This Vs That Volume 3
Michael Hallett • November 30, 2015
Trilogy is a set of three works of art that are connected and that can be seen as a single work of art or as three individual pieces. I pulled this definition from WIKIPEDIA. I wouldn't quite go as far to say this series was 'work of art,' the only thing I did find comparable with the meaning was this could be read as a series or they can stand alone separately. Anyway, You can read Volume 1 here
and Volume 2 here
to complete the trilogy of mortgage terminology.
Consumer Proposal vs Bankruptcy
A consumer proposal is a formal, legally binding process that is administered by a bankruptcy trustee. The trustee will work to develop a plan or an offer to pay creditors a percentage of what is owed, or extend time you have to pay off the debt...or both. The concept of personal bankruptcy in Canada is to assign or surrender everything you own to a Trustee in exchange for the elimination of your debts. This is governed by federal law, the law is designed to permit an honest but unfortunate debtor to obtain relief from his or her debts while treating creditors equally and fairly with a fresh start. Debt must be insolvent; a minimum of $1,000 owing and able to meet ones debts as they are due to be paid. You may be entitled to an automatic discharge from personal bankruptcy in 9 months, the minimum time set by the Court to be bankrupt, provided you have never been bankrupt before and you complete various duties and responsibilities.
Monoline Lenders vs Chartered Banks
A monoline lender is a mortgagee that only processes mortgage applications; mono is the numerical prefix representing anything single, meaning one. Monoline lenders do not have other products that they cross sell and try to bundle with their mortgage product, they only provide financing solutions. Most monolines back-end insure or securitize their mortgages instead of keeping them on their balance sheet. This allows them to sell the asset to an investor. Monoline lenders are quite restrictive because they are back-end insured by CMHC, Canada Guaranty or Genworth therefore their tolerance for exceptions on the debt service ratios is extremely limiting.
Chartered banks are quite the opposite. They are a full-service financial portals offering everything from savings/chequing accounts, to investment opportunities to personal loans and of course mortgage financing. Their mortgage lending services are always cross-sold with other in-house banking products. Another major difference to mention is how each entity calculates the Interest Rate Differential (IRD) penalty.
Monoline lenders utilize the PUBLISHED RATE METHOD and banks use the POSTED RATE METHOD. Be sure to have the mortgage provider explain the IRD penalty calculation in detail. The different calculations can amount to a difference thousands of dollars. Monoline lenders typically offer more competitive rates from the start as their overhead and operating costs are substantially lower than Banks. These lower operating costs are passed onto the consumer as an interest savings. Banks will usually match the rate if challenged, but it's not a profitable.
Conventional vs High Ratio Mortgage
These are 2 terms that Mortgage Brokers and bankers use to categorize 2 types of mortgages, ones that require mortgage insurance and ones that do not. For a mortgage file to be deemed conventional the borrower must demonstrate that they can put a minimum of 20% of the purchase price or 20% of the market value down. Mortgages that fall into the high ratio category are utilizing 19.99% down payment or less to a minimum of 5%. These mortgage applications require a third party to insurance to protect against future potential default. The most recognizable mortgage insurer is CMHC but, there are 2 other privately operated organizations called Canada Guaranty and Genworth.
HELOC (Home Equity Line of Credit) vs LOC (Line of Credit)
Similar but different, both being securitized by the subject property. The HELOC is described as a multi-segmented mortgage product utilizing various types of mortgages; variable, fixed and line of credit product all registered against title as one charge. For example if one had a $300,000 HELOC product they could slice it up into three different segments, each totaling $100,000. A LOC is a single segment standing on its own as a charge against the title. Both allow for easy access to funds at any given time. An LOC is a great mortgage vehicle for someone in the growth stage of the financial cycle which can be defined as young families with kids in school buying their first home that may require some renovations. As the mortgage consumer progress into stage two and three of our financial life cycle one may want to convert the LOC into a standard mortgage with structured payment amortized over a period of time.
