Back to Blog – The Imminent Housing Crisis and the Average Canadian’s Plea

General Angela Calla 11 Dec

Is there a housing crisis brewing in Canada? With eviction moratoriums and mortgage payment deferrals having already expired for 2020, it’s possible many Canadians still suffering from COVID-related layoffs may have trouble paying for a place to live.

We spoke to six housing experts across Canada for their thoughts on what homeowners and renters can do to stay ahead of the game. The mission: to keep their homes and weather this economic storm until next year.

1. Eviction moratoriums have ended in most provinces. The economy being what it is, many renters will be faced with either a huge bill for back rent. Let’s not forget possible late fees or immediate eviction.What steps can renters take to survive the end of moratoriums?

Expert Calla’s Response:

The provinces have stepped in to protect renters by not allowing eviction for non-payment of rent and encouraging renters to communicate a plan with their landlords openly. While some things can be mandated, working together to find solutions is the best step a renter can take.

Additionally, renters can start by looking at where their spending is. We’re all learning something new together and adapting accordingly as we navigate these changing times. The sad reality is that seven out of 10 Canadians are living paycheck to paycheck. When we look at why that is from a financial literacy perspective, the basics of establishing a budget of what one can afford and spending within their means is the root of the issue.

The budget baseline should always include a portion of your paycheck automatically going to savings, just like taxes come off the top. Our savings should be fixed too. Then you spend for your housing and entertainment, clothing and other expenses. Utilizing that budgeting method is one thing within our control we can do to help us through these difficult times. If every consumer had 6 months’ living costs as an emergency fund set aside when these events out of our control happen, we would be better able to weather these storms together.

2. There’s also an equivalent mortgage payment deferral for homeowners that ended September 30. What can homeowners caught flat-footed by the COVID economy do to avoid losing their homes?

Expert Calla’s Answer:

The great thing is if you have homeownership, you have options. Thankfully, with all-time low mortgage rates, connecting with an accredited mortgage professional can provide you with unbiased advice. For example, we know where our clients have their mortgages. Those who are with the major banks were proactively sent what their lender is doing for the mortgage deferral process and how to access these resources. So they knew from day one how to safeguard themselves and avoid financial stress. After the deferral program ended, we aided and assisted our clients in blending and extending their mortgage (if they had the ability to do so). In most cases, the additional payment they would’ve had to pay on the deferral was eliminated or reduced because of that proactive mortgage management strategy.

A mortgage professional can do the math to see if it’s worth it for you to break your mortgage. If you have been hit by hard times, you can look into getting a second mortgage. It’ll improve cash flow until things stabilize for you. Independent mortgage brokers have access to dozens of banks, trust companies, and lenders that are not accessible any other way. Many have different policies when looking at borrowers that provide more options than any lender alone can offer. It also protects their credit. Shopping on their own with the lenders visible to the public only hurts the score further and decreases the lowest cost options.

So here is the most important reason why you need to use a mortgage broker. The banks won’t call you and tell you how to make them less money. So this is why in terms of financial literacy, who you select to take with you on your mortgage journey will make all the difference in what your lifestyle is going to look like.

3. What could federal and provincial governments do differently to help homeowners and renters without hurting landlords and lenders?

Angela Calla

Angela Calla

We all have to adapt to change and make choices. Experience demonstrates how you feel about personal responsibility. What you think the job of our government actually is will formulate your opinion.

Expert Calla:

If anything, the government has been pretty swift moving – they’ve worked quickly and given out a lot of money. They have provided rent relief programs, business loans, CERB, and many other resources. This spending the government has done is concerning to some degree. Of course, some have been hit really hard. But in the end, it comes down to two types of people: those who take and those who will fend for themselves. I’ve seen both ends of the spectrum.

We all have to adapt to change and make choices. Experience demonstrates how you feel about personal responsibility. What you think the job of our government actually is will formulate your opinion.

4. How much potential is there that we could be facing another housing market crash now that the mortgage payment deferrals and eviction moratorium have ended?


Not even a pandemic can slow buyers. When you look globally, we are one of the most desired locations in the world. Due to our topography, geography, quality of life, great health care, and education. Safety without war and spaces where our communities look to support each other any way we can. I can’t imagine anything will stop this crisis. It’s shown more than anything that people are resilient. And, with the right mindset, we’ll always find a way to move forward. Never say never, so while the future is yet to be written, we can focus on the fundamentals of watching our spending.

Read the full article here.

Angela Calla is a 16-year award-winning woman of influence and mortgage expert. Alongside her team, Angela passionately assists mortgage holders in acquiring the best possible mortgage. She educates and empowers individuals on the “The Mortgage Show”, which she’s hosted for over a decade, and is the best-selling author of The Mortgage Code available on Amazon. All proceeds from her book sales are donated to the YWCA helping empower women and children in our community. Additionally, in August of 2020, she surpassed $1 Billion dollars in funded personal mortgage volume at the young age of 37.

Angela leads by example with passion and conviction. She is known as an industry expert on TV and radio and the go-to source for publishers across the Country. She has even been known to sing the national anthem at sporting events! On top of all her achievements, Angela finds the time to be a loving wife and mother of two beautiful children.

For media interviews, speaking inquiries, or personal mortgage assistance, please contact Angela at or 604-802-3983.