As we step into the new year, I want to wish you all success, good health, and happiness in 2025. May this year bring exciting opportunities and positive changes for you and your loved ones. As your trusted mortgage broker, I’m here to help you navigate your financial goals and dreams, starting with creating a solid plan for the year ahead.

Budgeting for the Year Ahead: Take Control of Your Finances!

With inflation and rising costs impacting households across Canada, it’s more important than ever to take charge of your finances. One of the best ways to start is by creating a monthly budget. A budget provides a clear snapshot of your income and expenses, helping you make informed decisions, reduce stress, and potentially increase your monthly cash flow.

Here’s a simple step-by-step guide to help you get started:

1. Calculate Your Income

Begin by determining your net income (after taxes). This ensures you’re working with the actual amount available for spending and saving. Avoid budgeting based on your gross income to prevent overspending.

2. Track Your Spending

Review and categorize your monthly expenses. Break them down into:

• Fixed Expenses: Rent/mortgage, car payments, and other consistent costs.
• Variable Expenses: Groceries, entertainment, and other fluctuating expenses.

Identifying these categories can help you spot areas to cut back.

3. Set Realistic Goals

Use the 50/30/20 Rule to guide your spending:

• 50% for needs (housing, utilities, groceries).
• 30% for wants (entertainment, vacations).
• 20% for savings or debt repayment (emergency fund, retirement).

4. Make a Plan

With your goals in mind, create a spending plan that aligns with your priorities. For some, setting limits within each category is helpful. For others, reprioritizing can free up funds for savings or debt repayment.

5. Adjust Your Spending

Analyze your spending habits and make changes where necessary. Review fixed expenses, like your mortgage, to see if adjustments—such as a better interest rate or payment schedule—can save you money. Reach out to me if you’re considering changes to your mortgage!

6. Stay on Track

Review your budget monthly to monitor your progress and make adjustments as needed. Conduct an annual review to account for changes in income or expenses and refine your plan.

Remember, a healthy budget is key to achieving financial freedom and peace of mind. Whether you’re saving for a new home, planning renovations, or simply looking to optimize your finances, I’m here to help. Let’s make 2025 a year of growth and success—together!

Wishing you a prosperous and joyous New Year! 🎊

Inspired by DLC Marketing Team 

The holiday season is here, and it’s one of the most magical times of the year! Christmas is a time for family, friends, and reflecting on the blessings of the past year. It’s also a time to spread joy, give generously, and look forward to the opportunities that a new year brings.

At this festive time, I want to take a moment to express my gratitude for your trust and partnership. Helping you with your mortgage needs and being part of your journey toward homeownership has been an honor. Your trust means everything to me, and I’m truly grateful to serve as your mortgage advisor.

The Spirit of the Season

Christmas is more than just a holiday — it’s a time to create memories that last a lifetime. Whether you’re enjoying cozy nights by the fireplace, baking cookies with loved ones, or watching classic Christmas movies, these small moments bring warmth and happiness to the season.

For those who celebrate in a new home this year, may your holiday be filled with even more magic as you deck the halls and celebrate your traditions in a space you can call your own. If you’re planning for a new chapter in 2025, know that I’ll be here to guide you every step of the way.

Here for You This Holiday Season

While many businesses close during the holidays, I understand that life doesn’t always follow a holiday schedule. Whether you’re looking to discuss refinancing, planning your next home purchase, or simply have questions about your mortgage, I’ll still be available to talk. Your financial peace of mind is my priority, and I’m just a call or email away.

Looking Ahead to 2025

As we approach the new year, it’s the perfect time to set new goals and dream big. Whether you’re considering your first home, exploring investment properties, or finding ways to make the most of your current mortgage, I’m here to help you make informed decisions that align with your financial future.

Wishing You a Merry Christmas and a Bright New Year

This Christmas, may your days be filled with laughter, love, and peace. May you find joy in the company of those you hold dear, and may the season bring a renewed sense of hope and possibility. Thank you for letting me be part of your journey — it’s a gift I treasure every day.