Home Inspection vs Home Appraisal
I often come across clients that use these terms incorrectly, referring to the appraisal as the inspection and vice versa. An inspection is the careful examination or scrutiny of the subject property with the main purpose to uncover defects. An appraisal is used to determine the market value of real estate to lend against. This process involves comparing historical sales of the same product to the subject property.
Reverse Mortgage vs Standard Mortgage
A Reverse Mortgage is a mortgage product that allows any home owner 55 years or older to borrow money against the value of their property. It can be deemed a financial planning tool to assist with retirement or assisting loved ones with their own personal finances. The mortgage payments are 100% deferred until they die, sell or move. Simply put, a standard mortgage is the opposite of the a reverse mortgage. Standard mortgage products require a principle and interest payment on a regular frequency; monthly, weekly, bi-weekly or semi-monthly. Overtime the equity or ownership stake will shift from the lender to the deed holder.
As always, if you are looking for help with your mortgage, I would love to talk, contact me anytime!
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One of the most common questions, “how long does it take to get pre-qualified?” My response, “how fast can you provide the information I need.”
Playing in the forest today. Always fun exploring. #mountainbikingmortgagebroker
Mortgage Brokering meets mountain biking and craft beer. A couple months ago I set for a bike ride with the intention of answering few mortgage related questions, mission accomplished. Any good bike ride pairs nicely with a tasty beer which we enjoyed @parksidebrewery. Hope you see the passion I have for brokering, biking and beer. @torcabikes #mountainbikingmortgagebroker
My thighs were cold all day, it was ‘that’ deep. I was choking on snow all day.
The weather report was 36 cm of new snow, it was more like 45-50 cm of light deep powder. Insane day of skiing.
Spotted a ski-bunny today @kirstinjhallett so I trapped ‘er. 📸 credit @troy.hartley
Aidan leading the pack up the Lemming Line in seek of fine fresh powder.
Beautiful British Columbia! A cold winter day at its finest.
Aidan and I braved the -19C temperature and windy conditions for the boot to knee deep turns...it was a no-brainer.
Happy Holidays. Seasons Greetings. Merry Christmas. All the best from Kirstin, Aidan and Michael. Enjoy your family time.
Snow report for today was boot to knee deep in places. Simply an awesome day rippin’ with the kids, I had to show them that I still got it. 📷 credit @jhalskiing
It’s that time of year for my annual post, the Christmas Tree pilgrimage. The only that changes year after year is that Aidan gets taller! Not to worry though, the Canadian tuxedo jacket remains the same. HAPPY HOLIDAYS everyone. Much love to all.
Fresh wood in the morning...where is this treasure trail going to take me?
TEASER alert...at thats what I think they call it in the business. Years ago a wrote a blog called BEERS BIKES AND MORTGAGES. I some how (in my head) blended all 3 topics into 1 blog. Simply put, I enjoy aspects of all 3 with each of them providing something different. I re-united with the talented Regan Payne on a project that I think will shed a bit more light on who I am and what I do. #craftbeer #mountainbike #mortgagebrokerbc #dlccanadainc
Here is to looking forward past injuries, feels good to be riding again. It was a 18 week grind!
Extreme tubing, watch until the end. Aidan manages to hold on.
Lake life as a passenger is a good life. Captain @kirstinjhallett . #woodlake #kalamakalake
Yet another reason why our license plates say BEAUTIFUL BRITISH COLUMBIA on them. An evening enjoy the view on Pitt Lake.
Surfing! Don’t need functioning hands to surf. It was nice to do something active. Thanks @jordspring #sakinaw
Good thing there were a few other vehicles with winches on the front.
He was OK, thumbs up. The roll cage and 5-point seat belt did its job.
My sons intro to operating a side-by-side on his own. Watch to the end.
The Lookout over looking Tulameen BC. Took some 4x4ing to get there, but we did it.
