Fall Market Update

General Kristopher Reaves 17 Oct

Fall Market Update.

As you may have heard, The Bank of Canada opted to maintain its policy rate at 5% as of September. The recent rate hikes over the spring and summer have slowed the housing and mortgage markets as potential buyers were unsurprisingly spooked by the rise in mortgage rates. More recently, fixed-rate loans have become more expensive because of the rise in longer-term interest rates. As a result, housing affordability became a bigger hurdle and led to a slight decrease in home prices by 6% in major markets over the summer.

With The Bank of Canada currently maintaining the 5% policy rate, many hope this will be the peak in overnight rate changes. If so, homeowners and potential buyers will be granted some breathing room. We will find out more with their upcoming announcement on October 25th.

As we turn the corner into Fall and start looking ahead to the coming year, analysts are forecasting stronger housing markets. The expectation is that The Bank of Canada will gradually cut interest rates by mid-year, allowing potential buyers to better navigate their affordability.

As the supply shortage continues, new listings are likely to rise and provide much-need inventory. As we move into 2024 and start to see interest rates decrease, motivated sellers will move off the sidelines and housing demand is expected to be resilient.

For anyone who is thinking about purchasing this season, it is important to get pre-approved to guarantee your interest rate for 90-120 days while you shop the market. This way, you will avoid being impacted by potential rate changes and can properly estimate your budget for mortgage costs. Plus, pre-approval will indicate to the seller that you will not have issues obtaining financing (assuming nothing changes between now and the purchase with your job, savings, etc.), which is key during the current economic landscape.

To help you make the best decision possible, download the My Mortgage Toolbox app to determine what you can afford, and what your mortgage would look like at various interest rate levels.

You can also reach out to a DLC Mortgage Expert today for unbiased advice if you have any concerns, questions or just want to get started on your pre-approval!

 

Published by DLC Marketing Team

What do Your Teenagers Need to Know about Money?

General Kristopher Reaves 11 Sep

What do Your Teenagers Need to Know about Money?.

As adults, we all know the critical importance of managing money wisely and the impact our financial situation has on our overall well-being. As parents we do our best, but there are plenty of life lessons we need to teach our kids, and personal finance doesn’t always top the list. We may also not be the best person for the job since around 50% of adult Canadians live paycheque-to-paycheque! So how do we choose which financial lessons, habits, and tactics to teach our children, especially if our own money management skills may be lacking?

Wants vs needs & cost vs value

Tweens and teens need to differentiate between needs and wants and how to prioritize what they spend their money on. Value and cost are two more important concepts they need to understand. A top-of-the-line iPhone or a carbon fiber mountain bike will really impress their teenage friends, but a cheaper version may perform very similarly and provide a lot more value, especially given the limited amount of funds they have. Kids are bombarded by marketing messages, and they need to learn how to avoid hype and be objective, so they can make smart financial decisions. There is a reason plenty of rich folks (even billionaires like Warren Buffett) drive basic cars – it’s all they really need.   If your teen or tween wants the latest and greatest must-have item, challenge them to explain the value beyond being new, trendy, or fashionable. When they want to buy something, encourage them to research the product, read reviews, and compare prices to make informed decisions.

Introduce basic investing concepts

Introduce your teens to basic investing and the concept of how to make money with money. Explain how investments can grow over time and the power of compound interest. Should you buy a stock (or an ETF, GIC, mutual fund or some other financial product) for a 14-year-old… absolutely!  There are lots of kids out there with parents who invested the time to explain shareholding and how it works at a level they can understand.

Kids are very familiar with many publicly traded companies like Disney, Roblox, Mattel and McDonalds. Holding a few shares (in an informal trust account or simply in your name) may not return enough to put them through college, but it will teach them the basics of investing, risk, and return for managing their finances in the future. It’s true that a savings mindset develops early and pays back over the course of a lifetime, but developing an investing mindset pays back HUGE over the course of a lifetime and will set your kids up for long-term financial security and wealth building. As soon as your kids turn 18, have them open a tax-free savings account (TFSA) and invest the funds, even if they can only muster $50 or $100 monthly to contribute.

Teach the bad (and good) about credit and debt

Credit is very easy to access these days and even first-year post-secondary students are often able to get a credit card. Responsible use of this first credit card can help establish a credit score and they are very convenient — almost a necessity for some online transactions. On the other hand, easy access to credit cards (with generous spending limits and 20% interest!) and a few spontaneous/poorly thought-out spending decisions can derail a future before it even gets started.

Failing to understand the impact and obligations of a student loan can also lead to a nasty surprise when it comes time to repay that money or get a car loan or mortgage down the road. Although federally issued Canada Student Loans are now interest-free, provincial loans may still carry interest. Either way, your kids need to realize that a student loan isn’t free money and that paying it back will definitely crimp their post-graduation lifestyle.

Remember that financial education is an ongoing process. Encourage openness about money and create an environment where your children feel comfortable discussing money matters with you. Starting to instill good money habits from an early age and being a supportive resource as they develop their financial skills will help your money-savvy kids grow into financially responsible, money-savvy adults.

 

Published by DLC Marketing Team

It’s Time to Crush Your Credit Card Blues

General Kristopher Reaves 14 Aug

It’s Time to Crush Your Credit Card Blues.

