The 2024 Housing Research Awards competition is now open!

General Danny Cardoso 17 Jun

Who is offering the award?

The Canada Mortgage and Housing Corporation (CMHC) is offering the 2024 Housing Research Awards.

What is it?

The Housing Research Awards celebrate innovative and impactful housing research. If you’re exploring issues related to housing in Canada, this is your chance to get funding for your completed or nearly complete research to increase its impact. Apply for one of these three prestigious awards:

  • CMHC President’s Medal for Outstanding Housing Research: $25,000
  • Recognizes significant research that helps make housing affordable for everyone in Canada.
  • Focus for 2024: Improving the Financial Viability and Sustainability of Affordable Housing in Canada.
  • Your research should address Barriers and solutions to improving financial viability and sustainability.
  • New knowledge, tools, or approaches to strengthen long-term viability.
  • Examples: Green building features, innovative financing models, and approaches to reduce costs.
  • Gold Roof Award for Housing Research Excellence: $12,500
  • Recognizes research that increases knowledge or understanding in one of the National Housing Strategy’s priority areas.
  • Your research should lead to demonstrable impacts within the academic community or housing sector.
  • Gold Roof Award for Knowledge to Action: $12,500
  • Recognizes initiatives that bridge the gap between research and practice in the housing sector.
  • Your research should acknowledge innovative initiatives that have made outstanding contributions to the National Housing Strategy’s priority areas.

 

When is the deadline?

Submit your application by Friday, August 23, 2024, at 4:00 p.m. (EST).

Where can you find more information?

Learn more about the awards, previous winners, and how to apply by visiting the CMHC website. You can also sign up for regular updates on Canada’s housing industry delivered straight to your inbox.

Why should you care?

This initiative is your chance to secure funding for your housing research and increase its impact. The awards recognize research excellence and support exceptional work that generates essential data and insights. This work is key to advancing the objectives of Canada’s National Housing Strategy, ensuring the financial viability and sustainability of affordable housing.

Focus for 2024

This year’s focus is on improving the financial viability and sustainability of affordable housing in Canada. We are looking for completed or near-complete research that offers new insights, tools, or approaches to strengthen affordable housing projects over the long term.

Apply now and showcase your research that can make a real difference in the housing sector! 🏠💡

Navigating Mortgage Renewals: Your Options in Today’s Market

General Danny Cardoso 4 Jun

As the landscape of mortgage renewals continues to evolve, many homeowners are exploring a wider array of options than ever before. Traditionally, the 5-year fixed term was the go-to choice for most. However, with the current economic climate and rising interest rates, it’s crucial to reassess your mortgage strategy to optimize cash flow and ensure affordability.

Understanding Current Trends

Recent data indicates significant changes in homeowner preferences and strategies:

  1. Longer Amortizations: With rising interest rates, many homeowners are opting for longer amortization periods. This choice helps improve cash flow and makes monthly payments more manageable.
  2. Shorter Terms: Most homeowners are now choosing mortgage terms of three years or less. The hope is that interest rates will decrease in the near future, allowing them to take advantage of lower rates when they next renew.

Why Consider Renovation at Renewal Time?

Renewal time is an excellent opportunity to consider home renovations. Why? Because leveraging your home equity during renewal means you won’t have to break your mortgage and incur penalties. Instead, we can restructure your mortgage to include renovation costs, rolling everything into one easy payment. This approach is often more cost-effective than using personal funds or unsecured lines of credit.

Addressing Concerns About Mortgage Payments

A significant 56% of homeowners up for renewal are worried about the possibility of defaulting on their mortgage payments. If you share this concern, the best step is to consult a mortgage expert immediately, even if your renewal is still years away. Together, we can:

  • Analyze Your Financial Situation: Understanding your current financial health is crucial for planning your mortgage strategy.
  • Explore Programs: Programs that extend your amortization can make payments more affordable and help alleviate financial stress.
  • Strategize for the Future: Planning ahead can ensure you’re prepared for any changes in the housing market or interest rates.

We’re Here to Help

As a mortgage broker, my mission is to provide the support and guidance you need to make informed decisions about your mortgage renewal. Don’t let concerns about future payments or the complexities of mortgage options overwhelm you. Reach out today, and let’s start planning for a secure and stress-free future.

Whether you’re considering a longer amortization period for better cash flow, exploring shorter terms in anticipation of lower future rates, or thinking about a home renovation, I’m here to help you every step of the way. Contact me now to discuss your mortgage renewal options and discover how we can tailor a solution that fits your needs.

Helping Your Children Enter the Real Estate Market: Three Innovative Solutions

Investing in Real Estate Danny Cardoso 4 Jun

As retirees or parents, we often strive for mortgage-free lives, but we also recognize the challenges our children face in entering today’s competitive real estate market. However, fear not! There are three innovative solutions to ensure our children can buy homes and secure their future in real estate. And trust me, you might not have considered number 3!

1. Co-signing:

The stress test and rising rates have made it increasingly difficult for young homebuyers to qualify for mortgages, even with great-paying jobs. By adding a trusted co-signer with a good income and little to no debt, like yourself, we can help our kids break into the market now. Together, we can devise a short or long-term strategy to remove you from the title later, ensuring both financial security and independence for our children.

2. Gifted Down Payment

If you have the resources or equity, gifting your children an early inheritance can be a game-changer. Saving for a down payment can take years, and with the market gaining in price rapidly, time is of the essence. You may not realize that increasing your mortgage by $100K could mean only an additional $500 to $600 per month, depending on interest rates. This could be life-changing for your children, enabling them to enter the market now and secure their future.

3. Invest in Property

Consider purchasing an investment property now and explore various options to benefit your children in the future. For example, you could gift it to them when they’re ready, or offer it as affordable housing while they attend university. Let’s face it, rent is skyrocketing. Or, you can sell the asset in the future and use the equity to kickstart their real estate endeavours. This forward-thinking approach not only helps our children but also secures their financial future.

We’re Here to Help

Whichever method you choose, helping your child enter the market now could be the best opportunity for them. Real estate has historically shown upward trends in value, making it a lucrative investment for both you and your children. If you have questions or need assistance running numbers, I’m here to help. Let’s secure a brighter future for our children together!