26 Aug

How Long Does a Consumer Proposal Stay on Your Credit Report in Canada?

Homeownership

Posted by: Michael Greene

A consumer proposal credit report shows a note in the legal/public records section indicating the proceeding type and dates. It won’t haunt your credit forever—but it can feel that way if old notes linger on your file. If you’ve completed your proposal and are ready for a mortgage renewal or new credit, you deserve a clean slate. Let’s break down how long it should stay, what should be removed, and what to do if outdated remarks are still holding you back.

How Long Does a Consumer Proposal Stay on Record?

Most consumer proposals last five years, usually with fixed monthly payments. After completion, the credit bureaus apply different rules:

  • Equifax: Removed 3 years after completion or 6 years from filing—whichever comes first.

  • TransUnion: Removed 3 years after completion or 6 years from the date of default—whichever comes first.

👉 Example: If you finished your proposal in early 2022, it should be purged from your report by early 2025, even if you filed it only months before paying it off.

Note: Rules may vary by province. Always confirm directly with Equifax and TransUnion.

What Should Disappear vs. What Should Stay

When a consumer proposal is cleared, it should be removed from:

  • The public records section of your credit file

  • Each individual account included in the proposal

If you’re still seeing notes like “Account closed, included in proposal” or “Written off as part of a proposal”, those are outdated and shouldn’t remain once the proposal is gone.

Why Leftover Notes Still Hurt You

Even closed accounts with $0 balances can drag you down if they still carry negative remarks. Lenders—especially mortgage lenders using Equifax—may treat you as if you’re still in recovery, even though you’ve moved on.

Worse, an unnecessary credit denial based on stale notes can further damage your profile, making it harder to qualify for the rates and terms you deserve.

What to Do if Your Credit Report Hasn’t Caught Up

  1. Order your full reports from both Equifax and TransUnion—not just summaries.

  2. Highlight outdated remarks tied to your proposal. Screenshots help.

  3. Hold off on new applications until corrections are made—rejections only make things worse.

  4. File disputes yourself, or work with a professional who knows the system.

Tip: Credit file experts like Richard Moxley (a CMT contributor) specialize in getting Equifax and TransUnion to correct errors effectively.

The Bottom Line

Once your consumer proposal is behind you, your credit report should reflect it. If it doesn’t, that’s not your fault—but it is your responsibility to fix it.

Clean up your report before applying for a mortgage or new credit. A few lingering notes can cost you thousands in higher interest or even lead to declines. Take control now, and you’ll be in a much stronger position to move forward with confidence.

👉 Get a your free credit report here.

Ready to move forward with confidence? Get your credit report cleaned up before applying for a mortgage or new loan. Reach out today and leave your contact information or schedule a 30-minute strategy call and let’s make sure nothing holds you back.

21 Aug

Mortgage Industry Supports Habitat for Humanity: Tackling Housing Affordability

Affordable Housing

Posted by: Michael Greene

The mortgage industry supports Habitat for Humanity in a powerful new partnership aimed at tackling Canada’s housing affordability crisis. Mortgage Professionals Canada (MPC) has pledged $100,000 and volunteer support to help build 10 homes across the country.

This collaboration unites two organizations committed to improving access to affordable housing. It also gives mortgage brokers a meaningful way to raise their profile while making a real difference in Canadian communities.

Why the Mortgage Industry Supports Habitat for Humanity

According to Maxime Stencer, incoming MPC board chair, the partnership is about more than housing—it’s about community.

“Habitat exemplifies people coming together from all walks of life to help their community,” Stencer explains. “For brokers, it’s not just about giving money—it’s about picking up hammers and saws so the community can see mortgage professionals giving back.”

The search for a partner began during MPC’s restructuring last year. Habitat for Humanity stood out because it operates nationwide, aligns with MPC’s mission, and shares a strong focus on affordable homeownership.

Two Organizations, One Mission

Pedro Barata, President and CEO of Habitat for Humanity Canada, emphasizes that Habitat focuses on homeownership opportunities for Canadians facing significant barriers, especially families who struggle to save for a down payment.

“Habitat Canada is about giving families a chance to build equity, stability, and a brighter future,” Barata says. Unlike many public housing efforts that focus on rentals, Habitat’s approach closes the gap by making ownership possible.

Through volunteer support, donated land, and reduced development costs, Habitat helps families move from renting to owning. This effort doesn’t just create homes—it creates stability for generations.

The Proven Impact of Homeownership

The numbers speak for themselves. A 2025 Deloitte Canada study revealed that Habitat homeowners reported:

  • 79% boost in mental health

  • 73% improvement in physical health

  • 44% rise in employment

  • Better school performance for children

  • Greater financial security for families

Families who moved into Habitat homes earned 28% more income compared to renting, generating $168 million for Canada’s GDP between 2006 and 2023.

These results highlight why the mortgage industry supports Habitat for Humanity—because affordable homeownership strengthens both families and the economy.

