Family hanging pictures in new home

How to Downsize to a Smaller Home

Moving to a smaller home can be an intimidating transition for many, as there are often so many questions that come up. Are you ready to give up on the extra space you once had? How will moving from a larger house to a smaller one affect your lifestyle and day-to-day living? All these questions – plus the process of actually downsizing – can be rather overwhelming. Fortunately, the key to navigating this shift is all about understanding what’s involved in buying and making a comfortable home in spaces with fewer square meters than what you may have been used with before. With research and preparation, it’s possible not only achieve but maintain balance between having enough liveable space while still feeling organized. In this blog post, we’ll cover how homeowners looking to downsize their houses can do so without sacrificing comfort or convenience.

Reasons For Downsizing Homes

When it comes to owning a home, smaller isn’t always better. But if you take the time to consider what choosing less might offer, downsizing could prove extremely beneficial—especially with today’s tiny house movement becoming ever more popular! For many of my clients in real estate over the last thirty-seven years alone, opting for something smaller has been about saving money and living without excess space they just don’t need or use; but there are other advantages too. Millennials hoping to make travel plans or retire early may find that downscaling makes sense while those who see retirement on their horizon will appreciate much easier upkeep and management responsibilities compared to larger houses.

Start By Organizing to go Into a Smaller Home

Moving can be a stressful process, but you don’t have to make it even more daunting! Start downsizing your home early – at least several months ahead of the move. Not only will this help keep stress levels low, but taking on each room one-by-one will help with staging once your house is listed for sale. On top of that? Your property could sell faster too! This can be key when considering how to downsize to a smaller home.

Understand The Size of Where You’re Moving Into

Before making the move, it’s important that you understand how much space your new home offers. Doing a quick calculation of square footage will give you all the details about each room and help ensure nothing gets left behind! Knowing which furniture pieces are of use versus those that can be donated or discarded is key in downsizing homes. You may find yourself saying goodbye to some beloved items but remember. If something doesn’t fit its bye-bye for now – maybe things can work out when relocating again down the line?

Organize What You’ll Be Keeping

Get your home ready for the big move with some smart and savvy sprucing! From arranging drawers to shredding papers, proper preparation can help make downsizing a breeze. Make sure you label moving boxes appropriately – this way everything will be easy to find when it’s time. Don’t forget those treasured documents either. Invest in a safe place where all vital records are conveniently located come packing day.

Final Thoughts For Downsizing

It’s no secret that downsizing can be a tough decision, especially when we’re attached to our home. After all the great memories and experiences you’ve had in your home it’s not easy saying goodbye! When you finally get there though, the worry of managing everything decreases. But what do start weighing up if it really is right for us? These tips might just help make that process easier. For more information, contact us today. 

small plant with coins to show savings growing over time.

Affordable Home Upgrades Under $100

Affordable Home Upgrades Under $100. Are you a homeowner looking for an affordable way to upgrade your home? Perhaps, you are in the market for a new house and want to make sure it meets needs while not breaking the bank. Either way, investing in home upgrades can increase your quality of life, boost property value, and even save energy costs over time. The best part is that there are several projects out there which cost less than $100 – making them perfect for households on any budget! We’ll explore home upgrades that will transform your space without taking too much out of pocket cash. Courtesy of Prime Mortgage Works. 

Paint Outdated Cabinets

Spice up your space with a budget-friendly update! Investing in some paint and supplies can be an easy way to bring value to any home. With only $100 and one weekend, you’ll take something old and give it fresh life . This will up its equity for sale or brightening the look if you plan on staying put. Grab that brush or roller, pick out your hues of white or light grey, get ready to work those muscles. Then voila, newly painted cabinets at no extra cost!

Replace Kitchen Hardware

Updating your kitchen hardware can be a cost-effective way to give it an instant transformation. According to Matthew Griffin from At Home Real Estate Consulting, changing out those 2002 gold drawer pulls for something more current like matte black or silver can make all the difference! Want in on this budget upgrade? Check Amazon – you might just find everything you need with 25 stylish handles for around $25! One of many amazing affordable home upgrades under $100.

