Green Mortgage Quarterly - Spring 2023

GREEN MORTGAGE GIVES BACK

ORGANIZED CRIME AND FRAUDULENT HOME SALES

SAVE MORE MONEY:

Deferring Property Tax, Home Equity Line of Credit and Simplifying Insurance Products + STAYING AND

EXPLORING VICTORIA

KYLE GREEN’S GAB CANADA’S MARKET FORECAST

THE TEAM

Kyle Green Owner

Max Jurock

VP of Systems and Technology

Nitin Vats

General Manager

Geoff Shoji

Underwriting Manager

Shawna Gaudreau

Executive Assistant/Bookkeeper

Ami Arandi

Commercial and Private Lending Underwriter

Jason Cattermole

Underwriter

Tasha McKenzie Underwriter

Michael Browne

Account Manager

Chris Clark Jr. Account Manager

Lisa Bridal

Documents Manager

Lee–Ann Ong

Documents Manager

Kris McFarlane

Copywriting

Jenni Loppnow

Graphic Design

Kyle Green’s Gab

Real Estate FOMO? Fear Not—It’s Time to Buy

Hello, investors! Let’s take a trip down memory lane. The world’s been on a wild ride since COVID–19 barged in back in the spring of 2020. The real estate market went from a screeching halt to a frenzy and then mellowed down to a relatively calm state in late 2022 and early 2023. With so much uncertainty, it’s no wonder home buyers and investors decided to sit back and watch the show. But recent signs suggest it might be time to jump back in. So, let’s dig into what’s happening and how it’s shaking up the real estate scene

Interest Rates and Financial Markets

Interest rates have been the star of the show, fueling the 2020 housing market boom and its subsequent cool–down. Fast forward to January 2022, when inflation started running amok, and central banks scrambled to hike interest rates. But it wasn’t enough, with rates climbing about 2% higher than expected—and they might not be done. Add in the war in Ukraine, solid job reports, and sky–high inflation (especially in the US), and you’ve got central bank interest rates feeling the heat.

But wait, there’s a plot twist. At the Bank of Canada’s March 8th meeting, officials hit the pause button on rates, giving markets a breather. We’re now perched on a tipping point, teetering between more inflation or a potential recession. Central banks worldwide are aiming for a soft landing, but that’s easier said than done. This pause should help offset the upward push from the US Federal Reserve, which initially planned to raise rates by 0.25% or even 0.5%.

Canada and the US are like dance partners, moving together because currency fluctuations impact imports and exports. If US rates climb higher than Canada’s, it could trigger a flood of investment and a weaker Canadian dollar. This would make exports (like oil and gas) more appealing but could also fan the flames of inflation as imports become pricier.

Kyle Green Owner GREEN MORTGAGE

For variable rate mortgage holders, the Bank of Canada’s pause is music to their ears. However, most new mortgages these days are fixed–rate, with a noticeable gap between fixed and variable rates. In many cases, variable rates are a full 1% higher than fixed rates. Fixed mortgages are closely linked to bond markets, which took a nosedive last week—the biggest three–day plummet since the early 1980s. This begs the question: how does the collapse of Silicon Valley Bank (SVB) affect Canada?

Silicon Valley Bank and the Impact on Canadian Housing

Hold onto your hats because the collapse of SVB, Signature Bank, and Silvergate has sent shockwaves through the financial world. As a result, bond yields have taken a nosedive, hitting lows we haven’t seen in almost four decades. With the second and third largest US bank failures (SVB and Signature) happening just last week, we’re starting to see a ripple effect. But don’t panic—experts don’t expect this to be a repeat of the 2008 financial crisis, as there are key differences between SVB’s downfall and the events of 2008.

WSVB was mainly playing the field with start–up companies that raked in big investments during the pandemic, thanks to a surge of interest in tech and low–interest rates. This led to these firms holding massive cash reserves at the bank. But here’s the twist—that cash was a liability for SVB, which had to find ways to invest it. With limited options in mortgages and other loans, the bank turned to US treasuries and similar assets, offering returns of around 1.5%. However, this strategy had a couple of major hiccups:

1 When interest rates started climbing, the value of these assets went down. So, imagine a bond yielding 1.5% for nine more years—not so tempting when you’ve got bonds paying 4.5%, right?

2. Rising interest rates put the brakes on start–up investments, which meant less cash flowing in. This pressure cooker situation forced businesses to pull out their funds and look for better yields, like GICs or other options. Take Roku, for example—they had around $487 million with SVB, which could have made them an extra $20 million if they’d moved to a higher–yielding bank option.

Now, if the bank had stayed liquid, these issues wouldn’t be a big deal. But SVB dropped the ball by not staggering the maturities of its bonds and treasuries. This left them stuck with long-term assets that suffered massive 80%+ losses when they had to sell them to meet liquidity requirements. As a result, investors are now flocking to safer bets, like bonds, which has driven down yields even more.

What Does This Mean for Canadian Borrowers?

First, let me tell you a little story about mortgages. Remember that movie The Big Short? Well, it’s like that. Mortgages are given to borrowers, bundled up like a financial burrito, and then sold as Mortgage Backed Securities. You might recall that this not–so–great practice led to the 2008 financial crisis when those AAA bundles were stuffed with subprime loans—those sketchy ones no one wants to touch.

Now, international investors can choose to buy these mortgage bundles or go for other assets like bonds and treasuries. So, when bond yields start doing the cha–cha, fixed mortgage rates tend to join the dance party

In the last week alone, some lenders have already slashed interest rates. But many banks are probably sitting on the sidelines, waiting to see where this wild market roller coaster ends up before making any significant moves. The last time bond yields were at these levels, 3–year, 4–year, and 5–year fixed rates dipped below that magical 5% line, which historically made homebuyers go, Ooh, shiny!

The million–dollar question is whether rates will stay in this cozy range. Sure, bond yields may keep bobbing up and down, but they’re likely to find their groove between 2.75% and 3.25% over the next few months. This could lead to a 0.25% or more drop in fixed–rate mortgages.

To top it all off, recent events have thrown a curveball into interest rate expectations. The US Federal Reserve is now less likely to raise rates at its next meeting, and the Bank of Canada might even dial rates down as early as July. For those with mortgages or looking to buy a home, falling mortgage rates might be the silver lining amidst this global financial storm.

What About the Real Estate Market?

Now, I know it’s tough to paint the entire country with the same brush—it’s a big place, after all—but it seems like many markets hit rock bottom in January, only to bounce back or at least stop the freefall after a sad Q4 2022. Realtors and mortgage brokers are buzzing with activity. This might be a sign that people are finally getting some clarity on interest rates and feeling comfier about dipping their toes back into the real estate waters

Sure, there’s hope that we could be witnessing a market turnaround, but let’s not get too carried away just yet. We might see a little hop, skip, and jump before the market takes another tumble. One thing’s for sure: low inventory in big city centers is putting a safety net under home values, stopping them from crashing even more. And get this—bidding wars are going on for the few available properties. Will there be enough supply in the spring to keep up with the growing demand? Or will a flood of homes hit the market when homeowners run out of dough to cover their debts? Only time will tell, my friends.