Here’s to a wonderful Christmas and an exciting year ahead. Stay safe, stay warm, and as always, I’m here to help whenever you need.

Warmest holiday wishes,

Arman Sandhu
Your Trusted Mortgage Advisor

Looking for some creative and thoughtful DIY holiday gifting ideas that are easy to make and can add a personal touch to your gifts this season? These affordable, fun, and personalized options can suit anyone in your life – and they’ve never been easier to make!

1. Homemade Scented Candles: These are easy to make requiring only a few ingredients but can be a great statement for friends and family! Pick their favourite scent in essential oil (lavender, peppermint, cinnamon, sage, etc.) and mix in with melted wax and pour into jars with a wick! Plus, you can customize them further with fun holiday-themed tags or labels on the jars.
2. DiY Bath Bombs: Surprisingly easy to make, these bath bombs pair especially well with a homemade candle or handmade soap for the ultimate personal-scented bath set! Requiring just baking soda, citric acid, Epsom salts and essential oils to set in molds, these are a fun, low-cost gift idea!
3. Handmade Soaps: Another great gift idea to make a personalized statement are handmade soaps! All you need is a soap base, essential oils, and additives to pour into molds to set! Want to get extra personalized? Find unique and fun molds that celebrate the personality of that friend or family member!
4. Personalized Photo Calendars: Fun for the whole family, personalized calendars can be a great way to snapshot your previous year and highlight the good times as you head through 2025! You can have these created online or do it yourself by printing photos and a template, binding the pages with ribbon, and adding handwritten, personal notes on special dates.
5. Custom Recipe Book: Do you have fun family recipes or have friends with a list of top treats? Why not create a custom recipe book with their favourite eats! All you need is a blank notebook or binder, printed recipes plus some photos for added personalization.
6. Knitted Outdoor Wear: With the temperatures starting to drop, why not give the gift of comfort with a scarf or hat knitted with love? Combine their favourite colours or patterns and even add a personalized name tag!

The season of giving has never been easier with these affordable, fun and personalized gift ideas for all those special folks in your life!

Published by DLC Marketing Team

With the current interest rates and economic scenarios, many Canadians may be looking for ways to bring in some extra cash. One option for this is to put your home equity to work and consider renovating your basement into a legal income suite! You can do this by using a secured credit line (home equity line of credit or HELOC) to help fund the upfront cash to make changes to your home.

A few things to consider before you invest in renovating to create an income suite include:

Zoning: Before looking into doing anything with an income suite, always double-check if you are zoned accordingly for a smooth renovation. If your zoning does not allow for secondary suites, see if you can rezone.

Local Regulations: Depending on your location, there may be particular regulations that you need to follow or be aware of regarding your suite. A few examples of how the regulations can differ between provinces or cities include:

• In Coquitlam, you cannot have a suite that is more than 40% of the main house floor plan. You are also required to offer a parking spot for tenants.
• In Kelowna, you can only have one secondary suite and the home must have an “S” designation.
• In Calgary, updated zoning legislation has now made it easier to add income suites.
• Toronto has also proposed reforms that will make it easier to add suites.
• In Montréal, anyone carrying out a project involving the addition of at least 1 dwelling and a residential area of ​​more than 450 m² (equivalent to approximately 5 dwellings) must enter into an agreement with the City of Montréal in order to contribute to the supply of social, affordable and family housing. It can be a new building, an extension, or the conversion of a building.

Visit the official municipal websites or consult local building departments to obtain accurate and up-to-date information on the rules and requirements in your area BEFORE getting started.

Insurance & Legal Considerations: Before adding your secondary suite, ensure that you have proper insurance coverage or the ability to add additional coverage to protect both the primary residence and suite. In addition, you will want to consult a lawyer and draw up a tenant or rental agreement for any potential tenants. Ontario has a mandatory standard lease agreement that all landlords must use.