Although credit cards interest rates have not been affected by the recent surge in the prime lending rate, the fact remains that credit card debt is usually the most expensive debt you can have. The average is around 20% and even the so-called ‘low interest’ cards carry a rate in excess of 10%. Expediting the demise of your credit card balance should be the number one focus for anyone looking to improve their financial situation. Here are five actions to get you started.

  1. If you are carrying a balance, the first step is to put the card(s) away. Whether you put them in the food processor or just temporarily turn them off (our recommendation), you need to own up to your mistake and not add any more fuel to the fire. If it’s the case where you have no choice but to use the card (a prepayment for example) make sure to make a payment to cover that charge right away.
  2. Take a minute to fully understand the consequences of a credit card balance. Search out the details of your credit card statement until your find the section that tells you exactly how many years it will take to eliminate that balance with minimum payments. While you are at it, make sure to confirm the interest charge for that month and just how little of your payment is actually going toward reducing the balance. It can be a bit shocking, but also quite motivating! The government has a simple online calculator for you to easily analyze different repayment options.
  3. Plan your repayment attack. Making a few random spending sacrifices and hoping that you will have a little more left at the end of the month to pay towards your card is wishful thinking. You need to figure out ASAP the maximum amount you can throw at your credit card debt every month and chart out when you are going to be debt-free. Set up an automatic transfer from your bank account to your card every payday and make that money invisible – you can’t spend what you can’t see!
  4. Investigate balance-transfer credit card options… but only if you have a plan and are confident you can pay off the balance within the prescribed period! A balance transfer card shifts your debt to a new card (for little or no fee) which offers a limited time period (usually 6 -12 months) with a very low interest rate (often 0%) to pay off the balance. This cuts your interest expense to zero and ensures that 100% of your payment goes to reducing the balance. However, you have to be very disciplined and have the income to make regular payments. The card company is literally banking on you to fail and hopes you will miss the payment deadline, because that will trigger an avalanche of penalties, fees and interest charges that will put you worse off than ever!
  5. Pick up the phone and call your card company. It might be more possible and easier than you think to actually negotiate a lower interest rate on your credit card. If you have had a card for a while and have been carrying a balance and making the minimum payments, you are a valued customer! Your card issuer is very interested in keeping your business and may be willing to negotiate. You will have to get through to the right people and know what to say, but 15 or 20 minutes on the phone could save you a chunk of cash – even a few percentage points would help.

The above tips will help you get started on the road to eliminating your credit card balance. There are no shortcuts and it may require a lot of sacrifice depending on how much debt you have, but the mental burden that lifts when you see a big zero under “balance due” it will be worth it!

 

Published by DLC Marketing Team

Debt Reduction Key as Interest Rates Soar

General Kristopher Reaves 18 Jul

Debt Reduction Key as Interest Rates Soar.

There are lots of reasons people fall into debt but only one way out — and it requires a combination of planning, discipline, and persistence. With the rise in interest rates, there is no better time to map out an action plan to reduce your debt.

Start by gathering information about all of your debts — student loans, credit cards, lines of credit, car loans, overdue bills — everything. Make a list of all the debts with the details of the amounts owed, interest rate, and minimum monthly payments. This will help you set goals, create a timeline, and prioritize your repayments.

Your first goal is to make sure everyone gets paid the minimum amount required to avoid your debts going into arrears. Overdue bills and missed payments are going to play havoc on your credit score and it can take a lot of time and effort to rebuild.

The next step is to figure out how much more you can allocate from your current income for debt repayment. One common debt pitfall is to look at your situation and conclude that more income is the solution — and immediately start looking for ways to make extra money. While more income can obviously help you reduce debt, it shouldn’t be your first step.

The most important step is to create a realistic budget. Reducing the expense side of your monthly budget is going to free money to pay off debt much faster than pumping up your income on the top line. You need to identify areas where you can reduce expenses and channel those savings to your debt repayment fund. It’s critical to start accurately tracking your expenses and get the actual data on your spending, not just a guesstimate based on your feeling.

When it comes to who to pay first, there are two commonly used strategies for prioritizing debts: the debt avalanche method and the debt snowball method. With the avalanche method, you focus on paying off the debt with the highest interest rate first while making minimum payments on other debts. The snowball method involves paying off the smallest debts first, regardless of interest rates, and then moving on to larger debts.

From a financial perspective, the avalanche method is the best way to pay off debt, especially if the interest rate differential is large. The snowball method may improve your motivation, but it makes no sense to pay off a small home equity loan at 6% if you are carrying credit card debt at 20%!

Interest rates on credit card balances haven’t been affected by Bank of Canada rate changes (unlike other loans!), but they are already so high that in almost every case they should be the starting point for your debt reduction efforts. If you have been making payments and your credit rating is not too bad, you may be eligible for a credit card balance transfer offer with a promotional 0% interest rate for a specific period. Make sure you have a realistic plan and are disciplined before you sign up for any balance transfer options or credit card consolidation loans. They are a good option for managing credit card debt as they lower or defer the interest, but you need to stay on the payment schedule. If you have any investments (TFSA?), selling them to pay off credit card debts usually makes financial sense.