Peeking into the future, 2024 and 2025 might see developers hitting the pause button on new projects. They’re not too keen on selling units in a down market, locking in low revenues only to face potentially skyrocketing construction costs later on. Instead, they’d rather sit on their land like hens on their eggs, waiting for demand to pick up again. Fast forward a couple of years, and we might see a tidal wave of migration and falling interest rates driving up demand. But those projects that should’ve been ready to roll? They could be delayed, leading to a tight squeeze where demand outpaces supply, sending home prices through the roof. Some crystal–ball–gazing economists even predict another real estate boom on the horizon.

Rental Rates on the Rise

For real estate investors, it’s important to note that rental rates have shot up significantly year over year. Greater Vancouver and Greater Toronto have seen rental rates increase by a whopping 15% or more over the past 12 months. Inflation doesn’t just mess with interest rates; it also shakes things up in the rental market too. So, if you’re eyeing some trendy neighborhoods, get in touch, and we would be happy to provide those numbers for you.

Kyle Green’s Gab

More Mortgage Changes Coming Down the Pipeline

Buckle up because the government and the Office of the Superintendent of Financial Institutions (OSFI) are shaking things up. Back in 2021, there was a spike in the number of properties snapped up for investment purposes, and let’s say the government isn’t thrilled about it. Although the future is still being determined, any mix of potential changes could leave a dent in borrowing power and return on investment for those eyeing investment properties.

One change that’s coming for sure in June 2023: new loans or renewing loans for a Home Equity Line of Credit (HELOC) will only be re–advanceable up to 65% of the property’s value. So, let’s say you buy a property worth $500,000, and you’re looking for a $400,000 mortgage and HELOC combo. The principal paid down on that $400,000 mortgage won’t boost the available credit on the Line of Credit until the outstanding balance dips below $325,000. Borrowers can still borrow up to 80% of the property’s value for investment or other purposes, but the re–advanceable part is capped at 65% of the property value. We’re still waiting on the nitty–gritty details regarding the exact timing and implementation

As for the proposed changes, here’s a rundown of their possible impact on borrowing power and return on investment for investors:

1. Swapping Rental Offsets for the Add to Income Approach

Let’s break down these financial terms into something you can chew on. With the rental offset method, lenders take a chunk of the rental income and use it to balance out the expenses tied to the property. On the flip side, the add to income technique adds a slice of the rental income directly to the borrower’s overall income. This distinction is pretty important when you’re financing the property you have your eyes on, also known as the subject property.

Let’s say you’ve got $1,000 per month in rental income. A 50% rental offset could grant you $500 per month of borrowing power. But hold on! With the add to income method, you’d only get about $220 per month of borrowing power, as they only use about 44% of your income for qualification. This change has been sneaking up on us, and it can make a whale of a difference in determining which lender best fits a borrower’s needs.

2. Upping the Ante: Higher Minimum Down Payments for Rental Properties

Get ready because raising the minimum down payment for a rental property from 20% to between 25% and 35% will change the game for investors’ return on investment (ROI). Back in the day, around 2007, the standard down payment for most rental property loans was 25%. But over time, that number slipped to 20%. So now, if the down payment jumps from 20% to 25% or even 35%, the ROI takes a hit, dropping from roughly 18% to 16% and 13%, respectively. This change packs a punch regarding ROI, so investors need to weigh this factor when considering buying a property, even if the market has yet to bottom out.

3. New Loan–to–Income (LTI) and Debt–to–Income (DTI) Rules

The government has been testing the waters with these restrictions through home partnership programs, putting a cap on the total amount of debt allowed for folks taking part in the program. Unlike the current stress test, the key with the LTI restrictions is that they stay steady, no matter how the borrowing power rates move. Normally, borrowers qualify for around 450%–500% of their income when interest rates sit at about 5%. But the proposed LTI would be capped at 450%. Investors should pay attention to how this ratio will apply to borrowers who own multiple properties. The details are still fuzzy, but the main goal is to reduce investment in single-unit rentals, which is a big de al.

4. New Debt Service Ratio Boundaries

Currently, most lenders use up to 44% of a borrower’s gross income to figure out how much debt they can handle. However, some banks have bent the rules, going as high as 50% in special cases. But OSFI wants to get this under control. They’re looking to create stricter caps or limits, like the ones for insured mortgages, or beef up compliance requirements for banks when they decide whether to grant exceptions. Keep an eye on this space because things are about to change!

What to Expect

Predicting the future of the real estate market is always a challenge, but here’s what we can anticipate based on current trends:

• F ixed rates may gradually decrease over the year, but expect some fluctuations, with rates possibly swinging up and down by 0.5%. By the end of 2023, rates may be about 0.25% lower than they are today.

• The Bank of Canada is unlikely to change interest rates in 2023, either up or down. However, early 2024 may see interest rates drop by 1–1.5% throughout the year.

• R eal estate prices may have hit their floor, and we can expect a more balanced market with prices remaining relatively steady in 2023.

• Heading into 2024, real estate prices may rise again by 5%–10%, or even more.

• A significant shift towards commercial real estate could occur due to residential financing tightening further while commercial financing remains the same.

Final Thoughts

It’s impossible to say if now is the best time to buy real estate, but the market is stabilizing. There’s a reasonable chance we’re at or near the bottom of real estate prices and the peak of interest rates. In addition, a looming supply shortage could be just a few years away. All of this points towards potential real estate returns after a challenging 2022. That said, always be on the lookout for a good deal. Our recommendation is to consider a shorter-term fixed–rate (2 or 3 years), so if you have a mortgage renewal coming up, make sure to check in with us on where rates are to get the best deal.

We’re here to help you navigate the ever–changing world of real estate and mortgages, and we look forward to assisting you in making informed decisions for your financial future.

WEBINARS:

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WE’LL BRING THE REAL ESTATE KNOWLEDGE AND ACTION; YOU’LL BRING THE EXTRA QUESTIONS AND POPCORN

WEBINARS 2023

WITH KYLE GREEN

DON’T MISS THESE TRENDING TOPICS

Every month we listen to your biggest questions and dive into a different real estate topic.

If you’re a Real Estate newbie, or a budding investor, our webinars are THE place to be. It’s the perfect chance to build your knowledge and get better prepared for your property–based future.

Held by Canada’s king of Real Estate finance and the owner of Green Mortgage—Kyle Green. Open for Q and A, it’s not every day you get to hear top advice from industry leading experts.

Plus…you’re guaranteed a front row seat if you sign up. Spaces are always limited for these exclusive events, so make sure you sign up early.

2023 WE LOOK AT:

Webinars are limited to 500 attendees. Please register in advance by clicking on each webinar below.