Unit Layout and Design: If the zoning and regulations in your area allow you to build an income suite, the next steps are to look at the suite layout and dimensions. Confirm any size restrictions or minimum ceiling height requirements as you are laying out the design for the unit. The unit should have, at minimum the following:

• A separate parking space for the renter.
• A separate entrance, kitchen, bathroom, and living/sleeping areas.
• Ventilation and soundproofing measures to enhance livability.
• Consideration of natural light.
• Interlink smoke detectors for primary and secondary residences.
• Separate, independently-controlled ventilation and heating system.
• Proper drainage, sewage connections, and utility separations.
• Outlets, circuits, and lighting that meet electrical code requirements.

Ensure that however your income suite is designed, you are hiring the appropriate building, plumbing, and electrical experts to ensure your suite is up to code and avoid any potential disasters.

Building & Trade Permits: Once you have confirmed that you are properly zoned and able to add an income suite and understand all the regulations for your area, you will want to draft your blueprints and submit a permit application, along with the fee, before you get started. For instance, in B.C. you are required to have a Building Permit for any suite to be considered legal.

IMPORTANT: Even if you are not required to have a building permit, it is important to get these permits for other aspects including insurance coverage should anything happen. Having a building permit will help protect your investment.

In addition to your building permits, you will need to get permits for any plumbing, electrical, and gas renovations prior to beginning your work.

Inspections & License: Once you have your permits and have begun construction, make sure you understand what inspections are required throughout the process and you schedule them accordingly with local authorities to ensure compliance with building codes, fire safety standards, and health regulations.

If the work meets all requirements, your suite will be approved. The last step is determining if you need a business licence. This is not required if your family (parents, children, etc.) will be living in the suite. In Vancouver, for example, if you intend to rent out your suite long-term, you DO need a license. Be sure to check any rules on this in your area.

Incentives: Beyond the ability to earn extra income per month, there are a few additional government incentive programs when it comes to suites including:

• First Nations: If you live on a First Nations reserve, you may be eligible for federal funding that will provide up to $60,000 to help you build an inexpensive secondary suite rental linked to your principal home. If you live in a northern or remote area, this amount is increased 25%. This is a 100% forgivable loan that is not required to be paid back assuming all guidelines are followed.
• Residential Rehabilitation Assistance Program (RRAP) – Secondary and Garden Suites: This program is open to all First Nations or individual First Nation members, particularly those who own a family home that can be converted to include a self-contained suite for a senior or adult with disability.
• Multigenerational Home Renovation Tax Credit: A credit for a renovation that creates a secondary unit within the dwelling to be occupied by the qualifying individual or a qualifying relation. The value of the credit is 15% of the lesser of qualifying expenditures and $50,000.
• British Columbia: Beginning in early 2024, BC homeowners will be able to access a forgivable loan of 50% of the cost of renovations, up to a maximum of $40,000 over five years, for income suites.
• Ontario: There are multiple secondary suite programs throughout Ontario, depending on your region. These loans provide $25,000 to $50,000 in funding and are forgivable assuming continuous ownership for 15 years.

While it is important to look online and do your research. Your best resource will be visiting local authorities at the “City of” to confirm that you completely understand the considerations before moving forward with implementing an income suite.

Published by DLC Marketing Team

Creating a pet-friendly home involves considering the comfort, safety, and well-being of your furry friends. Here are some features to consider:

• Durable Flooring: Choose scratch-resistant and easy-to-clean flooring like hardwood, laminate, or more durable tile options. Avoid carpets if possible, or choose pet-friendly carpeting that’s stain-resistant.
• Pet-Friendly Fabrics: Choose furniture and upholstery made from pet-friendly fabrics like leather or microfiber that are durable and easy to clean. This helps in case of accidents or shedding.
• Pet-Safe Plants: Select indoor plants that are non-toxic to pets, such as spider plants, Boston ferns, or palms. Keep toxic plants out of reach or opt for artificial plants.
• Designated Pet Areas: Create designated spaces for your pets, such as a cozy corner with a bed or a built-in nook under the stairs. This gives them a sense of security and their own space.
• Easy Access to Outdoors: Install a pet door or create a pet-friendly exit to the yard, allowing your pets to go outside and play freely.
• Secure Fencing: Ensure your yard has a secure fence to prevent your pets from wandering off and to keep them safe from potential dangers.
• Built-in Feeding Stations: Incorporate built-in feeding stations or cabinets to store pet food and supplies, keeping them organized and out of reach from curious pets.
• Wash Station or Mudroom: Include a designated area near the entrance for cleaning muddy paws or bathing your pets, with easy-to-clean surfaces and storage for grooming supplies.
• Integrated Pet Technology: Consider installing smart pet feeders, water fountains, or cameras to monitor your pets remotely and ensure they are comfortable and well-fed when you’re away.

By incorporating these features into your home design, you can create a safe, comfortable, and enjoyable environment for both you and your pets.

In the last decade, climate change and energy efficiency have become top of mind for many Canadians. From wanting to do our part by recycling to making our home as energy efficient as possible, there are so many benefits to being environmentally and energy conscious.

If you are looking to cut costs or simply want to reduce your eco-footprint, here are some great ways to cut your energy costs:

• Get a Smart Thermostat: A pretty easy installation, a smart thermostat can help you better manage your in-home temperature. Whether you opt to install a basic programmable thermostat or try Google’s Nest, which learns from you and works to predict which temperatures you prefer and when, getting a read on your in-home temperature can help you better manage your energy usage.
• Look for Drafty Spots: When it comes to heating your home, it can quickly become a wasted effort and results in extra costs if you have drafts in your home. In addition to windows and doors, you should also seal any folding attic stairs, add a fireplace plug to seal the damper and install a dryer vent seal to reduce drafts in your laundry room.
• Swap to LEDs: Most of us are already using LED bulbs throughout our home. If you aren’t yet, now is the time to make the switch! LED bulbs use 15% less energy than an equivalent incandescent, which can save you a ton of money each month especially in larger homes.
• Turn Down Your Water Heater: While sometimes nothing beats a good scalding shower, you don’t want to be burned with a high energy bill. Did you know if you knock down that temperature gauge by just 10 degrees, you can save 3% to 5% on your bills each month!?
• Examine Your Appliances: Since 1992, ENERGY STAR® has been backing energy efficient appliances and products, helping consumers make the right choices. Some of the least green appliances in your home are your dishwasher, washing machine, dryer and refrigerator and, if you don’t currently have Energy Star certified versions of these machines, swapping to them is a surefire way to reduce your monthly expenses.
• Can’t afford new appliances? Here are some other tips and tricks to help make them more efficient in the meantime:
  • Dishwasher: Use a citric acid-based cleaner in an empty cycle to rid your dishwasher of excess soap and calcium buildup that may be causing your machine to work harder.

    Washing Machine: Maximize energy by stuffing your machine to the brim whenever possible as washing machines typically use the same amount of energy regardless of load size.

    Dryer: For starters, ensure you are always cleaning out your lint filter to increase air circulation. In addition, keep an eye on the outside exhaust and clean when needed to reduce drying time and save energy.

  • Refrigerator: While most of us are more concerned with the food inside our fridges than the parts, it is important to check your condenser coils. Over time, dirt, food particles and dust can collect and reduce the efficiency. Another tip is to set your refrigerator to 2-3 degrees Celsius.

• Close The Blinds: When the temperature starts heating up, it is important to close the blinds and drapes to prevent the sun from beating in and warming up your home. The excessive heat makes your air conditioner work overtime causing your energy bills to skyrocket.

In addition to the cost savings and environmental benefits of improving your energy efficiency, CMHC also has a rebate available! The CMHC Eco Plus refund can provide a 25% partial premium refund if you’re CMHC insured and buying or building an energy-efficient home! Click here for more details.

Even in a sellers’ market, there are some ways you can improve your chances of increasing the number of offers and selling your home for the best value.