Add Solar Lights

Are you wanting to give your outdoor areas a little extra pizzazz? Take it from Jason Gelios, top-producing realtor with Community Choice Realty in Southeast Michigan: solar path lights are the way to go! Believe it or not, these high quality lights have become super affordable recently. You can buy 12 stainless steel LED light fixtures for under $50 on Amazon. Why not jazz up your backyard walkways and porches today?!

Change Out a Main Light Fixture or Two

Changing up your light fixtures is an easy way to spruce up the look of your home! According to Mike Stewart, entrepreneur and realtor with his own Professional Real Estate Corporation, buyers love new features that match their style. They’re drawn into it visually – so why not switch those old-fashioned lights out for something a bit more modern? Whether you shop online or hit up local stores in search of discounted deals LIGHTING UP YOUR HOME can be super simple & affordable too!

room in house needing renovation

Purchasing Fixer Uppers

Experienced buyers who value their investments know that purchasing fixer uppers can be excellent sources for substantial savings. These properties make it possible to obtain high quality homes at discounted prices, thus affording homeowners an opportunity to increase equity with budgeted improvements and repairs. Taking on a challenge is sometimes necessary in order to build or renovate one’s dream home. There are also those looking for monetary gain through fixing up houses before reselling quickly at market rates. Whatever the motivation behind investing in a property needing some attention may be, savvy purchasers understand how beneficial such purchases can truly be!

Purchasing Fixer Uppers – Basic Finances

Purchasing Fixer uppers can be a great financial investment, but buyers should proceed with extreme caution. It’s essential to understand the potential worth of your purchase after all work is done. An experienced real estate agent will provide invaluable guidance here in determining what that value may look like for you. Armed with this knowledge and a thorough review of both costs related to repairs and renovations as well as asking price. You’ll know whether or not such a deal presents itself before taking on the project at hand.

Consider the Scope

Restoring a fixer-upper home can be an arduous task, taking several weeks to complete. It’s essential that you accurately assess what needs to be done before commencing. No one likes getting in over their head financially or physically, so make sure the property is structurally sound first. If unsure of your own skillset for this kind of assessment contact professionals who understand such projects. Dedicated businesses offering these services exist specifically for those wanting reliable advice on refurbishing rundown properties.

Special Fixer-Upper Considerations

Before making a final decision on the prospective property, it’s important to evaluate its location and potential for appreciation. Even if significant repairs are needed in an area of steadily increasing real estate values, homeownership may yet be a lucrative endeavor – just bear in mind that unexpected problems can sometimes arise during renovations no matter how small or large-scale they would happen to be.

In Summary – Parting Fixer Upper Information

Purchasing a fixer-upper can be an exciting yet daunting decision. Before taking the plunge, it’s essential to weigh all of your options and understand what you’re getting into. Don’t forget to get advice from professionals! On top of that, if done correctly there are few things as satisfying as finding the perfect property. Not only do you have equity in something which might otherwise never exist for yourself but also pride at having put together such a project. So why wait? With guidance start searching today – your own dream residence awaits!

rate graph on iphone and laptop

2023 Mortgage Rate Predictions

In 2022, the prime rate saw an astounding 163% increase in mere ten months. As a result, this set a record that is unlike any other. This sharp incline left financial lenders and borrowers alike wondering: how long will rates stay at their peak? Looking to history for answers reveals one thing – it’s not too long before we see rates lower again.

With borrowing costs key to the Canadian economy, swift action had to be taken to address a ballooning inflation. Consumers and businesses react swiftly with cautionary behaviour when rates spike rapidly. As a result, we face an unprecedented situation in which expected levels of interest may remain elevated for much longer. Possibly longer than their traditional 4 month lifespan. Doing so could trigger economic uncertainty. This is why quick turnaround intervention is required more urgently now than ever before.

2023 Mortgage Rate Predictions

The current economic landscape does not yield a clear-cut path for future interest rate changes. Although historically it is improbable to see the prime rate stay at its high longer than nine to fourteen months, there are numerous factors which may influence this trend including oil prices, wage gains and COVID risk among others. Meanwhile market speculation has placed an expectation of one more Bank of Canada hike before rates peak with the potential for a first cut in December. Now remains the time where we must exercise our best judgement as inflationary pressures take hold amidst variable external forces on all sides.

