Terminology Tuesday: FINTRAC

FINTRAC stands for the Financial Transactions and Reports Analysis Centre of Canada. It is Canada’s financial intelligence unit, responsible for detecting, preventing, and deterring money laundering and terrorist financing. In the real estate world, FINTRAC regulations require brokerages and real estate professionals to verify client identities, keep specific records, and report certain types of transactions.

If you’ve bought or sold property in Canada, you’ve likely been asked to provide identification and answer questions about the source of your funds. That process isn’t random — it’s part of the federal anti-money laundering and terrorist financing regulations overseen by FINTRAC.

For buyers and sellers, this often means:

• Providing valid government-issued photo ID
• Confirming whether you’re acting on your own behalf or for someone else
• Disclosing beneficial ownership information (in certain cases)
• Answering questions about large cash transactions or unusual payment structures
  
• Confirming whether you are a Politically Exposed Person or a Head of International Organization

While it can sometimes feel like extra paperwork, these requirements help protect the integrity of Canada’s housing market. Real estate has historically been a target for money laundering, and FINTRAC’s oversight is designed to increase transparency and accountability across the industry.

In short, when your REALTOR® asks for identification or additional documentation, it’s not about inconvenience — it’s about compliance with federal law and protecting both clients and the broader real estate market.

Market Media Monday - March 2, 2026

A curated list of recent headlines relevant to real estate in Canada or locally, with short excerpts. Click each headline link to read the full article on the source site.

[ Canada's housing market suffers largest price decline among major economies, says BIS ]
"Canada’s residential housing market has experienced the largest decline in housing prices among similar advanced economies, according to the Bank for International Settlements (BIS)."

[ TD sees muted housing rebound as BoC pauses ]
"TD Economics’ latest outlook painted a cooler picture for Canada’s housing market, even as it argued the Bank of Canada is likely to sit tight at a 2.25% policy rate. Chief economist Beata Caranci said the mortgage “renewal cliff” has turned into “looking like a hill,” but warned that softer demand and regional imbalances still weighs on any recovery."

[ ‘We need market certainty’: Just 269 new homes sold in Toronto region last month ]
"Only 269 new homes sold in the Toronto area last month despite record high levels of inventory, a new report states. The data, compiled by the Building Industry and Land Development Association (BILD)’s Altus Group, indicates that new home sales in January were down 36 per cent from last January and are 80 per cent below the 10-year average."

[ Canada's industrial real estate markets on different trajectories ]
"Canada’s industrial real estate markets are advancing at an uneven pace, with some regions more acutely affected by ongoing trade disruptions and others showing greater resilience, according to Royal LePage’s 2026 Commercial Real Estate Report."

The Importance of a Mortgage Pre-Approval

Before you start house hunting, one of the smartest first steps you can take is securing a mortgage pre-approval. While it’s not a guarantee of final financing, a pre-approval gives you a clear picture of what you can afford and positions you as a more confident, prepared buyer in a competitive market.

A proper mortgage pre-approval involves a lender reviewing your income, credit history, debts, and down payment to determine the price range they’re willing to lend — often locking in an interest rate for a set period of time. This helps protect you from rate increases while you search and ensures you’re shopping within realistic financial boundaries, avoiding disappointment or overextension.

The pre-approval process may identify missing paperwork so you can take care of getting that ahead of time instead of rushing at the last minute. And if there are any surprise issues with your credit history, you may need to address them first.

From another practical standpoint, pre-approved buyers are also taken more seriously by sellers. When receiving an offer on behalf of a seller client, I certainly always ask the buyer agent where their buyer is with that, making sure they are working with a bank or broker and have got a pre-approval. In multiple-offer situations, a strong pre-approval may strengthen your offer and reduce concerns about financing risk. When paired with guidance from an experienced REALTOR®, it allows you to act quickly and decisively when the right home comes along — a major advantage in any real estate market.

In short, a mortgage pre-approval isn’t just a formality — it’s a powerful planning tool that brings clarity, confidence, and credibility to your home-buying journey.

If you're thinking about buying a home, I can refer you to a great mortgage broker who will look after your best interests. Call or email, and let's get you moving!

Terminology Tuesday: Deposit

When buying a home, one of the first financial steps a buyer makes is providing a deposit — but many people misunderstand what it actually means.

Simply put, a deposit is money the buyer submits when an offer is accepted to show they are serious about purchasing the property. Think of it as a good-faith commitment to move forward with the transaction. In that spirit, in some areas a deposit is called "earnest money" or even "good faith deposit".

The deposit doesn’t go directly into the seller’s pocket, though. Instead, it’s typically held in trust in the listing brokerage's trust account, or by a lawyer if no brokerage is involved, until closing. 

A deposit serves a few important purposes. First, it shows commitment, affirming to the seller that the buyer intends to complete the purchase. Second, this commitment makes the seller more comfortable taking their home off the market as sold. And finally, it's a bit of protection for the seller - if the buyer fails to meet the terms of the agreement without a valid reason, the deposit may be forfeited to the seller as compensation.

One point of terminology confusion is 'deposit' versus 'down payment'. The deposit is paid shortly after the offer is accepted to secure the deal. The down payment is the amount of the purchase price that a buyer is paying on their own, above whatever mortgage they are getting, and is paid on closing. The deposit is simply credited toward the down payment later. 