May 10th Why Invest in Real Estate

Click here to register

June 7th How to Purchase your First Five Investment Properties

Click here to register

July 5th How to Purchase 5+ Investment Properties

Click here to register

August 2nd Everything Short–Term Rentals

Click here to register

THE BEST OF THE BEST

NOMINATED FOR BC BROKER OF THE YEAR AT THE 2023 CANADIAN MORTGAGE AWARDS

I am beyond thrilled to have been nominated for Broker of the Year (Regional—BC) at the Canadian Mortgage Awards for 2023 through Origin and Green Mortgage. This recognition is not just for me but for our amazing team and clients who have made this possible. It is an incredible honor, which our team is grateful for it.

Working with such talented professionals who share the same passion and drive to help families achieve their dreams of homeownership has been an absolute joy. I am humbled by the opportunity to work with such an amazing team that makes a real difference in people’s lives every day. Our team and I are committed to delivering excellent customer service and tailored solutions to our clients, and it brings us great joy to see our hard work pay off.

From first–time homebuyers to investors alike, we take pride in ensuring our clients receive the best possible service and support. Being able to make such a significant impact in their lives is what motivates us to work harder every day.

This nomination is not just for me but for our entire team and clients who have supported us throughout the years. We are grateful for their trust and loyalty; we could not have achieved this without them.

To sum it up, I’m over the moon about this nomination and so grateful for the recognition. It’s a testament to the passion, dedication, and hard work of everyone at Origin and Green Mortgage, and I feel incredibly lucky to be part of such an amazing team.

“Again, thank you to my team and clients for making this possible, and I can’t wait to see what the future holds!”

Kyle Green

GIVES BACK

green mortgage champions financial literacy at rosedale traditional school’s read–a–thon

On Wednesday, March 15, Rosedale Traditional Community School (RTCS) hosted a read–a–thon to promote literacy among its students. Green Mortgage has stepped in to support the event by donating six highly regarded teen finance literacy books. Green Mortgages’s founder, Kyle Green, is a staunch financial literacy advocate, believing that educating the younger generation on the subject is crucial for their future success.

Stacey Pickles, the Vice Principal of Rosedale Traditional Community School, expressed her gratitude for Green Mortgages’s involvement, stating, “We’re thrilled to have Green Mortgage supporting our read–a–thon event. Their generous donation of financial literacy books for teens will encourage reading and help our students develop important life skills for managing their finances responsibly. We’re grateful for their commitment to our school and the broader community.”

The top five finance books for teens, as chosen by Green Mortgage, include:

1. Rich Dad Poor Dad for Teens by Robert T. Kiyosaki

2. The Teen Money Manual by Kara McGuire

3. The Motley Fool Investment Guide for Teens by David and Tom Gardner

4. The Money Book for Teens by Matthew Pelkey

5. How to Turn $100 into $1,000,000 by James McKenna and Jeannine Glista

These books aim to empower teens with the knowledge and tools they need to navigate the complex world of finance while also sparking their interest in reading. The collaboration between Green Mortgage and Rosedale Traditional Community School is a prime example of businesses and schools working together to benefit the local community and foster a lifelong love of learning.

NEW MORTGAGE RULES: A STEP TOWARDS STABILITY OR A ROADBLOCK TO HOMEOWNERSHIP?

The Office of the Superintendent of Financial Institutions (OFSI) is looking to create new mortgage rules for people who want to enter the housing market. This system is designed to protect those individuals from potential shocks, like job loss, divorce, and sudden increases in interest rates.

The regulator has opened the consultation process, which starts on January 12th, 2023, and ends on April 14th, 2023. OSFI will use the feedback from this process to make proposed changes to Guideline B–20, and they will then be presented to the public for further consultation later.

The proposed restrictions on mortgage underwriting being presented for public comment include new loan–to–income and debt ratio limits as well stress test tweaks. We will go over those items with you and share our thoughts.

Loan–to–Income Requirements

OSFI has proposed to limit the size of mortgages based on income. It could mean that up to 25% of mortgages would be granted to people with a loan—to–income (LTI) ratio of 450% or more. During the pandemic, the rate of people with high LTI ratios increased from 14% to 26%, which is a substantial increase in risk.

Debt Ratio Limits

Insured mortgages have specific debt ratio regulations, but uninsured mortgages don’t. That could be about to change. The OSFI is wondering if putting a hard cap on debt ratios for uninsured mortgages will make the system more reliable.

They are looking at possibly:

• Adjusting the formulas and definitions for gross and total debt services and possibly adopting the ones used with insured mortgages.

• Looking into graduated or tiered GDS and TDS limits and a special amortization limit for GDS and TDS calculations.

• New rules for high GDS/TDS mortgages.

Banks allow exceptions for debt service in the uninsured realm, but the OSFI wants to know if this is enough to keep risk in check. So, we’ll have to wait and see what the answer is.

A New Stress Test is Needed

OSFI notes that floating–rate and short–term mortgages can be trickier and that it is a good idea to make the stress test a bit tougher for borrowers while making longer–term fixed rates, which present less danger and are easier to qualify for.

This is meant to:

• Prevent borrows taking out riskier loans

• Come up with a more precise testing methodolog y

• Make it so that the stress test doesn’t favour one mortgage product over another

To Fix What Isn’t Broken?

All is going well regarding debt serviceability, with 99.86% of Canadians keeping up with their mortgage payments—the best it’s ever been! In addition, banks can handle a major recession and even a housing crash as they have built plenty of capital and liquidity reserves.

The mortgage stress test has made a positive impact here.

So, why even bother fixing what isn’t broken?

You never know what risks might be lurking around the corner, explains the head of the OFSI. You can prepare for what you know, but there are always unknown risks you need to be aware of.

Final Thoughts

The OSFI’s proposed mortgage tweaks are a catch–22. On the one hand, they want to reduce the risk of people defaulting on their mortgages while keeping lenders’ losses to a minimum, which should benefit the entire market. But on the other hand, this will make things more challenging for some of you to qualify for a mortgage and afford the payments.

It’s ultimately up to OSFI to hit the sweet spot between securing the mortgage market and making homeownership attainable. We’ll have to wait and see whether these changes will be a blessing or a curse for borrowers.

Investigating Organized Crime Groups Involved in Fraudulent Canadian Home Sales and Mortgages

Organized crime is a growing threat to many cities and communities, and Vancouver is no exception. Recently, several reports have uncovered a troubling trend involving organized crime groups behind fraudulent home sales and mortgages without the homeowners’ knowledge. These crooks are using people’s identities and making out with a ton of ca sh.

The Scheme

Here is how they do it. First, these fraudsters will purchase a home through shell corporations or straw buyers. They will then apply for a mortgage using false identities or stolen personal information. Once the mortgage is approved, the criminals collect the funds and disappear, leaving the homeowner with the debt.

This scheme is particularly devastating because the homeowner is unaware that their home has been sold or mortgaged until they receive a foreclosure notice or demand for mortgage payments. Sometimes, homeowners have even been evicted without knowing what happened.

The Criminal Organizations

According to officials, the criminal organizations behind these fraudulent activities are well-organized and well-funded. In addition, they have sophisticated networks that enable them to carry out their scam across multiple jurisdictions, making it challenging for police to track them down.