Although the BoC Governor‘s words may suggest different, it is highly unlikely that mortgage rates and other borrowing costs will stay high into 2024. Economic trends have been showing more promising signs than expected by the Bank of Canada lately. This alone will provide a ray of hope for borrowers waiting to enjoy lower lending costs in future months. Call us to discuss.

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Winning the LOWEST Rate


Keys to the Lowest Rate

Ready to buy a house and winning the lowest rate. Your mortgage rate is heavily influenced by the characteristics lenders look for in borrowers. To get your best possible deal and make sure you meet all of their criteria. Have an impressive credit score, demonstrate stable income and employment history, provide low debt-to-income ratios (DTI). Then, offer 20% as down payment or more if available, this shows financial stability! It’s no surprise that those who present themselves well will get accepted at lower rates. Don’t worry if not everything matches up perfectly – they take other factors into consideration too!

Lower Down Payment?

Don’t let a heavy down payment weigh you down! CMHC Insured mortgages with less than 20% require an insurance premium, but they also offer the lowest mortgage rates. With conventional loans over 20%, higher interest prevails. That being said, some lenders are willing to charge sweet discounts if your wallet’s full enough. A minimum of 5% is needed in Canada, so take advantage and start budgeting for that dream home today!

Does the Lowest Rate = The Best Deal?

When it comes to mortgages, don’t be dazzled by rock-bottom rates! Sure, low interest look great at first glance. However, there’s a range of other factors that can make or break your mortgage deal. Take prepayment provisions for example, these vary between lenders and could potentially cost you in the long run if not suitable to your needs. Additionally, portability clauses should also be taken into consideration before committing. Some brokers might leave out important information when touting their lowest rate offer so ask questions beforehand! We welcome all of your mortgage questions and will provide the best answers for your situation. When deciding on a mortgage plan use all available info as part of an informed decision making process. After all, this is one purchase you’re likely going handle only once in life time. That is why winning the lowest rate for your own case is important.

screens showing market data

Mortgage Trends in Canada

Looking to buy a home in Canada? You’re not alone. With home prices moving downward, it makes now a great time to jump into the housing market. But what does that mean for you as a potential homeowner? Let’s take a look at the current mortgage rate trend in Canada so you can make an informed decision about your purchase.

Mortgage rates have been on the rise in recent months

The Mortgage rate trend in Canada have been going up in recent months, and while that can be concerning to homebuyers, there are still money-saving strategies to keep in mind. In particular, mortgage rate hold periods allow borrowers to secure their mortgage interest rate upfront for an agreed period of time. This means that if rates start to climb again during the home shopping period, you will be thankful that you locked in. Furthermore, depending on your financial situation and credit score, it may also be wise to take advantage of shorter terms. This could mean smaller monthly payments for them over time. With the Mortgage rate trend in Canada always changing, savvy borrowers should always review options before you commit to a purchase.

The average mortgage rate is now above 5%

With the average mortgage rate now sitting above 5%, many prospective homebuyers have taken to choosing flexible options. Consider a variable rate or 2 year fixed mortgages. Variable rate mortgages are ideal for those expecting fluctuating incomes, as it ensures that when a homeowner’s income increases, the savings can be passed on by decreasing the amount of their monthly payments. Conversely, 2 year fixed rates provide stability, since they are not subject to change during that period. With such options available, lenders need to ensure that they’re competitively priced and informed of prevailing market standings so as to enable customers to make informed decisions.

Using a Mortgage Calculator to Move Forward

Checking the affordability of a mortgage on a potential property purchase is easy to do using an online mortgage calculator. With a few clicks, you can enter the qualifying rate, amortization length, and amount of the loan quickly. This will determine your estimated monthly payment. Shopping for a mortgage? Then don’t leave home without testing out your options with a mortgage calculator. It will provide you with essential information about what repayment options work best for you. Starting with this step can save time and money in the long run!

10 First-Time Homebuyer Mistakes

paint tray with roller and white paint

Purchase Plus Improvements Mortgage

Hey, did you know there’s a way to buy your dream home—and spruce it up at the same time? It’s true! Enter the Purchase Plus Improvements mortgage. This program allows you to borrow the cost of renovations (up to a certain percentage) and add it to the home price. All rolled into one easy-to-manage mortgage payment. That means once you take possession of your new home, you can start the upgrades immediately. What could be more convenient?

How Does a Purchase Plus Improvements Mortgage Work?