Check out these expert tips for staging your home to help make the best first impression possible:

1. Clean and Declutter: Clean, clean, and clean some more! While you might not be able to stage each room in your home, it is vital to ensure that each space is cleaned and decluttered. Especially ensure that counters, carpets, flooring, and appliances are spotless! This not only signals pride of ownership, but it helps display the potential of the spaces to buyers.
2. Depersonalize: While you’re working through and cleaning your spaces, make sure to depersonalize along the way. Ideally, any family photos, kids’ drawings, etc, should be removed or replaced with more general photography to better appeal to potential buyers.
3. Focus on Key Spaces: The primary areas in your home are your living room, kitchen, dining room, and master bedroom. If you are not able to get to each room, these are the ones you should focus on to ensure your home is represented as best as possible.
4. Consider a Fresh Coat: Did you know? According to a RE/MAX Canada Renovation Investment Report, 36% of buyers prefer a fresh coat of paint! This can go a long way to making your home look new and revitalized.
5. Boost Curb Appeal: While you’re staging your home, don’t forget about curb appeal! The exterior of your home is just as important as the interior – if not MORE important for first impressions. A good place to start would be renting a power washer to scrub down your driveway and exterior walls.

One of the important factors in home ownership is understanding things like your credit score.  Some people don’t pay much attention to this metric until they begin the mortgage discussion! However, you will find that your credit score is one of the most important factors when it comes to qualifying for a mortgage at the best rate – and with the most purchasing power.

Credit scores range from 300 to 900, the higher your credit score the better. Ideally, you should be aiming for a credit score of 680 for at least one borrower (or guarantor), especially if you are putting under 20% down. If you are able to make a larger down payment of 20% or more, then a score of 680 is not required.

This score is based on spending habits and behaviours including:

• Previous payment history and track record of paying your credit accounts on time is the number one thing that your credit score considers.
• Your current level of debt and whether you’re maxed or not is the second most important factor.
• How long you have had your credit in good standing is the third most important factor.
• Attaining new credits is the fourth factor and can be a red flag if you’re opening several credit cards, accounts, or loans in a short period.
• Your credit mix is the final aspect of your credit score to determine whether you have a healthy mix of credit cards, loans, lines of credit, etc.

If you want to improve your credit score, you can! It is a gradual process, but it is well worth it. Here are some tips to help you get started!

1. Pay Your Bills: This seems pretty straightforward, but it is not that simple. You not only have to pay the bills, but you have to do so in full AND on time whenever possible.  Paying bills on time is one of the key behaviors lenders and creditors look for when deciding to grant you a loan or mortgage. If you are unable to afford the full amount, a good tip is to at least pay the minimum required as shown on your monthly statement to prevent any flags on your account.
2. Pay Your Debts: Whether you have credit card debt, a car loan, a line of credit, or a mortgage, the goal should be to pay your debt off as quickly as possible. To make the most impact, start by paying the lowest debt items first and then work towards the larger amounts. By removing the low-debt items, you also remove the interest payments on those loans which frees up money that can be put towards paying off larger items.
3. Stay Within Your Limit: This is key when it comes to managing debt and maintaining a good credit score. Using all or most of your available credit is not advised. Your goal should be to use 30% or less of your available credit. For instance, if you have a limit of $1000 on your credit card, you should never go over $700. NOTE: If you find you need more credit, it is better to increase the limit versus utilizing more than 70% of what is available each month.

4. Credit and Loan Application Management: Reduce the number of credit card or loan applications you submit. When you submit too many credit card applications, your credit score will go down, and multiple applications in a short period can do more damage. Your best to apply for one or two cards and wait to see if you are accepted before attempting further applications.

If you have questions about your credit score, don’t hesitate to reach out to a DLC Mortgage Expert today! Whether you simply want to check your score or find out how you can improve it, our door is always open.

Published by DLC Marketing Team

So! You think you’ve found your dream home, and you can’t wait to check it out in person.