The day started out great. Exploring the back country roads of BC, Stave Lake area. Views of Alouette Lake in the background
Impromptu ride on Burke. I dreamed of the day Aidan would ask to go for a ride...today was the day, “Dad do you want to go for a ride?” Heck ya, let’s go! This was a fun feature at the end.
An afternoon of exploring the Stave Lake zone. Planning to return soon once the snow melts to get some vertical.
Found a fun little gap-drop to session. I have my moments when I like my tires leaving the ground.
This would have been a fun stunt once upon a time!
And so it begins...another tool for adventuring! So different so fun!
You know it’s steep when your hand is touching the snow, high risk high reward.
The snow report suggested 8 cm had fallen, it was more like 25-30 cm.
Now that he has a dirt bike the hunt is on for me too. This is the first ride trying to figure out the timing of the throttle, clutch and brake...second ride was even better.
Exploring Pinecone Burke Provincial Park a month ago with @troy.hartley. Standing in the site of the old ski lodge.
A well weathered tree coming through yet another winter with Yak Peak 2,039 metres in the background. Putting my limited artist talent to the test, these iPhones and filters making anybody a photographer.
A successful reconnaissance mission we crossed Falls Lake, ski toured up towards Zopkios Peak 1921 m. It was a exceptional picnic destination. The skiing was shit!
Who’s is going to go first?...I’ll go if you don’t! No friends on a powder day! @j_penner70 📷 @sheascottcolpitts
An epic day. Everything was perfect. Depth of Snow. Visibility. Temperature. Even the company.
In the green room today on the best coast amidst winter...not a bad place. 📷 @dgm_images
I saw this hat on Instagram, that very moment I knew I needed it. As a BC boy born and bred The Outdoorsman hat needed to be added to my collection. As someone who loves BC and most things outdoor, I’m now glad I have a cool hat to wear and fly the flag of BEAUTIFUL BRITISH COLUMBIA. It will be in my bag for all post-exploration celebratory cold pints. If you want to check them out or add one to your collection go to @nineoclockgun ...and yes my facial hair matches the hat as well.
When two of your ski buddies are 13 years old, you know you’re raising rippers. @paigerriley
My ski buddy getting untracked turns. It was knee to thigh deep all day for him, only shin to knee for me.
We went for a snowshoe this afternoon, but we probably should have considered taking our flippers instead. Our timing was off by one day.
From sea to snow capped peaks, it’s obvious why Vancouver and BC continue to be one of the best places to live. It’s engraved on our license plates, BEAUTIFUL BRITISH COLUMBIA.
Ancient blue glacier ice craving out deep valleys. It’s pretty cool standing underneath one...photo credit @dustanwoodhouse
This is a great start to the day!
No better way to share the great outdoors than with friends. @troy.hartley @mike_ilic711 @j_penner70
The ski out back to the truck was more of an adventure than we bargained for...
Exploring the BC backcountry, it did not disappoint...it never really does.
Thank god we are all narcissistic and have the ability to take pictures of ourselves 🤪. This is taken pre-turkey dinner, I’m sure we will all be back in our comfy clothes soon! Merry Christmas!
The crew shredding some turns , it was a 23,000 vertical foot kind of day.
Happy belated Hanukah, Merry Christmas and Happy Holidays to all. Be sure to enjoy the festivities.
Top of Swan Falls. I’ve said it many times before and I will say it again, our license plates say it all. BEAUTIFUL BRITISH COLUMBIA. #gooutside
The coveted annual mission to get our Xmas tree, with of course my Canadian tuxedo jacket on.
Yet another reason (unlimited really...) of why the Left Coast is the best coast! @tami0777
Moss, a non-vascular plant and Mother Nature’s carpet reclaiming the forest.
Capitalizing on a break in the wet coast rain storms.
Just follow the brown line switchbacking through Mother Nature. She’s so damn beautiful!
Day 3 for Black Magic was a bit snowier than initially expected. Thanks to the person who took a few minutes to build a snow creature.