Paying off debt is a long-term commitment that requires discipline — there is no quick way out. Once you get started and see some progress, your mindset will begin to shift, and a huge weight will start to lift. Becoming debt-free or at least in a position where debt stress doesn’t consume your life will do as much for your mental health as it will for your financial health.

 

Published by DLC Marketing Team

How to Pay Off Your Mortgage Faster

General Kristopher Reaves 16 May

How to Pay Off Your Mortgage Faster.

When it comes to homeownership, many of us dream of the day we will be mortgage-free. While most mortgages operate on a 25-year amortization schedule, there are some ways you can pay off your mortgage quicker!

1. Review Your Payment Schedule: Taking a look at your payment schedule can be an easy way to start paying down your mortgage faster, such as moving to an accelerated bi-weekly payment schedule. While this will lead to slightly higher monthly payments, the overall result is approximately one extra payment on your mortgage per calendar year. This can reduce the total amortization by multiple years, which is an effective way to whittle down your amortization faster.

2. Increase Your Mortgage Payments*: This is another fairly simple change you can execute today to start having more of an impact on your mortgage. Most lenders offer some sort of pre-payment privledge that allows you to increase your payment amount without penalty. This payment increase allowance can range from 10% to 20% payment increase from the original payment amount. If you earned a raise at work, or have come into some money, consider putting those funds right into your mortgage to help reduce your mortgage balance without you feeling like you are having to change your spending habits.

3. Make Extra Payments*: For those of you who have pre-payment privileges on your mortgage, this is a great option for paying it down faster. The extra payment option allows you to do an annual lump-sum payment of 15-20% of the original loan amount to help clear out some of your loan! Some mortgages will allow you to increase your payment by this pre-payment privilege percentage amount as well. This is another great way to utilize any extra money you may have earned, such as from a bonus at work or an inheritance.

4. Negotiate a Better Rate: Depending on whether you have a variable or a fixed mortgage, you may want to consider looking into getting a better rate to reduce your overall mortgage payments and money to interest. This is ideally done when your mortgage term is up for renewal and with rates starting to come back down, it could be a great opportunity to adjust your mortgage and save! This may be done with your existing lender OR moving to a new lender who is offering a lower rate (known as a switch and transfer).

5. Refinance to a Shorter Amortization Period: Lastly, consider the term of your mortgage. If you’re mortgage is coming up for renewal, this is a great time to look at refinancing to a shorter amortization period. While this will lead to higher monthly payments, you will be paying less interest over the life of the loan. Knowing what you can afford and how quickly you want to be mortgage-free can help you determine the best new amortization schedule.

*These options are only available for some mortgage products. Check your mortgage package or reach out to me to ensure these options are available to you and avoid any potential penalties.

If you’re looking to pay your mortgage off quicker, don’t hesitate to reach out a Dominion Lending Centres mortgage expert today! They can help review the above options and assist in choosing the most effective course of action for your situation.

Published by DLC Marketing Team

Make Your Mortgage Work for You

General Kristopher Reaves 11 Apr

Make Your Mortgage Work for You.

When it comes to mortgages, it can be easy to get overwhelmed by the sheer number of options! Fortunately, we are here to help! Below are some of the mortgage details that you should understand to ensure that you are getting the best mortgage for YOU:

Interest Rate Type

Interest rate is one of the major components to your mortgage and it is important to decide whether you want a fixed-rate, variable-rate or protected (capped) variable-rate mortgage.

fixed-rate mortgage is ideal for new home owners or those on a fixed income who are more comfortable with a stable monthly payment.

variable-rate mortgage is ideal for individuals who have room in their budget and want to take advantage of potential interest rate drops – keep in mind, with this mortgage you pay more if the rates go up!

Lastly, the protected (capped) variable-rate mortgage operates similarly to variable-rate, except with a maximum (or capped) rate allowing you to take advantage of interest rate decreases while never paying above a set amount should the rates rise.

Amortization

This is the life of your mortgage and is typically a 25-years period whereby you would pay off the entirety of the loan. You can choose a shorter term, which would result in higher payments but allow you to pay less interest over the lifetime of your mortgage and be mortgage-free faster! Or, you can opt for a longer amortization period, which allows for smaller monthly payments.

Payment Schedule

This is the frequency that you make mortgage payments and ranges from monthly to bi-monthly, bi-weekly, accelerated bi-weekly or even weekly payments. There are many great calculators on My Mortgage Toolbox app (available through Google Play and the iStore) that can help you calculate and compare these payment schedules to see what works best for you.

Mortgage Term

The standard mortgage term is 5-years and refers to the length of time for which options are chosen and agreed upon, such as the interest rate. When the term is up, you have the ability to renegotiate your mortgage at the interest rate of that time and choose the same or different options.

Open vs. Closed

Open mortgages give you the option to increase mortgage payments or make lump sum deposits on your loan. A closed mortgage does not allow additional payments without penalties.

High Ratio vs. Conventional

A conventional mortgage is where you put the standard 20% down on your home. However, as not everyone is able to do this, many buyers will end up with a high-ratio mortgage product. High-ratio mortgages need to be insured due to financial institutions only being allowed to lend up to 80 percent of the homes purchase price WITHOUT mortgage default insurance. Therefore, if you choose a high-ratio mortgages over a conventional one, you will pay a monthly insurance premium.

