Welcome to my blog!

Matt Chan • July 26, 2012

Welcome!  Thank you for visiting my site.  My name is Matthew Chan and I have been a successful mortgage broker since 2004.  Prior to mortgage brokering, I started my first real career in accounting.  I articled with a major accounting firm straight out of my undergrad and qualified as a Chartered Accountant.  I worked in industry for a couple of years and moved to Toronto to pursue an MBA at the Rotman School of Management at the University of Toronto.  Shortly after obtaining my MBA and working for a couple of years in Toronto, I decided that the corporate world wasn’t for me.  I had made a very conscious decision that I wanted a career that allowed me to work with and help people.  Soon after making this decision, the Universe steered me to a career in mortgages.  I found my passion and have not looked back since.

Since starting my career in mortgages, I obtained the AMP designation (Accredited Mortgage Professional) and served a term with the Mortgage Brokers Association of BC.  Most recently, I was ranked in the top 50 of mortgage brokers amongst active brokers in the Dominion Lending Centres network (approximately 2,000 agents across Canada) based on mortgage volume funded.

I am truly grateful for my career and love what I do because every day I have an opportunity to make a positive difference with my clients.  With constant changes in mortgage rules and guidelines and in our economy, there is a great need for good quality information.  It is my goal to help educate you and provide good relevant information on mortgages and general finance.

In addition, I intend to write personal blogs about myself such as book reviews, hobbies and anything else that may help you know me better and be of interest to you.  I welcome and look forward to any feedback you may have about my posts or about my site.

I look forward to connecting with you again soon.  Thanks again for dropping by.

Matthew Chan

 

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RECENT POSTS

Bank of Canada Holds Rate at 2.25% — March 18, 2026

By Matthew Chan • March 18, 2026
The Bank of Canada announced today that it is holding its target for the overnight rate at 2.25%, with the Bank Rate at 2.5% and the deposit rate at 2.20%. For anyone watching the mortgage market — whether you're renewing, purchasing, or simply keeping an eye on borrowing costs — here's a breakdown of what was announced and what it may mean for you.

Is Now the Right Time to Buy? A Look at Canada's 2026 Housing Market

By Matthew Chan • March 17, 2026
For many Canadians, the dream of homeownership has felt like a moving target. After years of market volatility, shifting interest rates, and economic uncertainty, you might be wondering: is 2026 finally the year to make a move?

Deposit vs. Down Payment: Key Differences for Homebuyers

By Matthew Chan • March 11, 2026
When you’re buying a home, two terms often cause confusion: deposit and down payment . While they’re related, they serve very different purposes in the homebuying process. Here’s what you need to know. What Is a Deposit? A deposit is the money you provide when you make an offer on a property. Think of it as a show of good faith that proves you’re serious about purchasing. How it works : Typically, you provide a certified cheque or bank draft that your real estate brokerage holds in trust. If your offer is accepted, the deposit remains in trust until the deal moves forward. If negotiations fall through, the deposit is refunded. Connection to your down payment : Once the sale is finalized, your deposit becomes part of your total down payment. Why it matters : The amount is negotiable, but a larger deposit can make your offer more attractive in a competitive market. Keep in mind, however, that if you back out after conditions are removed, you risk losing your deposit. What Is a Down Payment? Your down payment is the amount you contribute toward the purchase price of your home when securing a mortgage. Minimum requirement : In Canada, the minimum down payment is 5% of the home’s purchase price. Anything less than 20% requires mortgage default insurance. Sources : Down payments can come from your savings, the sale of another property, RRSP withdrawals (through the Home Buyers’ Plan), a gift from family, or even borrowed funds. Example: How They Work Together Imagine you’re buying a $400,000 home with a 10% down payment ($40,000). When you make your offer, you provide a $10,000 deposit . Once conditions are met, that deposit is transferred to your lawyer’s trust account. At closing, you add the remaining $30,000 to complete your full down payment. The lender provides the rest—$360,000—through your mortgage. The Bottom Line Your deposit shows commitment and secures your offer, while your down payment is what makes the mortgage possible. Together, they work hand in hand to get you into your new home. 📞 If you’d like clarity on deposits, down payments, or any other part of the mortgage process, let’s connect. I’d be happy to walk you through it step by step.