What are we going to do with all the multiple offers this year?

Joel Olson • January 26, 2022

(*What's your preference? Listen to the podcast above or read the blog post below)

So what is 2022 going to look like and how do we handle multiple offers differently?

So here we go. 2022 What's this year going to look like on the market?


Is it going to be another year full of multiple offers escalating house prices and buyers being frustrated not being able to crack into the market? 


Is it going to be another year where we see limited inventory as a result of a lack of supply? 


Where there isn't really that much to buy in the first place? 


I mean, there's lots of predictions. 


We all have our own opinions, but I suppose only time will tell. 


All we know is what it is today. 


And I can tell you a few things that we've learned that we are doing differently this year. 


First, we are expecting there are going to be a lot of situations with multiple offers in particular, where people are meant to go firm, at least until this cooling off period is put into place by the government.


That means we have to be a lot more diligent about making sure our clients are ready to put in an unconditional offer. 


A lot of brokers are scared to guarantee something like this. 


A lot of brokers are nervous to give clients the go ahead on unconditional offers. 


However, there's some better ways than what people have done. 


The key here is to set up what's called Plan B financing. 


It means that if, for some reason, the mortgage insurer doesn't approve you, if for some reason, you don't get approved by that lender that we’re 99.9% sure will approve you… what are we going to do? 


That may include some type of approval with a B lender, or a higher interest rate or attaching a cosigner or adding security for the property. 


All these things are things that we can put in place as a B plan so a client can go comfortably into an unusual offer, knowing that they do have at least guaranteed financing in some form. 


This is a key difference to what people are doing in the marketplace. 


You would not believe the amount of frightened phone calls we get from people that have firm offers that really didn't have financing organized in the first place. 


It's safe to assume that, even though people are telling you they think they'll be okay. 


Really, it's a scramble to the end making for a very, very stressful situation for our clients. 


So our plan and our process includes for everyone who's offered, to put a “B” financing plan in place. 


This is an important distinction and will make you look better to your clients and have a less stressful situation. 


It also means that the client can comfortably offer in a situation not just unconditional, but I think to go above asking they can do so comfortably with us talking through that. 


The second part that we might add to that would be to do an inexpensive pre-appraisal on a property through an actual appraisal.

 
Now we all know what property a should sell for and won't sell for - we will have our comparables, but why don't we have something that is legitimate from an appraiser? 


That’s something we can rely on… that means that we could actually go a little bit higher on that property. 


There's a way to do a pre-appraisal that can give some comfort around those values and comfort around going above asking (price). 


Now, of course, if this cooling off period comes into play, all bets are off.


It means that we will have a week to sort out financing.

 
This means our mortgage approval assurance plan we've talked about many times, which means our pre- approval is going to come with a $5,000 guarantee to the seller is going to make all the difference. 


If you don't know about that and want to schedule a time so you can have your clients take advantage of having $5,000 against the seller, please do schedule a call with me. 


Lastly, time kills all deals. 


We've heard loud and clear that a big issue with offers is that people do not have enough time to get the offer done. 


Many banks, many brokers, many lenders are asking for a full one week for some locations and finding that those offers rarely even pique the interest of most sellers. 


Now of course, people want to have adequate time, but what if there was a way to get the client extra pre- approved? 


I'm talking about making sure we have the identification.


Making sure we have the voided check, making sure we have every bank statement. 


What if there was a way for us to make that pre-approval work so that they can have a one day approval? 


This is possible for a limited amount of realtors and a limited amount of clients on an ongoing basis. 


We can offer approvals that are firm in one day.  If you'd like to know how to take advantage of this and the strategy this uses, please schedule a time with me because we can do an approval in one day. 


That's right. 


Make an offer 24 hours later and remove the subjects - this is huge in this market. 


Obviously these are just some of the many strategies we do and many are catered to your specific marketing needs. 


We would love to have a chance to go through anything we can help you with this year. 


It's going to be a busy one. 


Let's be prepared!

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Joel Olson
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Everything You Should Know Before Buying a Home