Contact a DLC mortgage expert today to get started on your homebuying journey with expert advice and solutions to suit YOUR unique needs!

 

Published by DLC Marketing Team

Selling Your Home in the Spring

General Kristopher Reaves 13 Mar

Selling Your Home in the Spring.

Are you looking to sell your home? We have a few tips to help you make the most of the spring season!

  1. Hire an Experienced Realtor: Before preparing your home for the Spring market, you will want to hire an experienced realtor! A good realtor will serve as your guide through the entire sales process, helping you get your home ready for listing, showing potential buyers and finalizing the eventual sale. This is even more important given the changing landscape in relation to additional safety protocols with viewings and even virtual viewing options. Now, more than ever, the expertise of a realtor will help you navigate the sales process.
  2. Prioritize Repairs and Improvements: Before listing your home, it is important to go through room-by-room and address any issues such as chipped paint, small holes in the wall, broken fixtures, old appliances, etc. Correcting these minor issues will help your home truly shine when buyers walk through.
  3. Clean and Stage Your Home: Now that you have made the necessary minor repairs, you can start staging your home! Start with the exterior of your home and ensure you tidy up the yard, remove any junk and wash your windows! When it comes to the interior of your home, you will want to declutter and do a deep clean (a professional cleaning service can come in handy for this!). Once your home is decluttered and clean, your real estate agent can help you stage it so that it appears spacious and inviting.
  4. Consider a Pre-Listing Inspection: Once you are ready to list your home, it can be a good idea to consider a pre-listing inspection. The inspector would conduct a complete visual inspection of all interior and exterior elements (including HVAC systems, wiring, ceiling, chimneys, gutters, etc.), which would help put prospective buyers at ease.
  5. Organize The Paperwork: There is a lot of paperwork when it comes to selling your home. Having all of these documents organized and together for potential buyers will help to speed up the process and allow them to address any questions before the deal is finalized. Permits, renovation or repair receipts, warranties, rental agreements and copies of your utility bills are all good records for potential buyers.

Whether you are looking to buy or sell, it is important to work with a trusted real estate and Dominion Lending Centres mortgage expert to ensure the best outcome for you and your family!

 

Published by DLC Marketing Team

Hey! It’s STILL Cold Out There!

General Kristopher Reaves 14 Feb

Come Along for the Walk!

CNOY is a moment each year when tens of thousands of Canadians step outside the warmth and comfort of home to shine a light of welcome and compassion in their communities. Since 2011, the Coldest Night of the Year has raised over $57,000,000 across Canada in 166 communities – 100% of net proceeds stay local to support our CNOY charity partners. Learn more about our history.

 

How to Participate

Select one of two fun ways to participate in 2023:

  •  Main Event: All CNOY locations will host an organized, in-person main event – complete with 2km + 5km signed routes, rest stops, volunteers, and snacks at the end.
  •  Offsite Walk: All CNOY locations will welcome offsite fundraisers who self-organize either with friends or individually, walking any day in February on a route they choose.

 

More Details

  •  Date: Saturday, February 25, 2023
  •  Where: Chances are there is a CNOY location quite near you! If not, you can still walk and fundraise for your local charity offsite in your own community, wherever you are.
  •  What: Participants register to walk 2km + 5km, whether at a main event, or offsite with their team.
  •  Who: Everyone is welcome! CNOY is family-friendly – participants range in age from toddlers (with parents of course) to active seniors.
  •  How: Participants register online to set up their personal Fundhub page. It’s easy to set your goal, add your photo message, and thank donors via email. Donors who give online are receipted within minutes of their secure gift of $20 or more.
  •  No Registration Fee: CNOY is 100% free to join! Everyone is welcome to come and fundraise for their local CNOY charity.
  •  Impact: By walking in the cold, you’ll feel a hint of the challenge faced by those experiencing homelessness during winter. By fundraising, you’ll be contributing much-needed money to a charity in your town that is bringing hope and help to people in your community who need support.

 

Join the Team!

This year, the walk is extra special for us, because our daughter will be turning one years old on February 25th 2023!  The same day as the CNOY 2023 walk! We are asking that those who would like to give a gift, instead of doing so, donate in her name instead.

See our video here!

CNOY is quickly approaching, with just over 10 days left, as of todays date. Which, by the way, Happy Valentine’s Day! So show some love and help donate to the cause!

I am proud to be supporting such a wonderful cause, as a Team Captain for Wolfpack Mortgage Solutions – Kingston! However, I am looking for support from YOU! Please assist me in this cause by joining my team. There are multiple ways to support. You can join my team and gather donations of your own! Walk along side us on February 25th 2023. Or simply donate to the cause. Even $5 can help to go a long way! If you are super motivated, you can even do all of the above! Looking forward to seeing you all out there!

Join the team and/or donate here: Wolfpack Mortgage Solutions – Kingston

 

Source Material by https://cnoy.org/home

#cnoy23

Published by Kristopher Reaves

Hey! It’s Cold Out There!

General Kristopher Reaves 16 Jan

The Coldest Night of the Year is a moment when tens of thousands of Canadians step outside the warmth and comfort of home and shine a light of welcome and inclusion.