Building Homes, Building Awareness

This partnership doesn’t stop at construction. By collaborating with MPC, Habitat Canada gains more visibility, spreading awareness about its mission nationwide.

“Mortgage professionals understand firsthand the barriers families face,” says Habitat development officer Shahla Habib. “Their support has been incredible, and it’s helping us bring more affordable housing to communities across Canada.”

The mortgage industry’s involvement ensures Canadians see brokers not only as financial experts but also as community builders—literally and figuratively.

Final Thoughts

The mortgage industry supports Habitat for Humanity because the mission is clear: help families achieve affordable homeownership and strengthen Canadian communities.

Together, Mortgage Professionals Canada and Habitat for Humanity are proving that when industries and non-profits unite, the results go far beyond bricks and mortar—they build futures.

I will be volunteering my time to help support the cause in any way that I can. If you would like to volunteer as well reach out to me Mortgage With Mike or 416-820-1891
20 Aug

Ontario Business Tariff Loan Unvail $1B Loan Program for Businesses

General

Posted by: Michael Greene

A Big Boost for Ontario Businesses

Ontario’s manufacturing sector is getting a much-needed lifeline.

Premier Doug Ford has announced a $1 billion emergency loan program to help companies in the auto, steel, and aluminum industries. These businesses have been hit hard by U.S. tariffs.

This is the first step in the province’s $5 billion Protect Ontario Account, which is designed to save jobs, keep businesses running, and protect supply chains.

Who Can Apply

The program is for businesses directly impacted by U.S. tariffs. To qualify, companies must:

  • Be located in Ontario

  • Have at least 10 employees

  • Earn at least $2 million a year

  • Have operated for 3+ years with financial statements

  • Have already used any federal tariff support available

Not eligible: start-ups, non-profits, or companies using funds to buy property or new equipment.

Loan Details

Businesses can apply for loans between $250,000 and $40 million.

The money can be used for:

  • Paying staff

  • Rent or lease payments

  • Utilities

  • Other key operating costs

Loans must be repaid within six years. The first year can be principal-free. Interest may be charged up to the prime rate.

A new provincial website will handle applications. A third-party financial agent will process them quickly.

Why This Matters

Small and mid-sized companies in auto, steel, and aluminum are taking the hardest hit from U.S. tariffs.

This program aims to:

  • Save jobs

  • Prevent closures

  • Protect supply chains

Some say the $1 billion fund isn’t enough. NDP MPP Jessica Bell has called for a bigger, long-term investment plan.

The Bigger Picture

The U.S. recently increased tariffs on Canadian imports:

  • Steel and aluminum: up to 50%

  • Certain auto goods: 35%

Economists warn this could slow the economy and raise unemployment in both countries.

Ontario’s loan program is meant to soften the blow and help industries recover once the trade dispute ends.

Bottom Line:
If your business is affected by U.S. tariffs, this program could help you stay afloat. Check the eligibility rules and apply now.

14 Aug

Air Canada Flight Attendants Dispute: What You Need to Know

Economy

Posted by: Michael Greene

The Air Canada flight attendants dispute is quickly escalating, and it could affect thousands of travelers this week. Negotiations between Air Canada and the Canadian Union of Public Employees (CUPE) — representing about 10,000 flight attendants — have reached a breaking point.

Here’s a simple breakdown of what’s happening, what it means for your travel plans, and what you can do right now to stay ahead.

Why Is There a Dispute?

CUPE has been in talks with Air Canada over issues such as pay, scheduling, and working conditions. Overnight, the union issued a 72-hour strike notice, meaning a work stoppage could start as early as Saturday at 1:00 a.m. ET.

In response, Air Canada announced a lockout for the same time and has started preparing for a controlled wind-down of its flight schedule.

When Will Flights Be Affected?

Air Canada plans to begin cancelling flights as early as Thursday, with more cancellations on Friday, leading to a full shutdown on Saturday if no agreement is reached.

The airline says this phased approach helps:

  • Avoid leaving passengers stranded

  • Give travelers time to make alternate arrangements

  • Provide more certainty instead of last-minute chaos

What Are Your Options if Your Flight Is Cancelled?

If your travel is affected by the Air Canada flight attendants dispute, here are your main options:

  1. Refunds – Air Canada has confirmed that all cancelled flights will be refunded in full.

  2. Free Rebooking – If your trip is between August 15–18, you can rebook without fees for any date between August 21 and September 12.

  3. Travel Credits – Non-refundable fares can be turned into credits for future flights.

  4. Alternate Flights – Air Canada is working with partner airlines, but space will be limited due to peak travel season.

Know Your Passenger Rights

Under Canada’s Air Passenger Protection Regulations, labour disruptions like strikes are considered outside the airline’s control. That means you’re entitled to a refund or rebooking, but not necessarily compensation for extra expenses such as hotels or meals.

If you have travel insurance or used a credit card with trip protection, check your policy—some plans cover strike-related delays or cancellations.

What to Do Right Now

  • Check Your Flight Status – Use the Air Canada app, website, or your booking confirmation email for updates.