These criminals will use violence and intimidation tactics to prevent you from reporting the fraud. They also pay off corrupt insiders within financial institutions to help facilitate mortgage fraud.

Impact on the Real Estate Market

Let’s face it, it’s already tough to buy a house, and the fraudulent activities of these criminal organizations significantly impact larger real estate markets. They undermine the integrity and trust of the market and drive-up home prices, making it even harder for firsttime homebuyers to enter the market.

Fraudulent activities also have a ripple effect on the economy, as they often involve large sums of money and can result in significant financial losses for victims, financial institutions, and investors.

Combating Organized Crime

Law enforcement agencies, financial institutions, and the real estate industry are taking measures to combat organized crime and prevent fraudulent activities. These measures include:

• Strengthening regulations and oversight of the real estate industry to detect and prevent fraudulent activities.

• Im plementing identity verification and authentication measures to prevent identity theft and impersonation.

• Incr easing public awareness of the risks and warning signs of mortgage fraud.

• Enhancing collaboration and information sharing between law enforcement agencies and financial institutions.

• P roviding training and resources to financial institution employees to help them detect and prevent fraudulent activities.

What You Need to Know

How do you protect yourself? First, keep an eye on your credit report and financial statements. Report anything suspicious you see right away. And be on the lookout for anyone asking for your personal information or trying to pressure you into signing a mortgage or making a quick sale.

While these experiences are few and far between, they do happen. Being aware, taking the right precautions, and working with trusted real estate and lending professionals, like Green Mortgage, is your first step in protecting yourself, your property, and your money.

deferring property tax: pros, cons, and eligibility

You know what’s better than paying your property taxes? Not having to! Did you know there are a variety of options when it comes time to pay these bills, and they’ll only get more attractive as the years go by.

I’m sure we can think up some creative phrases that might work here...but we’d hate to cut into your afternoon nap or your rerun of The Littlest Hobo—we love that German shepherd too!

You need to consider several factors before deciding to defer your property taxes. You need to be eligible, have high equity, be very organized in your payments…the list goes on.

So, without further ado, we present you the eligibility, pros, and cons of deferring your taxes!

Eligibility

Before you plan your trip to Mexico or buy William Shatner’s latest NFT collectible, make sure you’re eligible for deferring your property taxes. Unlike digital assets, there are only two tax deferment programs, and their names are quite anticlimactic.

• Regular Program

• Families with Children Program

Regular Program: You may qualify for the Regular Program if you’re 55 or older during the current year, a surviving spouse of any age, or a person with disabilities.

You must also meet applicant, property, and equity qualifications to be eligible for the Regular Program.

Families with Children Program: You may qualify for the Families with Children Program if you’re a parent, stepparent, or financially support a child.

You must also meet applicant, property, and equity qualifications to be eligible for the Regular Program.

Four Pros of Deferring Property Tax

1. It can help you save money in the long run. You are able to put off paying the full amount of taxes on your property, which means that you can wait until later in time when it is more feasible for you. This typically works best if you have some sort of financial hardship or emergency come up where you do not have access to all of the money necessary at once. However, you should always speak to an accountant or tax specialist to figure out the best way to do this for your specific situation.

2. It can help you keep your home. Another big plus of deferring property taxes is that it can help you keep your home! Huge Bonus! This is because, as we mentioned before, if you are unable to pay the full amount of your property tax you could be at risk of having your home foreclosed on. However, if you are able to defer the payment until a later date then this typically will not occur because it gives people more time to figure out what they can do in order to pay back their debt and save their house!

3. It can help you avoid penalties and interest charges. When you defer your property taxes, it is also important to note that you will likely avoid any penalties or interest charges. This is because the government understands that sometimes people may have difficult financial times and need a bit more time to pay their taxes back in full.

4. It can help you stay organized and keep track of your expenses. Perhaps the best part about deferring your property taxes is that it can help you stay organized and keep track of your expenses. This is because, by having to pay anything back in installments rather than all at once, then you are more likely to actually remember when each installment needs to be paid so there are no penalties for being late!

Four Cons of Deferring Property Tax

1. One of the major downsides is that it may cause you to lose track of your finances and end up in debt. It can also be difficult to find a way to make up for the payment on your house when you want to sell it. You do not want to move back in with your parents, especially at your age! This is because, until you pay back the taxes that you deferred, it will cause your house to be assessed at a lower value and therefore make it less valuable. On top of this, if you decide not to sell your home but instead leave it for someone else after you pass away then they may have trouble paying off the money themselves!

2. You need a lot of equity in order to defer paying property taxes on your home. This is because, if you do not have a large enough equity then it may be difficult for the government to track down your home’s value. However, this can also depend on whether or not your property taxes are deferred in full by the time you pass away!

3. If you have more than one property, they will both need to be paid off before you can qualify for this option. The government wants to make sure that people are only deferring their taxes on one specific property and not multiple ones!

4. Another downside of deferring your taxes is that you may be subject to penalties and interest charges if you are not able to make your payments on time. All in all, deferring your taxes should be used sparingly and as a last resort.

The Deferring Truths

Like a stray dog whose only purpose in life was to help people in need, Green Mortgage can help you decide if deferring your property taxes is right for you. While it might not be as exciting as a German shepherd that exonerated a man wrongfully accused of murder, rescued a kidnapped kid, or helped a boy show his mother that he can be brave even if he didn’t play hockey (just in season one alone) Green Mortgage still thinks deferring taxes is a noble task.

MORTGAGE TIPS

Six Ways to Save Money on Your Mortgage

What would you do to save money on your mortgage? Resort to methods of cheating, lying, and stalking to win over your lender? Aka, There’s Something About Mary vibes. Okay, maybe that’s taking things a tad far, but you’re not alone in wanting to spend fewer pennies and live a mortgage–free life.

Luckily, there are a few ways you can save on your mortgage, and they don’t involve stalking your lender…even if they are as lovely as Mary!

HOW TO SAVE ON YOUR MORTGAGE:

Pay down your mortgage faster

If you can, reducing your mortgage faster will save you more money overall, especially considering interest. The best ways to do this are:

Increasing payments. If you repeatedly find yourself with extra money at the end of the month, it’s worth seeing if you can put it into your mortgage.

Making lump–sum payments. These payments are made on top of regular mortgage payments. It’ll all add up and save you money in the long run.

Switch things up with an accelerated payment plan. Your mortgage provider may allow you to start making weekly or biweekly payments, which will enable you to put more money toward your mortgage, and less money on interest charges.

Look at your amortization period

Your amortization period is how long it’ll take for you to pay off your mortgage. Most mortgages are amortized over 25–years. Choosing to go longer or shorter with your amortization is like looking at two sides of a coin.

A longer amortization period gives you shorter monthly payments but costs more overall. With a shorter amortization period, you’ll pay more monthly but save on your mortgage overall.