Together, we’re collecting donations that fund critical services at a local charity partner who serves and supports vulnerable families and individuals in our CNOY community.

  •  We walk through the cold and dark on February 25, 2023 to declare our concern for people who have no home and take shelter in nooks and crannies.
  •  We walk for those whose days are a battle to house and feed their families and whose nights are filled with fear and frustration.
  •  We walk for those driven from home by violence and abuse. And we walk for people overwhelmed by isolation, guilt, and despair.
  •  We walk humbly, realizing that anyone can lose their footing and then lose everything else.

Each step we take brings someone closer to safety, health and home, as together, we raise funds for organizations whose commitment and work transforms peoples’ lives.


CNOY Charity Partners

Our Coldest Night of the Year charity partners:

  •  Welcome people experiencing homelessness, providing respite from constant wandering, wondering, and watching one’s back.
  •  Nourish body and soul with food for all who need it and provided in a welcoming and dignified manner.
  •  Foster healing through counselling, mental health assistance and other connections.
  •  Support families at great risk of losing their housing, to prevent that downward descent.
  •  Provide safe shelter and support to women, children, and youth fleeing violence at home.
  •  Help people find pathways to permanent housing, employment, and futures.

 

I am proud to be supporting such a wonderful cause, as a Team Captain for Wolfpack Mortgage Solutions – Kingston! However, I am looking for support from YOU! Please assist me in this cause by joining my team. There are multiple ways to support. You can join my team and gather donations of your own! Walk along side us on February 25th 2023. Or simply donate to the cause. Even $5 can help to go a long way! If you are super motivated, you can even do all of the above! Looking forward to seeing you all out there!

Join the team and/or donate here: Wolfpack Mortgage Solutions – Kingston

 

Source Material by https://cnoy.org/home

#cnoy23

Published by Kristopher Reaves

Top Eats Across Canada: Favourite Dishes per Province.

General Kristopher Reaves 18 Dec

Top Eats Across Canada: Favourite Dishes per Province.

Here in Canada, we are fortunate to be a melting pot with so many incredibly diverse cultures, languages, beliefs and (most importantly)… foods!

We have gone through and found the top dishes from each Province for you to try the next time you’re looking for something new and fun to make in the kitchen.

British Columbia – Nanaimo Bars

Over the years, this delicious treat has gone by many names. In fact, the first recipe actually originated in the 1952 edition of the Women’s Auxiliary Nanaimo Hospital Cookbook where it was simply named “chocolate square”. A similar recipe was later published in a 1953 edition of the Edith Adams’ Cookbook with the name “Nanaimo Bar”. In fact, the recipe clipping still hangs in the Nanaimo museum!

A no-bake dessert bar, this mouth-watering treat consistent of three main layers: graham wafer crumb and shredded coconut for the bottom, a custard-flavoured butter icing in the middle, and a chocolate ganache on top.

Ingredients:

  • 1/2 cup unsalted butter
  • 1/4 cup granulated sugar
  • 3 Tbsp Dutch-processed cocoa powder sifted
  • 1 large egg lightly beaten
  • 1 tsp vanilla
  • 2 cups graham cracker crumbs
  • 1 cup fine coconut unsweetened
  • 1/4 cup unsalted butter room temperature
  • 2 cups powdered sugar
  • 2 Tbsp custard powder
  • 3 Tbsp milk room temperature
  • 8 oz good quality dark or semi-sweet chocolate chopped
  • 2 Tbsp unsalted butter

Directions:

  1. Grease a 9 x 9″ pan and line with parchment.
  2. Place 1/2 cup butter, 1/4 cup sugar, and 3 Tbsp cocoa powder into a large, heatproof bowl over a pot with simmering water. Whisk until combined.
  3. Slowly pour in egg while whisking vigorously. Add vanilla. Continue whisking over simmering water until mixture has thickened and resembles a pudding.
  4. Remove mixture from heat and stir in graham cracker crumbs and coconut.
  5. Spread mixture evenly into the bottom of your 9×9 pan. Press down firmly to pack in. Chill in fridge while making custard.

For the Custard:

  1. Cream together butter and powdered sugar, add in custard powder and milk and beat until smooth.
  2. Spread evenly over base layer and return to fridge. Chill for 30mins.

For the Chocolate:

  1. Place chopped chocolate and butter in to a microwave safe bowl. Microwave for 30 seconds, stir. Continue microwaving in 10 second intervals, stirring in between, until chocolate has melted.
  2. Spread evenly over custard layer. Chill in fridge until set (about 1 hour).
  3. Cut with a hot serrated knife.

Alberta – Grilled Steak

Alberta produces 44% of Canada’s cows and subsequent beef so it is no surprise that a favourite dish for this province would be a grilled steak!

