26 Aug

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

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 Let’s break down how long it should stay, what should be removed, and what to do if outdated remarks are still holding you back.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you’re still seeing notes like “Account closed, included in proposal” or “Written off as part of a proposal”, those are outdated and shouldn’t remain once the proposal is gone.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

Order your full reports from both Equifax and TransUnion—not just summaries.
Highlight outdated remarks tied to your proposal. Screenshots help.
Hold off on new applications until corrections are made—rejections only make things worse.
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

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.

18 Jul

Pandemic Purchases Now Underwater for Some Canadian Homeowners

Homeownership

Posted by: Michael Greene

Let’s be candid: If you bought a home during the pandemic rush, especially in one of Canada’s “boomtowns,” you might be feeling the pressure today. A growing number of homeowners are finding themselves in a tough spot — owing more on their mortgage than what their home is currently worth.

What happened?

When COVID-19 hit, a lot changed — including how Canadians viewed their living space. With record-low interest rates, remote work becoming the norm, and a desire for more space, people made big moves. Literally.

From the Greater Toronto Area to suburban pockets in Ontario, B.C., and Alberta, buyers jumped into the market, hoping to lock in a low rate and ride the price wave. And for a while, that worked.

But now that wave has pulled back.

According to the Canada Mortgage and Housing Corporation (CMHC), the pandemic-driven housing boom saw home prices in many regions spike by over 50% between 2020 and early 2022. Now, in 2024–2025, some of those same markets have seen values dip anywhere from 10% to 20% depending on location and property type.

The result?

A growing number of homeowners are “underwater” — meaning their mortgage balance is higher than their home’s current market value. That makes selling difficult and refinancing even tougher.

Recent data from Equifax Canada shows that mortgage delinquencies are starting to rise, particularly among newer homeowners and in provinces that saw the sharpest price increases and subsequent declines.

In some Ontario suburbs, like Durham Region, Barrie, and Niagara, values are down significantly from their peak. And if you put less than 20% down — or took on a variable-rate mortgage — the numbers might not be in your favour right now.

What’s causing this imbalance?

It’s a combination of:

Higher interest rates: The Bank of Canada has pushed its key rate from 0.25% in 2021 to 5% by mid-2025. That’s cooled demand — fast.
Increased inventory: Builders responded to the pandemic demand by ramping up construction. Now some of those homes are sitting on the market longer.
Price correction: After the frenzy of 2021, many markets are simply rebalancing. This isn’t a crash — it’s a recalibration.

What does this mean if you’re looking to sell?

If you’re underwater, selling might not cover your mortgage. That means you’d have to make up the shortfall out-of-pocket — a tough pill to swallow, especially in a time of higher cost of living.

So, should you panic?

No. Let’s keep things in perspective.

While some buyers are underwater on paper, that doesn’t necessarily mean disaster. If you plan to stay in your home and ride this out, time is on your side. Canada’s population is growing (thanks to strong immigration), and long-term housing demand remains solid — especially in cities like Toronto, Ottawa, Calgary, and Halifax.

But if you need to sell or refinance soon, it’s important to get the right advice. There are options — including second mortgages, equity take-outs, or alternative lending strategies — but you need to approach it smartly.

Bottom line?
The pandemic housing frenzy left some scars. But if you’re feeling stuck, don’t stress in silence. Reach out. Let’s talk strategy, not panic. You’ve got options — even if things feel tight right now.

— Mortgage With Mike