Check if it’s time for renewal

Mortgage renewal is often the best time to grab mortgage savings, especially if you shop around. By shopping around, you might end up with better rates, which is exactly what you want. A mortgage broker is the best person to find you a good renewal (much better than that private investigator!). They’re top negotiators who cut the stress out.

See if you should refinance your mortgage

If it isn’t time for renewal, but like Mary, you know your current lender relationship isn’t right, look at refinancing. The benefits? Better rates, lower payments, shorter terms! You could also consolidate your other debts using any equity you’ve built to gain a lower monthly budget and put more into savings.

Feeling spendy yet?

If you’ve learned anything from this post, it’s that there aren’t many excuses as to why you can’t save money on your mortgage. And with the help of the mortgage brokers from Green Mortgage, you don’t even have to put in much time or effort. Unlike having romantic suiters after you 24/7, your mortgage doesn’t have to suck the life out of your bank balance forever.

Past trustworthy advice about mortgages, Green Mortgage knows who has Warren’s baseball, how Ted got the beans above the frank on prom night, and if it was actually hair gel on Mary.

HELOCS:

WHAT, WHY, AND HOW TO USE THEM

When you buy a house, you’re not only getting a place to call your own, you’re getting a place to build memories. When you look past the monthly payments and obligations, there are opportunities for the taking. As you pay off your mortgage, you also build all–important equity. Equity is potential. Potential to take out a low–interest loan and potential to have funding for larger financial investments. A loan using your equity is called a HELOC, and it’s an easy way for homeowners to access funding.

Now, you’re not alone in wondering what a HELOC is or thinking that they sound far too confusing for you. We get so many people asking about them, so we thought we’d create the ultimate guide for you—minus the headache–inducing jargon!

A quick home equity recap

Before you start reading up on all the what’s, why’s, and how’s of HELOCs, you need to understand what home equity is. Home equity is the difference between the market value of your home, and how much you have left to pay on your mortgage.

Let’s say your house is valued at $400,000 and you owe $150,000 on your mortgage. That means you’ve $250,000 in home equity.

What is a HELOC?

HELOC stands for home equity line of credit. And it’s actually quite similar to a credit card! When you take out a HELOC, you get a revolving line of credit. When and how you use your credit is up to you. Plus you don’t have to take the entire amount out at once. Because you can access a large amount of money, many people use them to fund big purchases and projects like renovations, weddings, or investments.

the two types of heloc.

HELOC combined with a mortgage

This type of HELOC is the most common. You have your standard mortgage with the usual terms, regular payments, amortization periods, etc. But you also get your HELOC revolving line of credit. The major difference with this type of HELOC is that the more you pay off your mortgage and the more equity you gain, the more you can borrow. It steadily increases through your mortgage lifespan.

Stand–alone HELOC

This type of HELOC isn’t linked to your mortgage. It’s the same revolving line of credit, but unlike the combined HELOC, you borrow a fixed amount and can’t access higher amounts of credit as you pay your mortgage.

LET’S

MAKE THAT EASIER TO UNDERSTAND:

Take your home’s market value and multiply it by 0.8. This is your 80% market value. Subtract that figure from your outstanding mortgage balance. That’s how much you can borrow. Then, to know if that’s less than 65%, divide it by your home’s market value. For example, say your home is worth $400,000 and you have $150,000 left to pay.

$400,000 (market value) X 0.8 = $320,000 (80% value)

$320,000 - $150,000 (outstanding mortgage balance) = $170,000 (amount you can borrow)

$170,000 / $400,000 = 42.5% (less than 65%!)

How much can you borrow?

You can only access up to 65% of your home’s value. That goes for both HELOC’s! Additionally, that figure plus your outstanding mortgage can’t be over 80% of your home value.

How do payments work?

HELOC payments are made monthly. However, your minimum payment is interest only. To pay off your HELOC, you need to make additional payments or ensure your monthly payment is more than the minimum.

How to qualify for a HELOC

There are a few conditions you need to meet to qualify and be approved for a HELOC:

• Proof you own your home

• Stable income

• Acceptable credit score

• Mortgage details

• A property appraisal

• Have home equity of 20%; or 35% if you’re using a standalone HELOC as a substitute for a mortgage

• Acceptable debt service ratio

• Pass the mortgage stress test

Your lender should offer support and advice, and walk you through all of these steps, so you don’t need to panic about doing it alone.

HELOC fees

Fees can vary, but they’ll usually include:

• Home appraisal fees. To get the HELOC, your lender will send someone out to appraise your home and find its market value.

• Legal fees. Your lawyer will charge a fee to register the collateral charge on your home.

• Title Search fees. There will be a home appraisal to check that t here are no legal charges or claims against your property.

• Credit insurance fees. You can choose to take out credit insurance that will apply to your HELOC.

• Discharge or cancellation fees. Your lender will charge you this if you decide to cancel your HELOC and remove the collateral charge.

The advantages and disadvantages of HELOCs

As with any form of credit or loan, there are always advantages and disadvantages to be aware of.

ADVANTAGES:

• HELOCs are an easy way to access available credit.

• They usually have lower interest rates than credit cards or unsecured loans.

• You only pay interest on what you borrow.

• You can pay the money back whenever you want without any prepayment penalties.

• You don’t have to borrow the full amount of credit available to you.

• You can use them to consolidate your debts.

DISADVANTAGES:

• Being able to borrow considerable amounts can lead you to have more debt.

• You’ll need discipline to pay it off.

• You have to pay off your HELOC before switching to another mortgage lender.

• Your lender can take possession of your home if you miss payments.

How to use your HELOC Creating a plan of action

By establishing a clear plan of action for using your HELOC, you can budget how much you need to borrow, figure out how much you can put into regular payments, and know what your money is going toward.

Many people use their HELOC to fund big purchases like renovations, weddings, or helping out loved ones with a down payment. But just because you have a large amount of money available, doesn’t mean you have to borrow it all. Borrowing only what you need makes managing debt easier. You’ll also need to factor in how you’ll make repayments. Your lender charges interest-only payments, so you’ll need to add on extra to ensure you’re paying back the loan.

Deciding a credit limit

Your lender will take your needs into account. You can borrow up to 65% of your home’s market value, but if you only need 30%, your lender can set that as your limit so you don’t spend beyond your means. This helps you avoid too much debt and may allow you to pay off the loan quicker.

Using your HELOC for unexpected situations

If you think you’ll find yourself in an unexpected or emergency situation, like unemployment or illness, you might want to qualify for a HELOC while you look pretty on paper, HELOCs can help cover your day-to-day expenses if the worst was to happen. Depending on how much you borrow, you could start living beyond your means and taking on more debt than you can pay back. You must make sure you can make the repayments.

Using your HELOC to consolidate debt

Because HELOCs come with a lower interest rate than usual lines of credit or loans, it can be tempting to use one to pay off all your other debt and consolidate into one loan. This is absolutely doable, but we recommend you set up a concrete payment plan for your HELOC so you can completely pay off your overall debt.

Getting money

Some lenders give you a card to access your money, make online payments, use ATMs, etc.

