Friday Report – Post-Government changes Oct 7th 2016 – Here’s what I know…

General Michael James 7 Oct

What a week this has been – game-changing policy changes from the Finance Minister for the Mortgage industry!

Here is what I know on this Friday after the changes Monday:

1) Our non-bank lender partners (mono-lines – mortgage specific lenders – that offer better rates, larger product lines, and smaller penalties to the borrowers) are in an eerie vortex where they don’t know how business will be conducted in a week’s time moving forward.

2) These changes will solidify the Big 6 Banks powerful position in the AAA lending game.

3) Any additional costs will be pushed along to the borrowers.

4) Borrower‘s buying power and borrowing options, and competition for said options have been reduced.

5) The government is very concerned on the RE market and debt levels but also may be biting the hand that feeds them (RE and related industries in construction and home improvements provide for 20% of our GDP)

6) The demand for Vancouver real estate remains very high – for every active seeker, there are droves in the wings waiting for supply or price changes.

7) Overseas demand for Vancouver real estate will remain strong – 15% Foreigners tax and the Primary Residence declarations are small formalities to bringing capital to Canada, or inversely out of where it sits.

8) Supply remains an issue in an area land-locked with strong positive migration.

9) The Mortgage Broker’s role is firmly reinforced and our industry will evolve and our services and knowledge will see even stronger demand in the Canadian marketplace.

What a roller-coaster week. That is all.

Michael James 

DLC-Mortgage Evolution


Reminder – 5 Great reasons to use a Mortgage Broker! DLC Blog

General Michael James 7 Oct


5 Reasons Why Your Bank Rate Isn't Better

*** With the recent government changes (Oct 2016), our services should see even greater demand!***


Blog provided from DLC Head Office on behalf of Pam Pikkert

So it seems that there are still Canadian consumers who have reservations or misunderstandings about why a mortgage broker is their best choice. Time to take a quick look at 5 reasons you should use a broker.

1. Almost always free to use. 41% of consumers polled for the June 2016 Mortgage Professionals Canada “The Next Generation of Homebuyers” report seem to have the misconception that they are the ones paying somehow for the mortgage broker’s services. Here are a few things you should know:

· Bank branch reps and mobile specialists are paid bonuses for being able to get you to sign at a higher rate. It’s true. Ask them.

· The banks and broker lenders avoid the costs of having another in house employee with benefits and all that when they go through a mortgage broker who pay all those cost themselves.

· A mortgage broker will only charge a fee on an alternative deal where the client has blemished credit or on a commercial deal and in both cases the amounts are very upfront and are agreed to ahead of time.

2. Professional and carefully watched. Mortgage brokers only do mortgages. That means we know what we are talking about and can advise you properly. You can also rest assured that your privacy is well protected given that we are watched carefully by governmental agencies. As we should be really.

3. Choices! A mortgage broker is exactly like an insurance broker. We have access to a large number of lenders so if your application does not quite fit with one bank we have many others we can try it through. It is our job to know that you are getting the best mortgage and rate for your situation. Often we can even get better rates for you at your own bank given the very high volume we do with them.

4. Avoiding nasty pitfalls. Do you know how your bank calculates the penalty on the mortgage? Do they use posted to discounted rates? Are you getting put into a collateral mortgage? That’s OK if you have no idea what any of that means. We know. It’s our job and that can save you a ton of money down the road.

5. Convenient. Mortgage brokers pride themselves on their exemplary service. We can work with you remotely or face to face. We use the latest technology to make things as easy as possible for our clients.

So there you have it. We are free to use, full of professional advice, offer wide variety of choices, help you avoid pitfalls and we are convenient too! Oh, and did we mention that just over 50% of first time home buyers use mortgage brokers these days? Come find out why Dominion Lending Centres is where you should go for your next mortgage. You’ll be so glad you did.

Now is the Time to Make your House the Home of your Dreams – Michael James

General Michael James 3 Oct

Here is an article written for the North Shore News….

Now Is The Time To Make Your House The Home Of Your Dreams!

Property values on the North Shore are at an all-time high. Borrowing money is still at an all-time low.  Combine these two economic factors – with the fact that the transaction costs to sell your home and re-buy a home of your dreams is simply rudely expensive – and you have the perfect time to renovate your existing home into the home of your dreams.

Just think about it. 

If you bought a property on the North Shore before 2015 – your increased home equity (30%+?) can now be used to get you the modern kitchen, bathroom, basement suite/laneway home or exterior finishing that you have always wanted. Plus, you won’t have all the hassle of uprooting your family, and all the expenses of selling and moving.

The best way to take advantage of your recent rise in home equity – is not to sell your home and buy a new one- it is to remortgage and renovate your existing home. 

And here’s why.

The costs of selling your home to buy a new one are rudely expensive. To do this you would have to pay costly real estate fees, and maybe your bank mortgage penalty, that could total up to 6% of the total value of your home.  On a million dollar home that’s close to $60,000 that you would be dishing out before you bought again where you would have to pay another 2% or more for Property Transfer Tax!  Instead, you could refinance and borrow that $100,000 and end up with:

  • a lower overall monthly payment with better terms,
  • a renovated home that you love,
  • consolidate any high-interest debts,
  • increased property value!

Take a look at these numbers and ask yourself these questions.

$100,000 of mortgage costs less than $392 per month* (based on 30yr amortization, rate, product and term to be decided)

What value and comfort can you add to your home for $392 per month?

What would your house be worth once you made it the home you love?


Most people hate their mortgage, so putting mortgage and love in the same sentence isn’t popular. But Michael James at Mortgage Evolution from Dominion Lending Centres is a different kind of mortgage broker.  Most of the Big 6 Banks offer mortgages that have high penalties if you want to get out of them.  Dominion Lending Centres – Mortgage Evolution does not offer just one or two types of products like traditional banks – Michael is free to shop around with over 30 different lenders.  This allows you the borrower to revolutionize your mortgage. You can get better rates and lower penalties – that’s why people love our mortgage solutions.

Don’t think of moving – Stay!

Refinance your home and use your equity to get the home of your dreams today. 

The process can be as simple as a half hour phone callWhat are you waiting for?

Learn to love what your mortgage can do for you!

Call Michael James today at 604-770-4900

Or email