It’s been a few weeks since my last blog post – it must be summer that’s causing the tardiness. Or, it just might be that I have nothing of interest to write about lately. I’ll go with the first excuse, but I can say this: I have learned a few things over last the two weeks. So if you will indulge me, here’s what I’ve learned.

Mortgages and Real Estate are not all things evil; especially when you’re trying to get re-elected. There’s an election around the corner in Canada, and it’s time for promises from all the candidates (most of which will never be kept). One of the first promises made on the campaign trail by Steven Harper, Canada’s Prime Minister, was to allow first time homebuyers to draw up to $35,000 from the RRSP for a down payment, up from $25,000. Why? “For most Canadians, the family home is their biggest asset and their most significant investment in their future financial security. It’s also the center of their lives,” said Harper. Gosh darn it, why didn’t we think of that? (more…)

It’s a long weekend across the country, and (I suspect) like you, I’ve never given any real thought as to why we have this long weekend. So I decided to do some research, and after doing so I realize why beer plays an important part in every long weekend in Canada. If you’re going to kill some brain cells, you might as well have fun doing it, rather than trying to figure what we’re celebrating this weekend.

When I received a call from the soon to be former CEO of CAAMP, Jim Murphy, to tell me personally that he is tendering his resignation, I was and wasn’t surprised. As he shared with me his rationale for wanting to pursue other opportunities, my mind was racing. Candidly speaking, images and the silent questions I started asking myself impeded my ability to truly comprehend and absorb every word spoken during that conversation. I think there’s a simple explanation as to why my mind started bombarding me with questions: it’s because Jim mattered, a lot. Now he’s leaving.

They say that timing is everything, and as cliché as that is, it holds  true in Jim Murphy’s case.  When Jim first joined CAAMP, it was raining mortgage applications. Hubris ruled; this was how it was going to be forever.  Then WAM!; 2008 comes along and forever changes our landscape. Jim’s knowledge and skill at navigating the hallways of Parliament ensured our voices would be heard. Prior to Jim joining CAAMP, we would be lucky to get a phone call returned from the Finance Department in Ottawa. Not long after Jim’s arrival, not only were our calls returned by the Finance Department, they began reaching out to CAAMP for data and input on mortgage related issues. Jim Murphy is invited to Ottawa every year for the reading of the new federal budget. (more…)

And no, I don’t mean the Bank of Canada lowering the overnight lending rate. Given the BoC’s economic forecast for Canada, the move to lower wasn’t a surprise at all. The banks quickly followed and lowered their prime rate. Although the banks didn’t match the BoC’s full rate discount, they still lowered their prime rate, which ultimately benefits the borrower. Back to what everyone is talking about. Good lord, it’s also not the Pan Am games being hosted in Toronto. Truth be told, the games have produced a collective yawn in Toronto. In no way is that a reflection of the highly dedicated and committed athletes who are participating. It is simply a case of Toronto not perceiving the games as being “big league”. If it was the Olympics, tickets would be hard to come by. Some may characterize our Toronto’s view of these events as arrogant, pompous or even self-aggrandizing. Rightly or wrongly, it’s just the way it is. What everyone is talking about is the other event that recently took place. That’s right, The Mortario Cup golf tournament.

Now for the few of you who do not know what I’m referring to…and that would be everyone other than the participants and their immediate families, let me explain.  The Mortario Cup started way back in 2005. It is a Ryder Cup format, played over two days. There are two teams – Team Blue and Team Red. These teams are made up of individuals in the mortgage industry in Ontario. The golfers are the who’s-who of the mortgage industry – well, at least that’s what we tell ourselves. The same two teams play against each other every year and the competition is fierce. What does the winning team get? Firstly, the Trophy, she really is beautiful. Secondly (more…)

This is the time of year when people start to think about vacations, children going to camp, enjoying a beverage on a patio, late evening strolls and a bunch of other activities that one associates with summer. It’s a great time to shut out the real world, for a little while at least, but the noise level may be so high it may be difficult to do so. It’s so much easier to suspend reality when it’s someone else’s reality. It’s hard to point fingers when you have your own troublesome issues to deal with.

Firstly, there’s a country in Europe that’s in a deep mess, and we’ve become so accustomed to hearing about their “challenges” that we’ve learned to ignore Greece.  Well, Greece is back in the news, with all its drama, twists and turns. This time stakes are little higher. There’s a referendum this weekend in Greece, one which is ill timed and could be political suicide for the Greece’s reigning president, Alexis Tsipras. In nutshell, Greeks are going to vote on the most recent austerity package being offered by the European Union. The Greek president doesn’t think much of the terms that the Euro Zone is attaching to handout, so he wants his people to decide. And if Greeks vote yes, he’s promised to resign. If one doesn’t learn from history, then one is doomed to repeat it. History has taught many European leaders that upsetting German Chancellor, Angela Merkel, is detrimental to one’s political career. So to Greek president, Mr. Tsipras, we barely knew you. (more…)