Ingredients:

  • 4 1 1/4-to-1 1/2-inch-thick boneless rib-eye or New York strip steaks (about 12 ounces each) or filets mignons (8 to 10 ounces each), trimmed
  • 2 tablespoons canola or extra-virgin olive oil
  • Kosher salt and freshly ground pepper (or your choice of steak spice)

Directions:

  1. Remove the steaks from the refrigerator and allow to sit (covered) at room temperature for 20 minutes.
  2. Heat your grill to high.
  3. Brush the steaks on both sides with oil and season liberally with salt and pepper (or your choice of steak spice).
  4. Place the steaks on the grill and cook until slightly charred – approx. 4 to 5 minutes.
  5. Turn the steaks over and continue to grill 3 to 5 minutes for medium-rare, 5 to 7 minutes for medium or 8 to 10 minutes for medium-well steaks.
  6. Transfer the steaks to a cutting board or platter, tent loosely with foil and let rest 5 minutes before slicing.

Saskatchewan – Saskatoon Berry Pie

Did you know? The berry is actually so important to Saskatchewan that they gave Saskatoon its name? The city of Saskatoon takes its name from the Cree word for berries! While you can find their berry jams and berry muffins delicious, nothing quite showcases the essence of summer like the Saskatoon berry pie.

Ingredients:

  • ¾ cup white sugar
  • 3 tablespoons all-purpose flour
  • 4 cups fresh serviceberries
  • ¼ cup water
  • 2 tablespoons lemon juice
  • 1 (14.1 ounce) package double-crust pie pastry, thawed
  • 1 tablespoon unsalted butter, cut into pieces

Directions:

  1. Preheat the oven to 425 degrees F (220 degrees C).
  2. Combine sugar and flour in a bowl.
  3. Simmer berries and water in a large saucepan for 10 minutes.
  4. Stir in lemon juice and then stir in sugar mixture.
  5. Press one pie pastry into the bottom of a 9-inch pie pan.
  6. Pour berry mixture into the pan and dot with butter.
  7. Place second pie pastry over top; seal and flute the edges.
  8. Bake in the preheated oven for 15 minutes. Reduce the oven temperature to 350 degrees F (175 degrees C) and bake until crust is golden brown, 35 to 45 minutes more.

Manitoba – Perogies

Did you know? One of the most emblematic foods from Manitoba are perogies! I mean, who doesn’t love a pierogi!? Make them even more Canadian with a touch of bacon and onions!

Ingredients:

  • 1/4 cup butter
  • 3 cups all-purpose flour
  • 1 teaspoon salt
  • 1 egg
  • 3/4 cups water (approx)
  • 12 oz russet potatoes peeled and chopped
  • 1/4 teaspoon pepper
  • 1 pinch salt
  • 3 bacon strips
  • 2 onions finely

Directions:

  1. Melt 2 tbsp of the butter.
  2. Whisk flour with salt in a bowl and add in egg, water and melted butter
  3. Stir into flour mixture, adding up to 2 tbsp more water if necessary to make dough soft but not sticky.
  4. Turn onto lightly floured surface; knead until smooth.
  5. Divide dough into 2 balls; cover with plastic wrap or damp towel and let rest for 20 minutes.
  6. Meanwhile, cook potatoes until tender in a large saucepan with boiling water and salt for approx. 15 minutes. Drain and return to pan; mash well. Stir in pepper and salt.
  7. Cook bacon, turning occasionally, in a skillet over medium-high heat until crisp, about 5 minutes. Transfer to paper towel–lined plate and blot dry.
  8. Chop bacon finely; add to potato mixture.
  9. Drain all but 1 tbsp fat from skillet; cook onions over medium heat, stirring occasionally, until deep golden and very soft, about 12 minutes.
  10. Stir into potato mixture.
  11. Working with 1 ball of dough at a time and keeping remainder covered, roll out on lightly floured surface to about 1/8-inch (3 mm) thickness.
  12. Using 3-inch (8 cm) round cutter, cut into rounds.
  13. Place 1 tsp filling on each round.
  14. Lightly moisten half of edge of round with water; fold over filling, gently stretching as needed to fit. Pinch edges to seal.
  15. Place perogies on flour-dusted cloth; cover with tea towel.
  16. Repeat with remaining dough and filling, rerolling scraps, to make 36 perogies. (Make-ahead: Freeze in single layer on baking sheet. Transfer to airtight container and freeze for up to 1 month. Increase boiling time to 5 to 7 minutes.)
  17. In large pot of boiling salted water, cook perogies until floating and tender, about 4 minutes.
  18. With slotted spoon, transfer to colander to drain.
  19. In skillet, melt remaining butter over medium heat
  20. Cook perogies, in batches and turning once, until golden, about 5 minutes.

Ontario – Beaver Tails

Home to many things, Ontario is a bustling place home to Canada’s capital, Ottawa. In fact, a great many things were invented in Ontario including Hawaiian pizza to butter tarts! But one of the more famous treats is the Beaver Tail, named right after our emblem of Canada!

