New Year: Fresh Financial Start

Tanya Toye • January 21, 2025

Happy New Year! It’s that exciting time of year when we get to hit the reset button. New year, new goals, new beginnings – and, for many of us, that includes taking a good look at our finances. One great way to give your finances a fresh start is by refinancing your mortgage. This is a smart move if you’re looking to make the most of your home equity, reduce debt and start building more wealth for the future.


Refinancing your mortgage can really open up opportunities. By taking advantage of some of the equity built up in your home, you could pay off high-interest debt, like credit cards, credit lines and loans, and keep more cash in your pocket each month. Less money spent on interest payments means more money for the things that matter most to you – whether that’s saving for the future or redirecting funds towards new goals.


Here are some common reasons for refinancing:

  • Paying off high-interest debt
  • Freeing up more cash each month
  • Buying a new property
  • Funding home renovations
  • Paying for your kids’ tuition
  • Taking advantage of lower interest rates


Considerations to keep in mind before refinancing

Refinancing isn’t a one-size-fits-all solution. There can be penalties for paying off your mortgage early and refinancing can extend the time it takes to pay off your home. I’ll help you crunch the numbers to figure out if refinancing is the right move for your unique situation.


In some cases, refinancing right now could bring some serious benefits. Other times, it may make more sense to wait until closer to your mortgage renewal date, so you avoid extra costs.


Refinancing isn’t just a quick fix for managing debt – it’s also a powerful tool for long-term financial growth. With a strategic refinance, you can set yourself up for a more comfortable financial future. Whether it’s improving your current living situation, saving for future goals or investing in new opportunities, refinancing can give you some breathing room to move forward with confidence.


Have questions about refinancing your mortgage to ease your financial obligations and help build wealth?


Answers are a call or email away: 604-788-8693 | tanya@tanyatoye.ca

Tanya Toye

Mortgage Broker

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Establishing New Credit

By Tanya Toye • June 25, 2025
If you’re new to managing personal finance and you want to learn about credit, you’ve come to the right place. Establishing new credit is a bit of a catch-22. To build a credit history, you need credit. But it’s hard to get credit without having a credit history. So, where do you start? Well, the first thing you should know is that building credit takes time. It’s not something that happens overnight. If you’re looking to secure mortgage financing, you will want to have a minimum of two trade lines (credit cards, loans, or lines of credit) with a minimum limit of $2500, reporting for at least two years. If you don’t have any credit yet, the best time to get started is right now. However, that may be difficult because, as we've already identified, without a credit history, most lenders won’t feel confident about taking a chance on you. What’s the solution? Consider a secured credit card. With a secured credit card, you make a deposit upfront that matches the amount you want to borrow. A reasonable amount would be $1000 deposited on a single secured credit card. You then use your secured credit card to make household purchases and regular utility payments, paying off the total balance each month. If you default on the money borrowed for whatever reason, the lender will retain the money you put up as collateral. When looking for a secured credit card, be sure to ask whether they report to the two nationwide credit bureaus, Equifax and TransUnion. If the credit card company doesn't report, the credit card account will be useless for your purposes; move on until you find a company that reports to both credit bureaus. Once your secured credit card begins reporting to the credit bureaus, you begin to have a credit score; usually, this takes about three months. Now you can start to seek out a second trade line in the form of an unsecured credit card. Don’t forget to ensure that this card reports to both of the credit reporting agencies. Another option at this point could be a car loan. From here, you simply want to make all your payments on time! But what happens if you’re looking to secure mortgage financing before you have a fully established credit report? Well, if you have someone who would consider co-signing, you can certainly go that route. The mortgage application will depend on their income and credit report, but your name will be on the mortgage. Hopefully, when the mortgage is up for renewal, you’ll have the established credit required to remove them from the mortgage and qualify on your own. Although establishing credit takes a minimum of two years, it really begins with putting together a plan. If you’d like to discuss anything credit or mortgage-related, please get in touch!

Proposed GST Rebate Could Save First-Time Homebuyers Thousands

By Tanya Toye • June 20, 2025
There’s promising news out of Ottawa for first-time homebuyers that could significantly reduce the cost of getting into the housing market when purchasing a newly built or substantially renovated home. On May 27 th , the federal government proposed legislation to provide GST relief on new home purchases for first time buyers: A full rebate on purchases of up to $1 million and a partial rebate on homes between $1Million and $1.5Million. The proposal still needs to be passed by parliament, but this change could translate into savings of up to $50,000, making a big difference in both the short- and long-term homeownership affordability. In today’s high-price environment, first-time buyers often struggle to save the required down payment while also qualifying for a large enough mortgage. By removing or reducing the 5% GST on qualifying new builds and substantially renovated properties, this policy eases some of that financial burden. A recent report from Desjardins Economics shows these savings are more than just hypothetical. A first-time buyer purchasing a new home at the $1 million mark (inclusive of tax) could see a reduction of around $240 on their monthly mortgage payments. This money could then be redirected toward savings, home improvements or simply making life more manageable. Plus, with the tax removed, the required down payment is also slightly lower, which helps ease upfront costs. Maximizing support for first-time homebuyers For parents helping children buy their first home – whether through gifting the down payment or co-signing a mortgage – this change presents an opportunity to maximize that support. A lower purchase price and more affordable carrying costs make it easier for younger buyers toqualify for financing and remain financially stable after closing day. If you’re considering buying a newly built or substantially renovated home, now is a great time to talk to your mortgage broker about how this GST rebate could impact your mortgage strategy – and your bottom line. Have questions about your first-time homebuyer mortgage options or wish to book a free review to see if your mortgage is still right for you?  I’m here to help: 604-788-8693 | tanya@tanyatoye.ca