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With close to 20 years in the mortgage industry and a consultative touch, Nishka makes the entire process smooth and easy.
Do we renovate? Do we buy a vacation home? Do we package up our debt and add it to our mortgage? Using your home equity doesn’t have to be expensive. From re-organizing debts to parents helping their children buy homes, draw upon Nishka’s collective experience from dealing with every possible financing scenario over the past 15 years.
“Nishka has been our mortgage advisor for many years. While we have always valued her experience, excellent customer service, and advice in providing financing solutions, it wasn’t until we started our major renovation that we got to see how extensive her knowledge really is. Not only did Nishka recommend over 10 trades people to us, she also came to our home and shared some of her personal experiences, offering ideas from several of her projects on her past homes. She also drew upon the collective experiences that her clients have been through, some of which are property developers.
Working with someone who is “battle tested” has given my wife and I a huge level of comfort as we take the leap into this massive undertaking!”
– Leonard and Liana Cox – North Vancouver
As a real estate investor you want a mortgage advisor with experience. In addition to structuring mortgage financing deals for over 15 years, Nishka is also an active real estate investor herself. Having bought and sold close to 10 properties in the past 10 years, Nishka understands how real estate in the Vancouver area is an integral part of building wealth. With over 50 lenders at her disposal, Nishka can find the funds to “do the deal” and structure it in a tax efficient manner.
– Robert and Kasia
How exciting! After driving around town, visiting a million open houses over countless Saturday’s, you are ready to make an offer. Or maybe it’s just the opposite! The house that you have always found an excuse to drive by now has a For Sale sign! Suddenly the traffic on the street seems much more than usual; you know you are going to have to go into a multiple offer situation to get this one!
This is where Nishka shines! In either situation you need a mortgage advisor who can act fast to get you an approval with the right lender so you can remove that “subject to financing clause” ASAP!
“Buying a house and securing financing is a very stressful experience, however, through working with Nishka, the process was surprisingly easy. She was extremely helpful in explaining all the details to us. She has years of experience and knowledge in the industry and was creative in helping us achieve our goals. I would, without a doubt utilize her services again in the future and would recommend her to anyone looking into mortgage financing as she is one of the best at what she does!”
– John from New Westminster
– Angela
You want to explore your options. Perhaps you are tired of making appointments during “Banker’s Hours” or you would like some advice on what type of mortgage best fits with the current rate environment. With access to over 50 lenders Nishka has the ability to find the right mortgage, with the right lender that best fits your needs. Today’s mortgage financing landscape is very different than when you initially set up your mortgage. Let Nishka guide you through the new government legislation and product options.
“Nishka listened to our financial needs and knew exactly how we should proceed to achieve our lifestyle goals. Thank you Nishka – you are amazing in every way!”
– Tracy and Declan Sacre – North Vancovuer
How exciting! Buying your first home is something you will remember for a life time! Let me tell you why First Time Buyers love dealing with Nishka!
Compass™, a program available exclusively from Nishka, allows you to harness her 20 years of experience as an Accredited Mortgage Professional. First Time Buyers that have been through the Compass™ process, on average buy a home 50% sooner and at a 50% to 70% greater purchase price than those First Time Buyers that haven’t gone through the process. With Compass™ you will get the road map and the directions you need to get you moving into your very first home!
– Mike and Sherri
Nishka has been an amazing resource for our first home purchase. She was professional and thorough throughout the process and secured a great rate for us quickly and efficiently. Thanks Nishka!
– Ian and Elisabeth
“As first time home buyers, we didn’t know much about the mortgage process. Nishka made everything simple, was always there to answer questions, and catered to our personal needs in finding the right mortgage for us!”
– Jon and Cassia
“So grateful to have Nishka help us make our dream a reality!!
I can’t speak highly enough to explain how much Nishka has helped us through the process of buying our first home. She not only helped us secure a great mortgage product with one of the best rates, but in my mind she also went way outside her job description to make the entire process comfortable for us by having such a wealth of knowledge in all areas of the home buying process. I walked into her office just to explore what it would take to get ourselves into a position where we could buy our own home and with an amazing suggestion on how we could invest in RRSP’s to maximize our tax refund and then utilize our first time home buyers program we actually turned just and idea into me sitting here now in our beautiful home writing about the experience all within 6 months. There were a lot of unknowns and really big sometimes scary decisions to be made along the way when buying our house and what I loved about working with Nishka is that she was always available to return my calls. When we were hunting for houses I think I had to call her 3 times in a row to ask different questions and not once did she ever make me feel as though I was being a bother and she always had a way of leaving me feel very comfortable and confident in what I was doing. Nishka went way above my expectations and I am so grateful to have met such a great person and I will definitely be continuing our journey with her when our mortgage term comes time for renewal. If anyone is considering buying a home or is looking to find a great mortgage I highly recommend you see Nishka to discuss your options she has made our dream come true and I really know she would be helpful to anyone who is going through the process.”
– Sarah & Jay
Very happy new homeowners!!!