Beauty day for a ride! I should have considered bringing my touring skis.
The West Coast is the Best Coast. #nofliter at sunset.
This was Day 1 on my @yt_industries Capra Pro 29. I thought the last bike was the best, it was a Capra Pro 27. I never thought the small differences in geometry and wheel size would have such a huge positive impact on my riding. Boy was I wrong! Best bike ever!
Oh boy! See a toy...buy a toy! New steed! YT Capra Pro 29 hitting the trails soon.
A tasty beverage while on the water yesterday from @backcountrybrewr and @backcountrybrewing
Epic ride with boys yesterday. Into the Mystic, Last Call, Happy Hour and Lord of the Squirrels. 5 hrs 15 mins, 31 km and 1,397 vertical metres.
Whistler slick rock is my favourite.
Wood to wood gap in Whistler.
Passing underneath the Ironworkers Memorial Bridge on the return journey of dinner-by-boat. No filter.
And now the training starts for Paris 2024 summer olympics.
Archery target: before, during and finished.
Aidan’s first day in the Whistler Bike Park, he had a blast and we rode trails I didn’t think we’d ride 😳. I’m sure we’ll return soon enough.
A rare sighting at the Whistler Bike Park, it’s been at least 10 years.
When the opportunity presented itself, I couldn’t pass up one of my favourite slick rock rolls.
Pre-dinner antics...it’s totally safe!
Aidan is captaining the watercraft, mom in just the passenger. Kalamaka Lake.
#Drewmboat camo @parksidebrewery
Safety first when roasting marshmallows.
Great place to press snooze for 20 minutes. Chez Labowka.
Raw kale. Just not the same as a kale caesar salad.
Saratoga Beach fire.
Canadian tuxedo.
Happy Canada 🇨🇦 Day to everyone near and far. I hope it’s a kick ass day. Play safe.
The @yellowdogbeer squirrel chaser or otherwise known as the chew toy was a hit with me and Moka Labowka
It’s always fun to start the trail with a repel. #mountainbike #climbing
It only took me a half dozen or so tries but I managed to cross the halfway line. This old guy still has it! Fun times.
Follow your path, at times you never know where it’s going to take you. Trust the outcome. Having fun in The Green Room.
This old guy was collecting a few air miles today.
Going vertical. #slickrock
I have a ski buddy, now it’s time to train a biking buddy.
I’m really looking forward to riding this gem once it re-opens. #burkeinmybackyard
Enjoying a distanced beverage with @senorwad @yellowdogbeer
Aidan and a couple buddies are now members at the Pitt Meadows Golf Club. @greggmcnally @genevemcnally @wendy22boddy @jaradboddy @kirstinjhallett
Raw and unedited. Old school skinny with a drop at the end.
I’m still HOME ALONE! Looking forward to the day when I’m able to have some friends over to share these @backcountrybrewing Widowmaker IPAs. #backcountryphotocontest
Zoa Peak, Coquihalla summit 1,500 vertical metres of skiing.
Distancing myself from the real world!
The dry land version of the @andrei_svechnikov37 lacrosse-style goal executed Aidan.
Skis or bike? Bike. The snow won’t stop me.
Does anybody need or want any firewood? It’s free...you come pick it up.
I needed to buck up the trees they fell in the last wind storm. Task complete.