Ingredients:

  • ½ cup warm water
  • 5 tsp active dry yeast
  • ¼ tsp sugar
  • 1 cup milk
  • ⅓ cup sugar
  • 1 tsp salt
  • 1 tsp vanilla
  • 2 eggs
  • ⅓ cup vegetable oil
  • 5 cups all purpose flour
  • oil for frying
  • ½ cup sugar
  • 1 tsp cinnamon for dusting

Directions:

  1. Mix ½ cup sugar + 1 tsp cinnamon, for dusting and set aside in a large bowl.
  2. Mix the yeast, warm water and ¼ teaspoon of sugar in a large bowl. Allow to stand a couple of minutes for yeast to swell and dissolve.
  3. Add sugar, milk, vanilla, eggs, oil, salt, and more flour to the yeast mixture.
  4. Knead for 5 to 8 minutes using a dough hook, adding flour as needed to form a firm smooth, elastic dough.
  5. Place dough in a lightly greased bowl and cover.
  6. Place in a warm spot and let rise for 1 hour.
  7. Pinch off a golf ball sized piece of dough. Roll out onto a floured surface into an oval and let rest, covered with a tea towel, while you are preparing the remaining dough.
  8. Heat the oil in a deep fryer to 375F (190C).
  9. Add the dough pieces to the hot oil one at a time. Turn the beaver tail once to fry until both sides are deep brown.
  10. Lift the beaver tails out with tongs and drain on paper towels.
  11. While warm, toss the beaver tails in the sugar mixture, coating both sides and shake off the excess.

Quebec – Poutine

Fries, cheese AND gravy!? Does it get any better?! Poutine is a Quebec original that has become a classic Canadian favourite! It first came about in the late 1950s. While there are many explanations for the name, did you know? The word “poutine” is slang for mess in Quebec? A delicious mess that is!

Ingredients:

  • 3 Tbsp cornstarch
  • 2 Tbsp water
  • 6 Tbsp unsalted butter
  • 1/4 cup unbleached all-purpose flour
  • 20 oz beef broth
  • 10 oz chicken broth
  • Pepper, to taste
  • 2 lbs Russet potatoes, (3-4 medium potatoes)
  • Peanut or other frying oil
  • 1 – 1 1/2 cups white cheddar cheese curds, (Or torn chunks of mozzarella cheese would be the closest substitution)

Directions:

  1. Prepare the gravy: In a small bowl, dissolve the cornstarch in the water and set aside.
  2. In a large saucepan, melt the butter. Add the flour and cook, stirring regularly, for about 5 minutes, until the mixture turns golden brown.
  3. Add the beef and chicken broth and bring to a boil, stirring with a whisk. Stir in about HALF the cornstarch mixture and simmer for a minute or so. If you’d like your gravy thicker, add a more of the cornstarch mixture, in small increments, as needed, to thicken. Season with pepper. Taste and add additional salt, if necessary, to taste. Make ahead and re-warm or keep warm until your fries are ready.

For the Fries:

  1. Prepare your potatoes and cut into 1/2-inch-thick sticks. Place into a large bowl and cover completely with cold water. Allow to stand at least one hour or several hours. When ready to cook, heat your oil in your deep fryer or large, wide, heavy cooking pot to 300° F.
  2. Remove the potatoes from the water and place onto a sheet of paper towel. Blot to remove as much excess moisture as possible.
  3. Add your fries to the 300°F oil and cook for 5-8 minutes, just until potatoes are starting to cook but are not yet browned. Remove potatoes from oil and scatter on a wire rack. Increase oil temperature to 375°F Once oil is heated to that temperature, return the potatoes to the fryer and cook until potatoes are golden brown. Remove to a paper towel-lined bowl.

To Prepare Poutine:

  1. Add your fried or baked fries to a large, clean bowl. Season lightly with salt while still warm. Add a ladle of hot poutine gravy to the bowl and using tongs, toss the fries in the gravy. Add more gravy, as needed to mostly coat the fries.
  2. Add the cheese curds and toss with the hot fries and gravy. Serve with freshly ground pepper. Serve immediately.

Newfoundland – Toutons

Newfoundland feels very different from the rest of Canada, but their food is just as exquisite! A great way to ease yourself into Newfoundland cuisine is with one of their provincial favourites – toutons. For those who don’t know, a touton is essentially a cross between a pancake and a flatbread and can be served in a variety of ways with berry jam and butter or fried up in pork fat! You can even use them in place of an English muffin for your eggs benedict!

Ingredients:

  • 4 Cups of white flower
  • 1 Tbsp, fast rising or traditional yeast
  • 1/2 Tsp sea salt
  • 1 Tsp sugar
  • 1 1/2 cups, or more, of warm water
  • 1 tbsp, melted butter or margarine

Directions:

  1. Combine 4 cups flour and 1/2 tsp sea salt in a large bowl and mix together
  2. In another bowl, add 1 tbsp dry fast rising or traditional yeast with 1 1/2 cups warm water and 1 tsp sugar. Let rise for about 5 minutes.
  3. In another bowl, melt butter or margarine.
  4. In flour mixture make a hole in the middle to pour yeast and warm water and butter, mixing all ingredients together with a wooden spoon or kitchen aid until it thickens, then keep adding 1/2 cup of flour to work dough together.
  5. Knead dough, add more flour (if necessary), until dough is smooth, no longer sticky and you can hear cracking of the dough when folding. Keep working dough into a ball.
  6. Sprinkle some flour over the top of dough, then cover with a piece of parchment paper and a towel.
  7. Let dough rise in a warm place until dough rises for 30 minutes.
  8. Don’t deflate! Cut small or large pieces of dough about half the size as your hand and pull apart to make a flat dough.
  9. Pre-heat your frying pan to medium heat and add 1 tbsp butter and 1 tbsp olive oil.
  10. Place about 6 small pieces or 3 large pieces of flat dough in your pan and fry for 4 to 5 minutes on each side or until golden brown.