Before you go, here are a few things that are important to look out for during a home tour:

1. Odor: Unusual smells can indicate problems, especially mold or mildew issues.
2. Plumbing and Electrical: Check water pressure as well as electrical systems to ensure no eroded or exposed wires, properly functioning HVAC, sealed water heater, etc.

3. Noise: This is one that homebuyers can often overlook, but it is important to consider the noise within the house as well as how loud the street and neighbourhood are before committing to ensure they are suitable for you.
4. Home Layout: Whether or not the layout and function of the home suits your needs.
5. Number of Rooms: How many bathrooms and bedrooms does the house have? Is that amount suitable for your needs?

6. Wall and Flooring Condition: What is the condition of the walls and floors? Defects such as warping, cracks, watermarks, etc., can be indicative of larger issues.
7. Unpermitted Additions or Updates: On occasion, you might go to view a home that was listed as having 2 bedrooms and 1 bathroom, only to find that it actually has an extra bathroom! As great as this might be for your needs, you’ll want to double-check that the addition was permitted. Unpermitted construction can create major issues when it comes to insurance coverage and potential structural headaches if not done properly.

Remember, things like furniture, decor, wall or floor treatments, and hardware or other fixtures are easily updated and not important when viewing a home as they can be changed if the rest of the home suits your needs!

In addition to these items to keep an eye out for, there are also a few specific questions you should be asking your realtor, including: deadline for offers, number of offers that have been made, why the sellers are moving, any concerns they may have, whether or not there is a homeowner association with fees, and how old the home is.

To ensure the smoothest homebuying journey, it is vital to have right professionals at your side. A Dominion Lending Centres mortgage expert can help walk you through the process and even recommend a realtor in your area to assist with the purchase itself!

Whether you’re looking to sell your home this year, or just want to make some updates, I have put together six small home improvements that can make a BIG impact on your space! From improving saleability to refreshing your home, here are some simple and affordable ideas to help get you started:

• Painting: One of the easiest ways to spruce up your home for a refreshed vibe or sale is to add a new coat of paint! While it is a relatively simple task for a new homeowner to take on, you might be surprised at how many people will pass on a house because they are not a fan of the paint colors or the flooring. A fresh coat of paint – especially more neutral colors such as beige, cream, light grays, and soft blues or greens – can do wonders to make a home feel appealing.
• Light Fixtures: I don’t know about you, but I haven’t taken a good look at my light fixtures in a while. However, potential buyers will! Light fixtures are another low-cost and relatively easy improvement you can make to your home. Upgrading to newer styles and ensuring they are clean, with fresh LED bulbs, will help add an extra sparkle to your home!
• Update Your Hardware: Another overlooked aspect of a home are light switches and door handles. If your home is 20 years old, most likely your white light switch covers are not so “white” and your door handles are a little worn down. These are a cheap and easy replacement that will go a long way to boost your interior!
• Swap Out Your Window Coverings: Just like with a fresh coat of paint or new hardware, swapping out your window coverings is a small change that can make a big impact. Change your stale, white plastic blinds for wooden slats, or update your curtains to something fresh and vibrant!
• Refinish Your Cabinets: The kitchen is known to be a central space in most homes, but did you know roughly 80% of homebuyers feel that it is the most important space to consider when deciding on a new home? While a full kitchen renovation may be out of the question and all-new kitchen cabinets can cost thousands, there is a third option. Refinishing or repainting your cabinets is a great alternative for breathing new life into your kitchen!
• Curb Appeal: They say don’t judge a book by its cover but, when it comes to selling your home, first impressions matter. This is where curb appeal comes in! If a potential buyer pulls up to see overgrown weeds, clogged gutters, or cracked concrete, they are already going to have a negative impression of the home and it will be harder to impress them once they are inside. Attending to landscaping and any outside maintenance needs will go a long way in making your home more appealing. A pressure wash and a new coat of exterior paint can also do wonders to give your home a facelift!

By putting the effort into completing a few small changes around your home, you can reap big rewards when it comes time to sell – and increase your comfort in the interim!