As first time home-buyers, my husband and I were referred to Nishka to help us secure a mortgage. Nishka was incredibly patient, meeting with us in person to answer all of our questions and coach us through the process. She also made sure to keep in touch regularly throughout our experience so we were aware of where things were at and what was required of us. Even when faced with unique challenges, Nishka went above and beyond in gathering additional information and providing guidance to us on how to navigate our situation. Overall, the knowledge she shared with us and her drive to get us set up with the best mortgage possible reduced our stress and made the entire process easy and straightforward. We would recommend Nishka to other first time home-buyers in a heart beat!
-Amy and Shaun
A Mortgage Finance Blog filled with insights on real estate!
As we bring 2022 to a close, the Bank of Canada (BOC) Governor Tiff Macklem (Tiff) increased the prime rate by 0.5% to ensure we get the message to go easy on the spending this Christmas. However, he did elude to some boxing day specials, which I’ll cover in my post today.
Before I jump into today’s commentary, I’d just like to say again that my goal with these updates is to take an incredibly dry press release and make it informative, relatable and somewhat entertaining – hence the sometimes colourful analogies. Economics is part finance, part human behaviour, and part history lesson. After writing almost 65 rate updates since 2015 ( close to 40,000 words), I realize that I will never be 100% right, but I know I can guide you in the right direction.
With that said, let’s jump into today’s update! As usual, I’ll start with translating the key points of the BOC press release into “English.”
Tiff continues to beat the drum of supply vs demand in his decision to raise rates. Citing that he needs to control demand (which spiked over the “summer of liberty” due to open travel) by raising rates. Interestingly, three paragraphs later, he speaks about how the supply chain bottlenecks are improving, which should be the key to returning inflation to its target of 2%. At the risk of sounding like a broken record, we don’t have a demand issue; we have a supply issue. Combined with higher oil prices due to the Ukraine conflict, these two factors are 90% of what is causing inflation. The good news is Tiff sees 50% of what’s causing inflation on the mend, which is why he hinted this might be his last rate increase.
That’s one point for lower rates next year.
The next point mentioned in the press release is the coming recession. Did Tiff drop the “R” word?! Heck no! Having an economist make a definitive statement would cause the universe to implode! He is expecting growth to stall between now and March 2023. As they say, if it walks like a duck. The good news is that he expects the economy to contract – which is the opposite of inflation. Looking at today’s 5 year bond rate and 10 year bond rates, the markets (read: big institutional investors) feel a recession is on the way. I know it sounds counterintuitive, but this is good news for your mortgage. At market close today, the 5 year government bond touched 2.97%, which hasn’t happened since late August this year. Which was just before the big rate hikes started.
That’s another point for lower rates next year.
The final item in the press release was the labour shortage and wage pressure. Tiff’s concern here is during a labour shortage, workers can demand higher wages. Higher wages leads to higher demand for goods, which is the fire Tiff is currently trying to put out. Economist Benjamin Tal spoke a few months about the tight labour market issue. His research suggested that it was more a function of the restricted immigration policy during COVID vs workers disappearing from the workforce. Now that the borders are open, we’ll likely see an easing of labour pressure, easing the supply chain issues causing inflation.
It’s questionable, but let’s call that another point for lower rates next year.
So what does this mean for your mortgage?
We might have hit a turning point, signifying the end of the rate increases.
I know that sounds optimistic, but one thing not in your news feed is the BOC has been raising rates and unwinding all the quantitative easing done during COVID at the same time. The BOC has been far more aggressive than the US Federal Reserve in this regard, and the way the Canadian banking system is designed, interest rate increases pack more of a financial punch up here than they do down in the US. So when you’re watching the news, don’t get sucked into the noise around US inflation.
The other supporting reason for the “turning point” theory is that the big six banks have priced inflation into their fixed mortgages. Now that the word recession is in the air, that premium, combined with the costs of funds getting cheaper, gives the banks room to lower mortgage rates. In addition, spring tends to be a busy time for real estate, and the banks will be super hungry for market share, given how slow the market has been this past quarter. Starting in late January, expect to see a lot of promotions offered for mortgages that fund within 30 or 60 days.
So what should you do?
It pays to wait.
Patience is critical at this point in the economic cycle, and the odds are finally stacking up in your favour. And to quote financial advice from “The King” … Wise man said only fools rush in…
So don’t rush into that early renewal: Expect a call from the banks to renew your mortgage early. Keep in mind these calls are from sales centres, and the sales staff have targets that come from bosses above. These calls are designed to prey on your fears and usually come with a limited time for you to make a decision. These calls aren’t consultative, and the advice around which term to take has about as much thought put into it as picking an item off a drive-thru menu.
Don’t rush into fixing your variable: For those of you in a variable rate mortgage, I know your patience is wearing thin. Trust me, I’m with you, but the one thing that keeps me going is knowing that variable rate mortgages, like stocks, outperform over the long run. When the market does turn, the prime rate will fall faster than the fixed mortgage interest rates. Keep in mind the rate of your variable mortgages is about the average rate over the 5 years of your term. So don’t get lured into fixing your mortgage when the bank calls.
