to get you to open my email, amongst all the other mortgage broker emails that are bound to hit your email inbox today. I will tell you though, 2.89% […]
And, I’m practically begging you to do this!