I’m Not Pants.

“I’m not pants!”  She said. She being my insulted 4 year old daughter. To be fair I did accuse her of being “a liar, liar pants on fire”. She seemed to be ok with being called a liar but was definitely not alright with the notion that she may be in some way pants.

The real life, true story about an insulted liar and how it applies to Real Estate and Mortgages in the Fraser Valley & Greater Vancouver.

It’s not like I was specific in the types of pants either – how could she be offended? She didn’t ask if I was referring to corduroy bell bottoms, male skinny jeans, yoga pants, or even capri’s (which I’m still not convinced are pants in the first place.)

Nope. But here we are – she is upset. Quiet frankly most of us would have been upset with being called a liar, or especially upset with the thought of our pants on fire. Not Stella.

This incident got me thinking, what does any of this have to do real estate or mortgages, specifically in the Fraser Valley and The Great Vancouver area. The answer is probably nothing but let’s try and make it all tie in.

The  BoC (Bank Of Canada)has no problem being cryptic, dare I even say a LIAR…(that is definitely too strong of a description but it ties in! LOL) The reason they are this way is intentional and partly reflective of future uncertainty in our economy. When the  Bank of Canada talks rates(i.e. mortgage rates), analysts in the Fraser Valley, Realtors locally and Mortgage Brokers across BC hang off of every word. We pay special attention to biases in the Bank’s wording (i.e., which way the Bank is leaning on interest rates).

The media loves to pump information from commentators for predictions on whether the  BoC will keep its rate “ bias,” not keep its bias, do something unexpected with its rate bias, and on and on. It’s quite the drama over what is usually a 1-3 sentence statement. We all know a good headline sells newspapers!

So we keep hearing that we have to reduce our household debt now because rates are going up and then they come out and say rates are probably not going up – so which one is the lie….time will tell. Reducing debt and living within our means is probably a good thing regardless of interest rates so best of luck spend-o-holics. It is certainly tough to decipher what is a NEED and what is a WANT when it comes to spending sometimes.

Here is an article we published on our Mortgage Websites that goes into the details. (LINK AT BOTTOM)


Article Summary:  These were two key quotes/directions from Wednesday’s BoC rate meeting: Though

·       “Both total and core inflation are expected to remain subdued in coming quarters before gradually rising to 2 per cent by mid-2015 as the economy returns to full capacity.” (No interest rate hikes potentially is my read on this DB)

·       “With continued slack in the Canadian economy, the muted outlook for inflation, and the constructive evolution of imbalances in the household sector, the considerable monetary policy stimulus currently in place will likely remain appropriate for a period of time, after which some modest withdrawal will likely be required.” (Again no rate hike indicated we think but the message is getting louder; reduce your credit card debt before a big payment in the future slaps you in the face. DB)

The next  interest rate meeting is   July 17. With Mark Carney off to Britain, Canada’s brand new central banker, Stephen Poloz, grabs the reins.




Jordi and Dave Browne Mortgage & Insurance Team

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*By Referral Mortgage Consultants – doing business as BRMC is a co-brokerage between Verico Preferred Financing Inc and Centum By referral Mortgage Corp. Jordi Browne is also a licensed Life Insurance Broker with CBS/ Hub International.





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