As for how much a deposit needs to be, there’s no universal number — it varies depending on the market, location, and price of the home. It's often around 5% but can ultimately be whatever is agreed to in the offer negotiation process. In competitive markets, stronger deposits may make an offer more appealing, but the right amount should always fit the buyer’s comfort level and financial plan. A listing also typically includes a requested deposit amount and if the buyer is able to meet that request that is one less point of consideration or potential objection for the seller.

The bottom line is that a deposit is more than just money — it’s a statement of intent. Understanding how it works helps buyers feel more confident and helps sellers feel secure when moving forward with a sale. 

If you’re buying or selling and have questions about deposits or offer terms, always speak with a qualified real estate professional who can explain how it applies in your specific situation.

Market Media Monday - February 23, 2026

A curated list of recent headlines relevant to real estate in Canada or locally, with short excerpts. Click each headline link to read the full article on the source site.

[ Market Outlook: Canada home prices fall to nearly five-year low in January ]
"Canada’s housing market began 2026 on softer footing, with benchmark home prices falling to their lowest level in almost five years as sales activity declined in January."

[ Most Canadian Provinces See Home Prices Rise, Two Hit Record Highs ]
"Home prices moved lower at the national level, but that reality isn’t aligned with buyers in most provinces. Canadian Real Estate Association (CREA) data shows the price of a typical home fell in January, but most provinces saw prices rise. The decline has been largely confined to BC and Ontario, where weak sales and robust inventory are dragging prices even lower."

[ National real estate association blames Ontario snowstorm for cooling housing sales in January ]
"The Canadian Real Estate Association (CREA) is blaming Old Man Winter as a factor in cool housing sales during the month of January."

[ Mortgage rate outlook: Why experts say the next move could be lower ]
"After a turbulent 2025, mortgage rates are opening the year in a narrow range, but experts say that calm may not last. "

[ Christopher Liew: How much income do you require to become a homeowner in Canada? ]
"An increasing number of people in their 20s and 30s are beginning to feel that homeownership is out of reach. Home prices remain high, mortgage rates are still elevated compared to a few years ago, and other daily living costs continue to squeeze household budgets."

Market Media Monday - February 16, 2026

A curated list of recent headlines relevant to real estate in Canada or locally, with short excerpts. Click each headline link to read the full article on the source site.

[ Housing market faces possible recession in 2026 amid ‘subdued’ demand: CMHC ]
"Canada’s housing market is expected to stay “subdued” this year amid economic uncertainty stemming from the trade war and U.S. tariffs — with a recession still a possibility. The Canada Mortgage and Housing Corporation released its 2026 housing market outlook Tuesday, which says demand from buyers is expected to “remain below historical averages.”"

[ Christopher Liew: Is it smarter to renew your mortgage for 3 years or 5 years in 2026? ]
"After several years of elevated interest rates and persistent inflation, choosing between a three- or five-year mortgage renewal is weighing on the minds of many homeowners, as even a small difference in your rate can translate into thousands of dollars spent or saved over the life of your mortgage."

[ Why fixed mortgage rates may not move when the Bank of Canada does ]
"Fixed rate mortgages are products that have pricing locked in for a specific period of time. If you have a five-year fixed rate mortgage term, your interest rate and payments are set for the entire term. That means you won’t see any fluctuations in your interest costs, as long as you make all of your regular payments. Rates for these mortgages are based on the bond market, not directly on the BoC’s interest rate. Banks typically use the Government of Canada bond yield as a benchmark for fixed rate mortgage pricing."

[ Ontario city is suddenly one of the most in-demand places for renters in Canada ]
"According to RentCafe.com's latest Renter Interest Report, Hamilton, Ont., recorded the biggest jump this quarter among apartment hunters. The data shows that favourited listings have more than tripled in the city (up 207 per cent), representing the highest increase in the country."

Market Media Monday - February 9, 2026

A curated list of recent headlines relevant to real estate in Canada or locally, with short excerpts. Click each headline link to read the full article on the source site.

[ Canada’s housing market split into ‘two geographies’ ]
"Prices overall in Canada are down amid rising supply and falling demand, but a new report has posited the nation’s real estate picture is actually split in two. The most recent Housing Market Monitor report from National Bank of Canada Capital Markets noted that British Columbia, Ontario and even Alberta represent one half of the market in Canada."

[ Greater Toronto home sales, prices slide in January with more weakness ahead: TRREB ]
"Greater Toronto Area home sales and price weakness is likely to persist for at least the first half of the year, the region’s real estate board said Wednesday. "

[ Douglas Todd: 10 ways to take advantage of Canada’s housing 'correction' ]
"Opinion: What is happening now in urban Canadian housing is an opportunity — for would-be buyers, as well as governments. We can restrict towers, retain existing rentals and more"

[ Bank of Canada Explains Toronto Condos, Describes A Ponzi Scheme ]
"Canada’s largest real estate market runs on speculation, not housing demand. That’s the core message from the Bank of Canada’s (BoC) latest report, outlining the mechanics of a Ponzi scheme, without dropping the P-bomb. They warn that falling investor returns, driven by higher interest rates, now threaten builder models, suggesting these homes aren’t viable as homes—only as financial instruments. "