Your interest is calculated every day through the purchases and withdrawals you make. about and how you can use it to build or increase your wealth  now.

W.T.H. Means

As you can see, HELOCs aren’t actually that complicated. Plus, your lender walks through every step with you. If you know you’ve built up some equity, have stable income, and would like to fund a big purchase, project, or life event, a HELOC might be the way to go. As with any loan, make sure you get your repayment plan set up and be aware of all those terms and conditions.

Whether purchasing an investment property, funding renovations on a BRRR, or consolidating debt the Green Mortgage Team knows W.T.H. (what the HELOC) is all about and how you can use it to build or increase your wealth now.

TYPES OF INSURANCE POLICIES AND COVERAGE YOU NEED 6

Are you tired of worrying about financial losses and seeking protection for yourself and your business? Insurance solves this problem, providing a safety net in unexpected events. But with so many options available, it can be overwhelming to make the right choice.

To help you make informed decisions, this article will guide you through six of the most common types of insurance:

Life, Auto, Travel, Home, and Small Business insurance. By the end of this article, you will better understand each type’s coverage and determine which policies suit your specific needs. So don’t wait to take control of your financial security today!

1. AUTO INSURANCE OPTIONS

Auto insurance is essential to protect your vehicle and ensure financial security in case of accidents or other mishaps. There are several types of coverage available, including liability, collision, comprehensive, and personal injury protection (PIP). In this section, we’ll take a closer look at each type of coverage.

Liability Insurance

Liability coverage is an important component of many insurance policies, including homeowners, auto, and personal liability insurance. It helps protect policyholders from financial losses if they are found to be legally responsible for causing injury to others or damaging their property.

Liability coverage typically includes two types ofmprotection:

• Bodily injury liability and property damage liability. Bodily injury liability covers medical expenses and other costs incurred by someone injured due to your actions or negligence.

• Property damage liability coverage protects damages you may cause to someone else’s property.

Both types of liability coverage typically have limits, the maximum amount the insurance company will pay for a covered claim. Therefore, it’s important to review your coverage limits and consider increasing them if necessary to ensure that you are adequately protected.

Having liability coverage protects others and you and your assets in the event of a lawsuit. Without it, you could be held personally responsible for paying any damages awarded in a lawsuit, which could put your savings, investments, and assets at risk.

Collision Insurance

Collision coverage is a type of car insurance that covers damage to your vehicle in the event of an accident, regardless of who is at fault. This coverage pays for repairs or replacement of your vehicle if you collide with another vehicle, an object (such as a fence, building, or tree), or if your vehicle flips over. It may

also cover costs associated with towing and rental cars while your vehicle is being repaired.

It is important to understand that collision coverage has limits and deductibles, meaning you will be responsible for paying a portion of the repair costs up to your chosen deductible amount. The higher the deductible, the lower your monthly premium will be, and vice versa.

Comprehensive Insurance

Comprehensive coverage is a type of auto insurance that protects your vehicle from events not caused by a collision with another vehicle, such as theft, vandalism, fire, hail, wind, falling objects, and natural disasters. This coverage pays for repairs or replacement of your vehicle, up to the policy’s limit, if it is damaged or destroyed in a covered event. Comprehensive insurance is typically optional but is often required by lenders if you have a loan or lease on your vehicle. This coverage can provide peace of mind and financial protection in the event of unexpected damages to your vehicle.

Personal Injury Protection Insurance (PIP)

Personal Injury Protection (PIP) is an optional type of car insurance coverage that helps cover medical expenses and lost wages in the event of a car accident, regardless of who was at fault. It can also cover rehabilitation, funeral expenses, and other related costs. PIP is designed to provide financial protection for the policyholder and any passengers in the vehicle at the time of the accident. It is typically offered as an addition to standard liability coverage. PIP is designed to fill the gap between a policyholder’s health insurance and the costs of an accident, providing an extra layer of protection for the policyholder and their passengers.

2. LIFE INSURANCE: Types and Benefits

Life insurance provides financial protection to your loved ones in case of death. There are two main types of life insurance: term life insurance and whole life insurance. In this section, we’ll explore each type and the benefits they offer.

Term Life Insurance

Term life insurance is a type of life insurance that provides coverage for a specified period, such as 10, 20, or 30 years. In addition, the policy pays out a death benefit to the beneficiaries if the policyholder dies during the term.

Benefits of term life insurance include:

• Affordable: Term life insurance is often more affordable than other types of life insurance, making it a good option for those on a budget.

• Coverage for specific needs: Can be tailored to cover financial obligations such as a mortgage or college expenses.

• Fixed premiums: A term life insurance policy premium is fixed for the duration of the term, making it easier to budget and plan for the future.

• Conversion option: Some policies offer the option to convert to a permanent life insurance policy, allowing policyholders to continue coverage even after the term has ended.

• Simplicity: This straightforward type of life insurance makes it easy to understand and purchase.

Whole Life Insurance

Whole Life Insurance, also known as permanent life insurance, provides comprehensive protection and savings over the policyholder’s lifetime. This type of life insurance covers the policyholder for as long as they live, as long as the policy is in force and premium payments are made. In addition to a death benefit, whole life insurance also has a savings component known as the cash value, which grows over time and can be borrowed against, providing a source of retirement income. Whole life insurance offers a variety of benefits, including:

• Death Benefit: Pays a lump sum to the named beneficiary upon the policyholder’s death.

• Cash Value Accumulation: The policy’s cash value grows over time and can be borrowed against, providing a source of retirement income.

• Guaranteed Premiums: Whole life insurance premiums remain the same throughout the policy term, providing stability and budgeting predictability.

• Estate Planning: Whole life insurance can be used as a tool for planning, helping cover estate taxes, and providing liquidity for heirs.

Whole life insurance is a good option for individuals who want permanent life insurance coverage and want a product that also offers the potential for cash value accumulation and the ability to use the cash value as a source of retirement income.

3. TRAVEL INSURANCE: Essential Benefits for Safe and Secure Trips

Travel insurance protects you when you travel and provides coverage for medical expenses, trip cancellations, and lost or stolen luggage. Some of the essential benefits of tra vel insurance include the following:

Medical Expense Coverage

Medical expense coverage is insurance that pays for your medical expenses if you become sick or injured. This coverage includes doctor visits, hospital stays, surgeries, and prescription drug costs. Some of the benefits of having medical expense coverage include the following:

• Peace of mind: With medical expense coverage, you can know you are protected if you become sick or injured.

• Financial protection: Depending on the situation and where you are, out-of-pocket medical expenses can get into the six figures. Don’t travel anywhere outside of Canada without it.

• Coverage for unexpected events: Helps cover the costs of unexpected medical events, such as a sudden illness or injury.

• Better health outcomes: With this coverage, you will get the medical care you need without worrying about the cost, leading to better health outcomes.

• Flexibility in choosing care: Coverage often allows you to choose your doctor or hospital, which is important if you have a preferred provider or need a specialist.

