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Opportunity Knocks

As we continue to build the Haystax Brand across Canada it is very important that we each focus on the areas that will have the most impact for growth. Today we face additional challenges due to inflationary pressures and a softening of the Real Estate Market in Canada. As central banks around the world are pulling back on quantitative easing and increasing interest rates, money becomes more expensive to borrow. This, as we all know, puts downward pressure on industries that rely on borrowing.


While many people take this as an insurmountable struggle, the reality is the current market presents unheard of opportunity in Canada for today, and well into the future. Let's take a look at what will drive the mortgage industry in Canada forward.


The first is the housing shortage. In Canada it is estimated that there is around a 1.5 million home short fall to adequately meet the country's housing needs. This clearly demonstrates that there will be no decrease in housing demand for the next several years.


In addition, as Canada's population ages and we are seeing a declining birth rate, there is also downward pressure on the population count for the country. This is resulting in record high employment vacancy rates; the nation is struggling to meet the demands of a growing economy. To combat this the federal government has announced plans to allow up to 1.5 million new immigrants into Canada over the next 3 years, and keep at those levels until as late as 2030. All of those that are coming to Canada need a place to call home, and as home ownership is a key pillar of the Canadian Dream, an influx of citizens should also translate into a boom time in the mortgage space.


What can we do today?


More than ever it is important that we focus on wowing our clients, and our partners, each and every day. It means providing ethical advice, low rates, and ensuring that we are always looking out for the best interest of our customers.


We also have an opportunity to get out there and start meeting people. Networking events, social media presence, marketing, and even picking up the phone and calling customers, can have a massive impact on your future growth.


For instance: Why would you email someone when you can just as easily pick up the phone? Calling a past client and asking them how they are doing has never been more important. If you are stressed by the financial news... imagine how they must be feeling as an industry outsider! They are being bombarded with negative news resulting in, according to polls, over 80% of Canadians expressing feeling some level of anxiety about their housing situation.


We are also going to start to see renewals start where many will be faced with larger-than-life payment increases, or other financial stressors. As a mortgage professional, you are uniquely positioned to better understand the needs of your customer, use you training and knowledge to bring them the guidance and comfort they need.


Lastly, do not get caught up in the negativity that we see all around us. While the market may be slowing, it is in fact still producing volumes that match pre-COVID numbers. What we are seeing is a long overdue balancing of the marketplace. Values will see pressure downwards as rates increase helping to offset the additional cost of borrowing. This will eventually level out to a market that is balanced and better structured to meet the demands of a growing population. We can expect to see new rules and guidelines in place to ease the ability of Canadians to buy a home, but also some tightening to combat mortgage fraud.


The key to success today is all about what you do with your day and time. Sales is a tough job for even the best and most experienced people. Those that are successful and maintain that success do so by remembering that sales is an eyeball to eyeball, toe to toe, transaction. If you are not willing to pick up the phone and sell, you cannot expect that others will just pick up the phone and call.


If you need new referral sources, want to recruit people to your franchise or team, or if you are looking for more business, nothing is more powerful than your voice and the message you deliver.

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