New Brunswick – Oysters

Famous for its beautiful Atlantic coastline, New Brunswick has an incredible assortment of seafood. Atlantic oysters (also known as “Caraquets”) in particular are harvested in the province and are the perfect dish for first-time oyster goers due to their more subtle, briny flavour. For those who prefer to grill them, check out the recipe below!

Ingredients:

  • 12 fresh oysters
  • 1 stick unsalted butter, room temperature
  • 1 clove garlic, finely grated or minced
  • 1 tablespoon dry white wine
  • 1 tablespoon diced chives
  • 1 teaspoon kosher salt
  • 1/2 tablespoon finely diced parsley

Directions:

  • Combine the unsalted butter, garlic, white wine, chives, salt and parsley in a small bowl and set aside.
  • Preheat the grill for direct grilling with lump charcoal at 500 degrees F.
  • Shuck the oysters if you did not buy pre-shucked
  • Layer a pan with slightly crumpled aluminum foil.
  • Place shucked oysters onto the pan and gently press down so they sit well.
  • Place one heaping teaspoon of the compound butter into each oyster. Reserve some to top the oysters after they come off the grill.
  • Place gently over direct heat and grill for 4 – 6 minutes. The butter will bubble and remove when you start to see the edges of the oyster flesh slightly brown.
  • Remove with high heat gloves or tongs. Be careful not to spill what’s left of the liquid when removing the oysters.
  • Top each oyster with a little of the remaining compound butter.
  • Serve warm on the half shell

Nova Scotia – Lobster Roll Bites

Another seafood-centric province, Nova Scotia is particularly famous for its fresh Atlantic lobster! Did you know? Nova Scotia even has its own way of serving lobster rolls compared to New England-style! In Nova Scotia, we serve them cold with the bun buttered. YUM!

Ingredients:

  • 1 pound (500 g) lobster meat
  • 6 hot dog buns
  • 3 oz soft butter
  • 2 tbsp mayonnaise
  • 1/4 cup diced celery
  • Salt and pepper
  • 3 oz spinach

Directions:

  1. Crack the cooked lobster and extract lobster meat.
  2. Roughly chop lobster meat into bite-sized pieces
  3. Finely dice celery stalks
  4. Butter hot dog buns on both sides and grill them on a frying pan.
  5. Toast the outside of the hot dog buns until golden brown
  6. Mix the lobster meat, mayonnaise and celery into a bowl and add salt and pepper to taste
  7. Open the grilled bun and place 1/2 oz spinach per bun.
  8. Spoon the lobster mixture onto the center of the hot dog bun. Squeeze lemon juice on if preferred.

Prince Edward Island – Potato and Leek Soup

Did you know? Prince Edward Island grows more potatoes than anywhere else in Canada?! In fact, they represent more than 1/5th of the country’s total acres of potato farms! So, naturally, our provincial favourite includes potatoes. While we’ve chosen just one to focus on, you can find even more on the PEI potato website, here (who knew!?).

Ingredients:

  • 3 large potatoes
  • 2 tbsp (30 ml) olive oil or butter
  • 2 cups (500 ml) leeks, washed & chopped
  • 2 garlic cloves, chopped
  • 1 medium onion, chopped
  • 1 tbsp (15 ml) summer savoury (herb) dried
  • 1/4 cup (50 ml) all-purpose flower
  • 5 cups (1250 ml) chicken or vegetable stock
  • 1/2 tbsp (8 ml)  fresh thyme, removed from stems
  • 1 cup (250 ml) milk
  • Salt and pepper to taste

Directions:

  1. Heat a large pot over medium-high heat; add oil, leeks, garlic, onion and summer savory.
  2. Reduce heat and cook stirring occasionally until vegetables are softened; approximately 7-8 minutes.
  3. Add flour; stir to coat, do not brown.
  4. Add stock stirring constantly; add potatoes and thyme and bring to a boil.
  5. Cover and reduce heat; simmer 15 minutes stirring occasionally.
  6. Puree in a food processor or blender in small batches.
  7. Return to pot, add milk and season with salt & pepper
  8. Heat thoroughly and serve .

Northwest Territories – Bannack

The Northwest Territories are most well-known for its variety of traditional First Nations foods such as bison (or other game), fish and wild fruits. One of the more versatile dishes is Bannock, which is a traditional First Nations food that can even be cooked over a campfire!

Ingredients:

  • 3 cups all-purpose flour
  • 2 tablespoons baking powder
  • 1 teaspoon salt
  • 1 ½ cups water
  • ¼ cup butter, melted

Directions:

  1. Stir flour, baking powder, and salt in a large bowl.
  2. Pour water and melted butter over flour mixture.
  3. Stir with a fork to make a ball.
  4. Turn dough out onto a lightly floured surface; knead gently about 10 times.
  5. Pat into a flat circle, 3/4- to 1-inch thick.
  6. Warm a greased frying pan over medium heat.
  7. Place dough in the hot pan and cook until browned, about 15 minutes per side. Use two lifters for easy turning.

Published by DLC Marketing Team