Trip Cancelation Coverage

Trip Cancellation Coverage is an insurance policy that provides financial protection for non-refundable expenses if you need to cancel your trip due to unforeseen circumstances such as illness, weather, or a death in the family. It usually covers expenses like airfare, hotel, tour packages, etc. This coverage is a no-brainer if you have dished up a small fortune for your family vacation and want to ensure that you don’t lose your hard-earned money in case of an emergency.

Lost or Stolen Luggage Coverage

Lost or stolen luggage coverage reimburses lost, stolen, or damaged luggage and personal belongings during travel. This type of coverage typically includes:

• Reimbursement for the cost of replacing or repairing your lost or stolen luggage

• C overage for lost or stolen passports, visas, and travel documents

• Co verage for valuable items such as jewelry, electronics, and camera equipment

It is important to note that coverage amounts will have limitations and exclusions, such as a limit on the value of individual items or a maximum payout amount. Keep your receipts and proof of ownership for any lost or stolen items. I am sure you have seen all the news coverage on holiday traveling, and the number of bags displaced worldwide.

4. HOME INSURANCE

Home insurance, also known as homeowners’ insurance, is a type of insurance that provides coverage for your home and its contents. It protects you from financial losses due to damage to your home, personal belongings, and liability. A standard home insurance policy typically covers the following:

• The structure of your home: includes the roof, walls, and floors

• Your personal belongings: such as furniture, clothing, and electronics

• Loss of use coverage: this pays for temporary living expenses if you are unable to live in your home due to a covered loss

• Liability coverage: pays for legal expenses and damages if someone is injured on your property

Types of Home Insurance Coverage

Different types of home insurance coverage are available, each offering different levels of protection. Some of the most common types of home insurance coverage include:

• Basic coverage: This coverage protects the structure of your home and your personal belongings.

• Broad coverage: This type protects the structure of your home and personal belongings and includes liability coverage.

• Comprehensive coverage: Gives you the highest level of protection and covers everything included in the basic and broad coverage, as well as additional expenses, such as the cost of living in a temporary location if your home is uninhabitable.

The premium you pay for your home insurance depends on several factors, including:

• Location of your home

• Age and type of your home

• The value of your home and personal belongings

• Credit score

• Deductible

• Claim history

Home insurance is a crucial component in safeguarding your home and its contents. By selecting the right coverage and understanding the factors that influence the premium, you can ensure that you have the right level of protection in place.

5. SMALL BUSINESS INSURANCE

As a small business owner, you work hard to keep your company up and running. But unfortunately, unexpected events such as natural disasters, liability claims, and interruptions to your operations can quickly derail your success. That’s why it’s essential to have a comprehensive small business insurance policy to protect your assets and ensure your business stays on track.

Small business insurance can be customized to meet the specific needs of your business. Some of the most common types of small business insurance coverage include:

• General liability insurance is a crucial component of small business insurance. It protects if someone is injured on your property or if you cause damage to someone else’s property. In addition, this coverage helps mitigate a lawsuit’s financial impact, allowing you to focus on rebuilding your business.

• Property insurance is another important component of small business insurance. This type of coverage helps protect your physical assets, such as your building, equipment, and inventory, in the event of a covered loss, such as a fire or theft. With property insurance, you can rest easy knowing that your business is protected from financial loss due to unexpected events.

• Business Interruption Insurance: Disasters can strike anytime, forcing your business to shut down. This can devastate your bottom line, as you may be unable to earn income during the interruption. This type of coverage provides financial assistance to help you keep your business up and running even in the face of a covered loss, such as a fire or natural disaster.

• Professional Liability Insurance: Professional liability insurance provides protection for your business if you are sued for errors or omissions in your work. This type of coverage is essential for businesses that offer services, as it helps to mitigate the financial impact of a lawsuit related to the quality of your work.

Small business insurance is essential for protecting your business from financial losses due to unexpected events. With coverage options such as general liability insurance, property insurance, business interruption insurance, and professional liability insurance, you can ensure that your business is protected no matter what the future holds. Don’t wait until it’s too late –get in touch with us today to learn how we can help you maximize your small business protection with customized insurance solutions.

6. MORTGAGE PROTECTION INSURANCE

Mortgage protection insurance is an insurance policy designed to help homeowners like you if you ever experience a financial hardship that makes it challenging to keep up with your mortgage payments. This type of insurance can cover your mortgage payments in the event of an unexpected financial setback, like losing your job or a serious illness.

There are several types of mortgage protection insurance policies available. These include:

• Mortgage payment protection insurance (MPPI): This policy will cover the cost of your mortgage payments if you cannot make them.

• Mortgage income protection insurance (MIPI): This policy covers your income if you can’t work due to an illness or injury.

• Mortgage critical illness insurance (MCII): You will receive a lump sum payment if you are diagnosed with a serious illness.

• Mortgage disability insurance (MDI): If you have become disabled or unable to work, you will get a monthly payment.

In the end, mortgage protection insurance helps protect your investment in your home. As you consider the different options available, keep in mind the benefits and any potential drawbacks.

If you have questions about mortgage protection insurance or need help finding the best rates, contact us at Green Mortgage. We are committed to exceptional customer service and can help you navigate the complex insurance world. Remember, we’re here to help!

Final Thoughts

All right, to sum it up, insurance is a big deal when it comes to keeping our finances safe. It’s super important to know the different types of insurance, and what they cover so you can make the best decision. Whether you’re looking to protect yourself, your car, your house, your travels, or your business, we just reviewed the six most common types of insurance and what makes them unique.

If you’ve any questions about these insurance options, give us a shout at the Green Mortgage team. We’re here to help and ensure you’ve got all the necessary answers. No question is too big or too small, and we’ll give you the peace of mind you deserve. So don’t hesitate to reach out to us today!

TLDR

• Life insurance provides financial coverage for beneficiaries in the event of the policyholder’s death. It is designed to help their loved ones, cover expenses, and maintain their standard of living.

• Home insurance protects a homeowner’s property and belongings from unexpected events such as theft, fire, and natural disasters. It also provides liability coverage for accidents that occur on the property.

• Automotive insurance provides financial protection for drivers in the event of a car accident or theft. Coverage can include liability, collision, and comprehensive protection.

• Small business insurance covers a wide range of risks small businesses face, including property damage, liability, and business interruption. This coverage protects the business and its owners from financial losses.

• Travel insurance covers unexpected events during a trip, such as trip cancellations, medical emergencies, and lost or stolen luggage. This helps protect travelers from financial losses while they are away from home.

• Mortgage protection insurance will cover your payments if you lose your job, are unable to work, have been diagnosed with a severe illness, or have been injured.

EXPERIENCING VICTORIA STAYING AT

WADDINGTON FLATS

Typically, when you mention an affordable family vacation, Victoria isn’t the first place that comes to mind. But when Green Mortgage recommended Waddington Flats on Airbnb, we knew we had to give it a try. And let me tell you; it exceeded all our expectations.