The first step is to get pre-approved for a Purchase Plus Improvements mortgage. When applying for this product, lenders need estimates from you in order to determine how much money they will lend. For example, they might ask for quotes from contractors who will be doing the work on your new home. This is so they can make sure that all costs associated with the renovation are accounted for. Once approved, lenders will provide funds for both the purchase of your home and the improvements that need to be made.

The Benefits of a Purchase Plus Improvements Mortgage

One of the major benefits of this type of mortgage is that it eliminates the need for two separate mortgages—one for purchasing your home and one for making renovations or improvements. Instead, everything is rolled into one loan with one simple monthly payment. This makes budgeting much easier since you don’t have to worry about managing multiple payments and keeping track of different due dates or interest rates. Additionally, this type of loan also allows borrowers to access funds needed for renovations without having to take out a second loan or use their own savings account.

Another great benefit is that these types of mortgages often come with lower interest rates than other types of loans. (such as traditional personal loans). That means more money in your pocket over time as opposed to spending extra on interest payments each month! Last but not least, this type of loan offers flexibility. You can decide what kind of work needs done on your new home. All while still staying within budget and paying off only one single loan payment each month!


A Purchase Plus Improvements mortgage does offer an attractive option if you’re looking to buy a new home and upgrade it right away without having to juggle two separate mortgages or dip into personal savings accounts. By providing lenders with quotes from contractors doing work on your property, you can secure funds needed for both purchase and improvement with only one single monthly payment at an attractive interest rate—which adds up big time in terms of savings down the line! So what are you waiting for? Start shopping around today and find out if a purchase plus improvements mortgage is right for you! Start your Application today.

Banker Secrets They Don’t Want You to Know

Banker Secrets They Don’t Want You to Know. If you are looking to pay off your mortgage faster, here are some tried-and-true tactics to get you to financial freedom that much sooner!

