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  • Writer's picturePaul Therien

Inflation and Home Ownership – How to help protect your future.

We are all being inundated with articles and opinion pieces about inflation and what should, or could, be done to stop it. Most are simply retelling the same old items that are only slightly redone to make them appear as new. While all of this is important to foster dialogue about how the rising costs of living, it does little to help.

If you are a home owner you have some additional costs that renters simply do not shoulder. You will always have higher costs for items like utilities, taxes, and maintenance. You also benefit from the equity you build in the home and the increased wealth it can deliver when managed properly. Those are the key words to pay attention too “when managed properly”. That means having a wholistic view of your financial picture and how your mortgage has an impact on your financial security.

Simple changes to your mortgage can create solutions that help you create a stronger future. There might be some short term pain, but if it means a brighter tomorrow it might be worth it. For some it can even mean the difference between losing or keeping their home.

Canada is very unique when it comes to housing. We have one of the highest rates of homeownership in the world which gives us incredible stability. On the other hand we also have the highest rate of debt. That is not such a good thing. If we look at the rate of household savings, and remove home equity from that equation, we are falling short. Most people in this country cannot afford a major economic decline simply because too many have used their homes as a cash reserve. That only works when you qualify to access the money in an affordable way.

What is affordable? That depends on your individual circumstance. Some might deem private lending, at higher rates, as being OK because they see a way out of the debt. Many people end up stuck in a situation where they feel trapped. Most are so desperate for solutions that they jump when they should not. That blind jump can end up creating more problems in the future.

Mortgage professionals, like a Haystax Mortgage Agent, have tools they can use to help guide you forward. The smart professional looks beyond the single transaction to build a wholistic plan for their customers. It means instead of focused on commission, they care more about your needs. What works best for you and your family? How can your long term goals be achieved? Are you in a position to weather unexpected challenges? If you aren’t, what can be done to help you get there?

When you are working with a mortgage professional ask them questions. How does this help me pay off my mortgage faster? How does this help me achieve my goals? In fact, as the customer you should not ever be afraid to ask as many questions as you want. It is the only way for you to know, and be able to plan effectively. Working with Haystax can help get you there with our dedicated mortgage planning program. Our partnership with credit experts can also assist you in charting a future that has meaning.

To get started simply apply at and one of our highly experienced professionals will be there to assist.

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