By Joel Olson • January 13, 2026
Thinking About Buying a Home? Here’s What to Know Before You Start Whether you're buying your very first home or preparing for your next move, the process can feel overwhelming—especially with so many unknowns. But it doesn’t have to be. With the right guidance and preparation, you can approach your home purchase with clarity and confidence. This article will walk you through a high-level overview of what lenders look for and what you’ll need to consider in the early stages of buying a home. Once you’re ready to move forward with a pre-approval, we’ll dive into the details together. 1. Are You Credit-Ready? One of the first things a lender will evaluate is your credit history. Your credit profile helps determine your risk level—and whether you're likely to repay your mortgage as agreed. To be considered “established,” you’ll need: At least two active credit accounts (like credit cards, loans, or lines of credit) Each with a minimum limit of $2,500 Reporting for at least two years Just as important: your repayment history. Make all your payments on time, every time. A missed payment won’t usually impact your credit unless you’re 30 days or more past due—but even one slip can lower your score. 2. Is Your Income Reliable? Lenders are trusting you with hundreds of thousands of dollars, so they want to be confident that your income is stable enough to support regular mortgage payments. Salaried employees in permanent positions generally have the easiest time qualifying. If you’re self-employed, or your income includes commission, overtime, or bonuses, expect to provide at least two years’ worth of income documentation. The more predictable your income, the easier it is to qualify. 3. What’s Your Down Payment Plan? Every mortgage requires some amount of money upfront. In Canada, the minimum down payment is: 5% on the first $500,000 of the purchase price 10% on the portion above $500,000 20% for homes over $1 million You’ll also need to show proof of at least 1.5% of the purchase price for closing costs (think legal fees, appraisals, and taxes). The best source of a down payment is your own savings, supported by a 90-day history in your bank account. But gifted funds from immediate family and proceeds from a property sale are also acceptable. 4. How Much Can You Actually Afford? There’s a big difference between what you feel you can afford and what you can prove you can afford. Lenders base your approval on verifiable documentation—not assumptions. Your approval amount depends on a variety of factors, including: Income and employment history Existing debts Credit score Down payment amount Property taxes and heating costs for the home All of these factors are used to calculate your debt service ratios—a key indicator of whether your mortgage is affordable. Start Early, Plan Smart Even if you’re months (or more) away from buying, the best time to start planning is now. When you work with an independent mortgage professional, you get access to expert advice at no cost to you. We can: Review your credit profile Help you understand how lenders view your income Guide your down payment planning Determine how much you can qualify to borrow Build a roadmap if your finances need some fine-tuning If you're ready to start mapping out your home buying plan or want to know where you stand today, let’s talk. It would be a pleasure to help you get mortgage-ready.

Best Mortgage Options for Canadian Homebuyers

By Joel Olson • January 6, 2026
Thinking of Calling Your Bank for a Mortgage? Read This First. If you're buying a home or renewing your mortgage, your first instinct might be to call your bank. It's familiar. It's easy. But it might also cost you more than you realize—in money, flexibility, and long-term satisfaction. Before you sign anything, here are four things your bank won’t tell you—and four reasons why working with an independent mortgage professional is the smarter move. 1. Your Bank Offers Limited Mortgage Options Banks can only offer what they sell. So if your financial situation doesn’t fit neatly into their guidelines—or if you’re looking for competitive terms—you might be out of luck. Working with a mortgage broker? You get access to mortgage products from hundreds of lenders : major banks, credit unions, monoline lenders, alternative lenders, B lenders, and even private funds. That means more options, more flexibility, and a much better chance of finding a mortgage that fits you. 2. Bank Reps Are Salespeople—Not Mortgage Strategists Let’s be honest: most bank mortgage reps are trained to sell their employer’s products—not to analyze your financial goals or tailor a long-term mortgage plan. Their job is to generate revenue for the bank. Independent mortgage professionals are different. We’re not tied to one lender—we’re tied to you. Our job is to shop around, negotiate on your behalf, and recommend the mortgage that offers the best balance of rate, terms, and flexibility. And yes, we get paid by the lender—but only after we find you a mortgage that works for your situation. That creates a win-win-win: you get the best deal, we earn our fee, and the lender earns your business. 3. Banks Don’t Lead with Their Best Rate It’s true. Banks often reserve their best rates for those who ask for them—or threaten to walk. And guess what? Most people don’t. Over 50% of Canadians accept the first renewal offer they get by mail. No questions asked. That’s exactly what the banks count on. Mortgage professionals don’t play that game. We start by finding lenders offering competitive rates upfront, and we handle the negotiations for you. There’s no guesswork, no pressure, and no settling for less than you deserve. 4. Bank Mortgages Are Often More Restrictive Than You Think Not all mortgages are created equal. Some come with hidden traps—especially around penalties. Ever heard of a sky-high prepayment charge when someone breaks their mortgage early? That’s often due to something called an Interest Rate Differential (IRD) —and big banks are notorious for using the harshest IRD calculations. When we help you choose a mortgage, we don’t just focus on the interest rate. We look at the whole picture, including: Prepayment privileges Penalty calculations Portability Future flexibility That way, if your life changes, your mortgage won’t become a financial anchor. A Quick Recap What your bank typically offers: Only their own limited mortgage products Sales-focused representatives, not mortgage strategists Default rates that aren’t usually their best Restrictive contracts with high penalties What an independent mortgage professional delivers: Access to over 200 lenders and customized mortgage solutions Personalized advice and long-term financial strategy Competitive rates and terms upfront Transparent, flexible mortgage options designed around your needs Let’s Talk Before You Sign Your mortgage is likely the biggest financial commitment you’ll ever make. So why settle for a one-size-fits-all solution? If you're buying, refinancing, or renewing, I’d love to help you explore your options, explain the fine print, and find a mortgage that truly works for you. Let’s start with a conversation—no pressure, just good advice.