  1. Make a Double Mortgage Payment: A double payment once a year can shave over four years off the total life of the mortgage! Better yet, if your mortgage allows for double-up payments, another option is paying an extra $100 into your mortgage – per month. This can save you over $26,000 in interest on a 5.5% fixed-rate, 25-year amortized mortgage.
  2. Increase Your Payment Frequency: Changing your mortgage from monthly to bi-weekly accelerated payments can shave over three years off your mortgage. At $2,000 a month, three years of no payments is worth $72,000 (not to mention the interest saved!).
  3. Increase Your Payment: Did you know? A one-time 10% increase can shave four years off the mortgage. That’s $96,000 in savings! Imagine if you bumped the payment 10% every year from the get-go. You would be mortgage-free in 13 years—start to finish! Can’t do it? How about 5% every year? You would be mortgage-free in 18 years! You can also consider increasing the payment by the amount of your annual raise.
  4. Lump Sum Payments: This is another option to become mortgage-free even faster! Even just one extra payment a year equivalent to one monthly payment will give you similar results as #2 above. Annual work bonuses or other extra-income is a great option for this.
  5. Renegotiate When Rates Drop: Revisiting your mortgage is a good idea when rates drop. However, it is always best to get expert advice from a mortgage broker to ensure it makes sense for you. If so, the benefits can be huge! For instance, a 1% reduction on a $300,000 mortgage will save $250 a month—times five years, that’s $15,000.
  6. Maintain a High Credit RatingEven if you have already qualified for the mortgage you want, don’t let your credit rating slip. Pay your bills on time and keep balances low in relation to limits on credit cards, lines of credit, etc. Ideally, using 30% or less of your available credit will garner the highest results (assuming you pay the balances in full every month). Even if you’re filling your card to its credit limit max and paying it off in full each month, it will look like you are maxing out your credit limit and your credit score will drop accordingly.
  7. Increase Your Mortgage: Increasing your mortgage for the purpose of debt consolidation can be helpful for paying off credit card debt, line of credits, car loan and so on for a better rate and a set payment plan.
  8. Make an RRSP ContributionBy making an RRSP contribution, you can then use your income tax refund to pay down your mortgage!
  9. Switch to a Variable Rate: Switching your mortgage to variable-rate while keeping your payments the same as if on fixed can help you pay your mortgage faster. Since variable rates are typically lower, you will be paying more to your principal loan versus the interest.
    • Caution: Variable rates are not for everyone. Always be sure to seek the help of a mortgage broker to find out if variable-rates are the best choice for you.
  10. Take Your Mortgage With You: When you move, switch your old mortgage to the new property to avoid a penalty or higher rate on a new mortgage. This is called “porting”, however not all mortgages have this feature so be sure to ask! It is not widely known but could save you a ton of money.
  11. Set Up Automatic Savings: Even setting aside $10 per paycheck can help! When your extra savings reaches the amount of one mortgage payment, apply it to the mortgage! This concept goes nicely with #4.
  12. Unhook From The Money Drip: Stop paying with your fancy points credit or debit card. These make it way too easy to overspend. Go old school, go off the grid and pay cash. It works and can help you stay on track!
  13. Don’t Buy on Layaway: You know, those don’t-pay-for-six-month “deals”, well a lot can change in six-months and you’ll still be on the hook. If you cannot afford it now, don’t buy it. Wait until you are financially able to make the investment.
  14. Downsize Your House: Are you living in a 5-bedroom family home but your kids are grown up and moved out? Consider downsizing to a smaller house. It will save you money on your mortgage payments and maintenance fees in the long run!
  15. Rent Out the Basement: Not ready to move? Consider converting spare rooms to rental and use the income to pay down debt.
  16. Make Your Mortgage Tax-Deductible: If you are self-employed, own rental property or have investments, this is likely possible. Check with us at Prime Mortgage Works to see if this option is right for you!
  17. Prioritize Your Payments: Define your various debts by category. This can help you see where you spend your money and also help you pay off your debt faster.
  18. Start With the Highest-Interest Rate: Pay off loans with the highest interest rates first, as these are the ones eating into your extra income!
  19. Leave Tax-Deductible Until Last: Pay the non-tax deductible loans first and fastest and leave tax-deductible debt to the end.
  20. Focus on Ugly Debt First: Debt such as credit card balances are the worst on your credit rating. Pay these off first.
  21. Pay Off Bad Debt Next: Debt for items that depreciate in value, such as car or boat loans, should be the next on your priority list.
  22. Clear Good Debt Last: Loans such as mortgages or investments for assets that should appreciate in value are the least harmful to your net worth and can be paid out last.
  23. Buy a New Car – Outright! Finance it if you have to but don’t lease, unless you are self-employed in which case leasing makes more sense.
  24. Use Your Secret Stash: If you have $20,000 in a bank account for a rainy-day or vacation and yet owe $20,000 on a line of credit, you need to reconsider. The bank account is paying you next to no interest (which is taxable income) and the line of credit rate is way higher (and not tax deductible). You know what to do. You can keep the line of credit open and on standby for a rainy day. Make it the secret line of credit that you have but never use.
  25. Give your Banker More Money: No, really. Keep enough in your chequing account to meet the minimum requirement to waive your service charges. Some banks charge a fee for transactions and nothing, zero, zilch, zip if you keep $2,500 in the account. Let’s see, $10 x 12 is $120 a year to pay off debt. I’d have to earn 5% with the $2,500 in my savings account to come out ahead. No-brainer here. Oh yeah, if you need more than 25 transactions a month, see #12 above.

Let’s face it, your financial future will not get any brighter if you continue to run deficits forever. Unlike a bank or big company, you won’t get a bailout! Stop procrastinating and take charge of your own finances with the above tips!

If you are looking for expert advice about your mortgage and how to pay it down faster, contact us to discuss YOUR situation and options.


It is always important to take things with a grain of salt. This is especially important when it comes to too-good-to-be-true, ultra-low-rate mortgages. These “no frills” mortgages are often loaded with restrictions such as pre-payment limitations, fully-closed terms, stripped-out features or unusual penalties. If you’re not looking at what you’re giving up, you may regret it in the future. These Banker secrets alone could prevent you from taking advantage of tips #1, 2, 3, 4, 5, 7, 8, 9, 10, 14, 16 and 22!

New to Canada Mortgage Approval

Canada has seen a surge of international migration over the last few years. In 2019, we welcomed a total of 313,580 immigrants to the country! This is an increase of 40,000 individuals when compared to 2017 numbers. According to planned immigration levels, it is estimated that Canada will receive 341,000 permanent residents in 2020. In […]