And finally, don’t rush into any decision without giving me a call. It only takes about 20 minutes for me to guide you through what makes sense for you in the context of today’s economic climate.
As an important person said to me once during a challenging time in my life – Trust me, I’ve been here before, and I know the way out.
The next Bank of Canada meeting is January 25th, 2023
Did you Like this post? Then you’ll Like my Facebook Page. It’s filled with current news on what’s going on in the world of real estate.
Since 1995 Nishka has been providing financing solutions for North Vancouver, Vancouver and the Tri-City areas. In that time she has come to understand one simple thing; owning real estate is a key ingredient to creating wealth. “I’ve had the opportunity to meet and interview some very successful people. The common thread between them was that they all actively used real estate to build their net worth.” With this in mind, Nishka is an active advocate in helping clients on their journey in either starting or building on their real estate portfolio. It’s not all about building wealth though. ” Living in Vancouver is a lifestyle choice. We choose a community that we feel our family will be able to connect with. Having lived in North Vancouver for close to 20 years; I am able to provide insight into the various communities and their idiosyncrasies.” When we asked Nishka what does she love about her role as a Mortgage Advisor: ” Helping people. It’s as simple as that. When I meet people they are often at the cross roads of some pretty big decisions. Providing insight from my collective experience and guiding them through the process to the solution is challenging and also exciting.”
“My wife and I were facing the exciting, but also somewhat horrifying task of purchasing our first apartment. As first time buyers, we really didn’t know a whole lot of the ins and outs of a home purchase and about all the different types of mortgages and lenders. Nishka made this whole process easy and as stress free as it could possibly have been. We were referred to her by a coworker and from day one she was absolutely wonderful. She is calm, patient, informative, extremely professional, and very easy to get ahold of if you have questions or concerns. We would highly recommend Nishka to anyone looking for a mortgage.”
– Mike and Sherri
“As first time home-buyers, my husband and I were referred to Nishka to help us secure a mortgage. Nishka was incredibly patient, meeting with us in person to answer all of our questions and coach us through the process. She also made sure to keep in touch regularly throughout our experience so we were aware of where things were at and what was required of us. Even when faced with unique challenges, Nishka went above and beyond in gathering additional information and providing guidance to us on how to navigate our situation. Overall, the knowledge she shared with us and her drive to get us set up with the best mortgage possible reduced our stress and made the entire process easy and straightforward. We would recommend Nishka to other first time home-buyers in a heart beat!”
– Amy and Shaun
“So grateful to have Nishka help us make our dream a reality!!
I can’t speak highly enough to explain how much Nishka has helped us through the process of buying our first home. She not only helped us secure a great mortgage product with one of the best rates, but in my mind she also went way outside her job description to make the entire process comfortable for us by having such a wealth of knowledge in all areas of the home buying process. I walked into her office just to explore what it would take to get ourselves into a position where we could buy our own home and with an amazing suggestion on how we could invest in RRSP’s to maximize our tax refund and then utilize our first time home buyers program we actually turned just and idea into me sitting here now in our beautiful home writing about the experience all within 6 months. There were a lot of unknowns and really big sometimes scary decisions to be made along the way when buying our house and what I loved about working with Nishka is that she was always available to return my calls. When we were hunting for houses I think I had to call her 3 times in a row to ask different questions and not once did she ever make me feel as though I was being a bother and she always had a way of leaving me feel very comfortable and confident in what I was doing. Nishka went way above my expectations and I am so grateful to have met such a great person and I will definitely be continuing our journey with her when our mortgage term comes time for renewal. If anyone is considering buying a home or is looking to find a great mortgage I highly recommend you see Nishka to discuss your options she has made our dream come true and I really know she would be helpful to anyone who is going through the process.”
– Sarah & Jay
Very happy new homeowners!!!
– Sarah
– Robert and Kasia
– Angela
“My family and I HIGHLY recommend Nishka Riley. We’ve used her expertise more then once. She, every single time, succeeded where others repeatedly kept failing. She is a Life Saver and Happiness Maker… Thank you Nishka for who you are and for helping others be where they want to be.”
– Kamal Derkaoui csc
Nishka has been an amazing resource for our first home purchase. She was professional and thorough throughout the process and secured a great rate for us quickly and efficiently. Thanks Nishka!
– Ian and Elisabeth
“Nishka has been a pleasure to work with. She is a warm and sincere person and also has great vision and knowledge.”
– Juliette Schmerler
“I’ve known Nishka for several years and have found her to consistently be a knowledgeable expert in the field of mortgage financing. I would highly recommend her services to anyone requiring mortgage advice or insight related to financing a real estate transaction, either for personal use or investment purposes.”
– Gord Trembath
The service that Nishka provided was exceptional. Not only did she find me a great mortgage but also gave me some common sense solutions for future investments. I would highly recommend Nishka to my friends and family, and look forward to working with her in the future.
– Mark Walker
Quoted in:
December 2011 Issue October 2011 Issue
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