After the boss (my wife) and I packed up our SUV with the kids and the dog, we set off on our staycation. The communication with Waddington Flats through Airbnb was super prompt and friendly, and they gave us all the details we needed to make our trip stress-free. The check–in process was a breeze, and we were thrilled to find plenty of affordable parking nearby.

The real star of the show was our room—the Parliamentary Suite. The classy red carpet made us feel like British royalty, and the fully equipped kitchen was a game–changer for whipping up meals for our family. And don’t even get me started on the rooftop patio—the view of the inner harbor was insane, and the BBQ was the cherry on top.

But what really set Waddington Flats apart was how thoughtful they were. They went above and beyond to make sure our stay was extra special, giving us tons of local info and tips on cool things to do in the area. And whenever we had questions or needed anything, they were always available to help us.

When we ventured out to explore the area around the accomodation, we were blown away by how convenient the location was. There were tons of cool shops, parks, and pet–friendly cafes nearby, not to mention some gorgeous walking trails. And when we returned to our room at the end of the day, we were met with peaceful and chill vibes that were the perfect end to a busy day.

waddingtonflats.com

Kris McFarlane and Family

Fromexploringthenearbyparkstosavoring deliciousfoodanddrinksondog–friendlypatios, youandyourpupwillhavethetimeofyourlives.

DISCOVERING VICTORIA’S TOP DOG–FRIENDLY SPOTS

Hello there, fellow dog lovers! Are you looking for the perfect spot to spend quality time with your furry best friend? Victoria is known for its love of dogs and has many dog-friendly parks and patios for you and your four–legged companion.

Dog-Friendly Parks in Victoria

Beacon Hill Park Let your dog enjoy this 200–acre park with trails and open fields. This park’s beauty is striking, with flower gardens, ponds, and several areas to admire the beautiful view. Designated areas allow dogs to run off-leash and play with other pups.

Elk/Beaver Lake Regional Park Elk/Beaver Lake Regional Park is the perfect spot if you’re up for an adventure. Over 10 km of trails await you and your furry friend, and you can hike, jog, or bike through nature.

Thetis Lake Regional Park Does your dog love to swim? With two freshwater lakes, your pup can beat the heat and dive into the water on a hot day. In addition, it has numerous trails, waterfalls, and off–leash areas.

Esquimalt Gorge Park With a walking path along the Gorge Waterway and the off–leash dog area, you can have a picnic or sit and take in the mesmerizing view.

Topaz Park The park has a large off–leash dog area, sports fields, a playground, and a spray park. The park also has several picnic tables and benches where you and your dog can relax.

Dog–Friendly Patios in Victoria

The Fernwood Inn This Victoria institution has a dog–friendly patio with water bowls. Their menu features classic pub fare with some vegetarian and gluten–free options.

Spinnakers Brewpub Savor a cold beer with your furry friend at this brewpub. Their dog–friendly patio offers stunning views of the water and even a special dog menu.

The Local This dog–friendly patio is perfect for relaxing and enjoying food and drinks. They have water bowls, and treats are available for your dog.

The Beagle Pub Known for its friendly atmosphere and dog–friendly patio, this pub has a Puppy Menu with several dishes specially designed for dogs.

Canoe Brewpub This brewpub is an excellent spot to enjoy craft beer and delectable food with your furry friend.

Finally, don’t hesitate to book your stay at Waddington Flats today and start creating unforgettable memories with your furry best friend.

Thanks, Waddington Flats, for an awesome trip —we can’t wait to come back!

THE FIVE BEST HISTORICAL MUSEUMS IN VICTORIA

Are you planning a trip to Victoria and wondering which museums to check out? I handpicked our top five favorites to make your trip to Victoria educational. These museums go beyond just showcasing artifacts and exhibits; they offer a glimpse into the rich history, culture, and natural beauty that Victoria has to offer.

Royal BC Museum

This impressive museum boasts a vast collection of exhibits, artifacts, and displays that span everything from the flora and fauna of Vancouver Island to the First Nations art and culture, European settlement, and modern BC. You can explore life-size dioramas of coastal and interior habitats, learn about the gold rush and logging industries, and get up close with a real-life woolly mammoth! It’s perfect for families and anyone curious about the unique story of BC. Plus, it’s within walking distance from us at Waddington Flats, making it easy to explore other local attractions after your visit.

Art Gallery of Greater Victoria

This famous gallery has an extensive collection of contemporary and historical art, including works by local, national, and international artists. In addition, they host regular exhibitions, events, and educational programs that appeal to art enthusiasts of all ages and backgrounds. You can explore the gallery’s vast collection, attend an art class or workshop, or soak up the peaceful and creative atmosphere.

Maritime Museum of British Columbia

If you’re a fan of history and culture, you won’t want to miss the maritime museum in British Columbia! They’re dedicated to preserving and showcasing the fascinating maritime history of the region, covering everything from traditional First Nations canoes to cutting-edge naval vessels. There’s so much to explore here - you can check out exhibits on the local fishing industry and the Royal Canadian Navy. There are interactive displays, multimedia presentations, and countless artifacts to keep you entertained and educated.

Craigdarroch Castle Historic House Museum

This Victorian-era castle was built in the late 1800s for coal baron Robert Dunsmuir and his family; it has been well-preserved and features stunning architectural details, luxurious furnishings, and artwork. Take guided tours of the castle to learn about the fascinating history of the Dunsmuir family and their lavish lifestyle. They offer special events throughout the year, especially during Christmas.

Victoria Bug Zoo & Butterfly Gardens

This fun-filled attraction offers a unique opportunity to get up close and personal with various live bugs and butterflies from around the world. Learn about the different types of insects, their habitats, and how they interact with the environment. My favorite part of the tour is the butterfly garden, where these beautiful creatures fly freely in a stunning tropical setting.

These five museums are our favorites, providing unique insights into our history, culture, and natural beauty. I highly recommend exploring each one and soaking up all the fascinating and diverse stories they each tell. And for a truly memorable stay in Victoria, consider booking your accommodations at Waddington Flats.

COVER

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IN THIS ISSUE

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KYLE GREEN’S GAB

PAGE: 5

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WEBINARS

PAGE: 6

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OUR LATEST NEWS

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GREEN MORTGAGE GIVES BACK

PAGE: 11

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NEW MORTGAGE RULES

PAGE: 13

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PAGE:10

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DISCOVERING VICTORIA’S TOP DOG–FRIENDLY SPOTS

PAGE: 35

Image: Unsplash— Chad Montono

PAGE: 36

Image: Unsplash— Vincent Van Zalinge

THE FIVE BEST HISTORICAL MUSEUMS IN VICTORIA

PAGE: 35

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PAGES 39 AND 40 jmackenziephotography.com.

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PAGE: 14

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ORGANIZED CRIME AND FRAUDULENT HOME SALES

PAGE: 15

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DEFERRING PROPERTY TAX

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MORTGAGE TIPS

PAGE: 19

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EXPLORING VICTORIA AND STAYING AT WADDINGTON FLATS

AGE: 24

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