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Bank of Canada maintains policy rate at 2.1/4%. FOR IMMEDIATE RELEASE Media Relations Ottawa, Ontario December 10, 2025 The Bank of Canada today held its target for the overnight rate at 2.25%, with the Bank Rate at 2.5% and the deposit rate at 2.20%. Major economies around the world continue to show resilience to US trade protectionism, but uncertainty is still high. In the United States, economic growth is being supported by strong consumption and a surge in AI investment. The US government shutdown caused volatility in quarterly growth and delayed the release of some key economic data. Tariffs are causing some upward pressure on US inflation. In the euro area, economic growth has been stronger than expected, with the services sector showing particular resilience. In China, soft domestic demand, including more weakness in the housing market, is weighing on growth. Global financial conditions, oil prices, and the Canadian dollar are all roughly unchanged since the Bank’s October Monetary Policy Report (MPR). Canada’s economy grew by a surprisingly strong 2.6% in the third quarter, even as final domestic demand was flat. The increase in GDP largely reflected volatility in trade. The Bank expects final domestic demand will grow in the fourth quarter, but with an anticipated decline in net exports, GDP will likely be weak. Growth is forecast to pick up in 2026, although uncertainty remains high and large swings in trade may continue to cause quarterly volatility. Canada’s labour market is showing some signs of improvement. Employment has shown solid gains in the past three months and the unemployment rate declined to 6.5% in November. Nevertheless, job markets in trade-sensitive sectors remain weak and economy-wide hiring intentions continue to be subdued. CPI inflation slowed to 2.2% in October, as gasoline prices fell and food prices rose more slowly. CPI inflation has been close to the 2% target for more than a year, while measures of core inflation remain in the range of 2½% to 3%. The Bank assesses that underlying inflation is still around 2½%. In the near term, CPI inflation is likely to be higher due to the effects of last year’s GST/HST holiday on the prices of some goods and services. Looking through this choppiness, the Bank expects ongoing economic slack to roughly offset cost pressures associated with the reconfiguration of trade, keeping CPI inflation close to the 2% target. If inflation and economic activity evolve broadly in line with the October projection, Governing Council sees the current policy rate at about the right level to keep inflation close to 2% while helping the economy through this period of structural adjustment. Uncertainty remains elevated. If the outlook changes, we are prepared to respond. The Bank is focused on ensuring that Canadians continue to have confidence in price stability through this period of global upheaval. Information note The next scheduled date for announcing the overnight rate target is January 28, 2026. The Bank’s next MPR will be released at the same time.
Following several challenging years, British Columbia’s housing market is beginning to stabilize. Prices, which experienced downward pressure in 2024–2025, have largely plateaued, with some areas showing modest gains. The recent Bank of Canada rate reduction to 2.25% has lowered borrowing costs, improving affordability and supporting market activity. Across the province, housing supply is gradually increasing. Builders are delivering more condos, townhomes, and single-family homes, easing some supply constraints. Meanwhile, population growth, fueled by domestic migration and international immigration, continues to support long-term housing demand. Key Statistics Home sales: BC home sales declined slightly in 2025 by approximately 1.1% to 73,650 units but are projected to rebound in 2026 by around 8.8%, reaching roughly 80,150 units. Average home price: The provincial average price dipped modestly by 0.9% in 2025 to $972,800, with forecasts projecting an increase of 3.2% in 2026 to approximately $1,004,000. Benchmark home price: As of April 2025, the BC benchmark home price stood at $953,500, down 1.3% year-over-year. Listings and inventory: Active listings are expected to exceed 40,000 units in 2025, the highest in more than a decade. Market Forecast 2025: Market remains relatively flat, with modest declines in sales and prices. 2026: Sales and prices begin to recover, with modest upward trends. Early 2027: Market stabilizes, reflecting measured growth and improved affordability. Regional differences will continue. Urban condo markets may see slower price appreciation, while suburban and smaller communities with limited supply could experience stronger gains. What This Means for Buyers and Homeowners Prospective buyers: 2026 is an opportunity to enter a more balanced market with lower interest rates. Current homeowners: Refinancing or mortgage renewal could be advantageous in this period of slightly lower rates. Investors: Localized analysis is critical, as neighborhood inventory and rental demand will determine returns. Bottom Line: BC’s housing market is shifting from a cooling phase toward a period of gradual recovery. Lower interest rates, steady population growth, and increased housing supply point to a healthier, more sustainable market. Buyers, homeowners, and investors should plan strategically, recognizing that while growth is returning, the pace will be measured and regionally variable.