  • Act Quickly – If you’re travelling in the next few days, decide now whether to rebook or request a refund.

  • Keep Receipts – If you incur extra expenses, save documentation for potential insurance claims.

  • Stay Updated – This situation is developing daily, so check the news before heading to the airport.

Bottom Line:
The Air Canada flight attendants dispute could cause major travel disruptions this weekend. If you have an upcoming flight, act now to secure your best options—whether that’s a refund, rebooking, or alternate travel plans.

7 Aug

Greater Toronto Housing Market Heats Up—But Trouble Could Be Brewing Beneath the Surface

Economy

Posted by: Michael Greene

The Greater Toronto housing market roared back to life in July, recording its busiest month in four years. After months of hesitation and economic anxiety, buyers finally jumped back in—but for how long? According to the Toronto Regional Real Estate Board (TRREB), sales jumped 10.9% year-over-year, with 6,100 homes changing hands. It’s a remarkable shift—but experts warn that uncertainty, rising tensions, and dashed expectations could be right around the corner.

Buyers Flood Back—But Not Everyone’s Breathing Easy

Many buyers had spent spring sitting on the sidelines, paralyzed by mixed economic signals and the threat of further financial instability. But come July, that wait-and-see approach flipped—and fast.

“People were holding off,” said Bosley Real Estate broker Davelle Morrison. “But in July, I think people realized this economic limbo might not go away anytime soon. They just had to make their move.”

In other words, many jumped in—not because they were confident, but because they were tired of waiting.

Price Drops Spark Movement—But Relief Could Be Short-Lived

One major driver behind the sales surge? A dip in prices. The average sale price across the Greater Toronto housing market fell 5.5% from last year to $1,051,719, and the benchmark price—a typical home value—also slid 5.4%.

TRREB President Elechia Barry-Sproule called the price adjustment a much-needed break, but she was quick to add: “We still need more relief, especially when it comes to borrowing costs.”

Even with this improvement, the pressure remains high. Affordability is improving slightly, but it’s still tight—and many wonder if this is just a temporary reprieve.

The Spring Slowdown Is Over—But Shadows Linger

Earlier in the year, sales were falling fast:

  • April: Down 23% year-over-year

  • May: Down 13%

  • June: Down 2%

Buyers were spooked by inflation, the uncertain U.S.–Canada trade environment, and rising interest rates. But in July, the floodgates reopened.

“We had clients who paused in March and April, some came back in July, but even now, a lot of people are still uneasy.” said Davelle Morrison, a broker with Bosley Real Estate Ltd.

Inventory Is Rising, But So Are the Stakes

The Greater Toronto housing market also saw a significant increase in inventory:

  • New listings in July: 17,613 (up 5.7% from July 2024)

  • Active listings: 30,215 (up 26.2%)

More listings should mean more choice—but with more choice comes more pressure, especially for sellers trying to hit lofty price targets.

TRREB’s Chief Market Analyst, Jason Mercer, noted that while more homes are available, the broader Canadian economy is still treading water. The housing sector may be providing a boost—but it’s not enough to calm the storm just yet.

Bank of Canada Holds Rates, But Anxiety Remains High

The Bank of Canada left its key interest rate untouched at 2.75%—the third pause in a row. While it hinted at future rate cuts, no one’s holding their breath. Inflation is still sticky, and uncertainty around trade and consumer spending looms large.

Governor Tiff Macklem said the economy has shown “some resilience,” but also admitted the fight against inflation is far from over.

The Fall Market Could Be Rocky—Don’t Count on a Repeat

Despite the recent burst of activity, experts say the fall market might struggle to keep the momentum going.

“I’m not expecting fireworks in the fall,” said Morrison. “There are sellers who think they’ll relist and get their spring prices—and I just don’t see that happening.”

Sellers hoping for a bidding war may be disappointed. The market is stabilizing, but not necessarily in a good way.

Where the Sales Happened—and What Types of Homes Moved

The Greater Toronto housing market saw growth across the board in July:

  • City of Toronto: 2,205 sales (up 11%)

  • Rest of GTA: 3,895 sales (up 10.9%)

  • Semi-detached homes: up 25.5%

  • Detached homes: up 11.3%

  • Townhouses: up 7.9%

  • Condos: up 5.8%

Final Thoughts: Is This a Comeback or a Cautionary Tale?

Yes, the Greater Toronto housing market just had its strongest July since 2021. But while the numbers are up, so are the risks. Beneath the surface lies uncertainty, inflation pressure, and cautious consumer sentiment.

Buyers and sellers alike should proceed with care—this market may be warming up, but the temperature can change fast

✅ Ready to Make a Move in the Greater Toronto Housing Market?

Whether you’re buying, selling, or just trying to figure out your next step, now is the time to get expert guidance. The market is shifting—and the right strategy could save you thousands.

📞 Book a free 15-minute consultation
📩 Get custom mortgage advice based on today’s rates
🔍 Explore your buying power before the fall market hits

👉 Click here to get started or call (416-820-1891) — let’s navigate the market together.