By: Mario Armani

Financial goal setting in a recession?


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We’re in a brand new year and off to a roaring start - with an overnight rate higher than it’s been since 2008, national home sales down about 40% over last year and prices down around 20% across most of the country. With more rate hikes predicted to come before the snow melts and all signs pointing to a Q1 recession, it stands to reason that most of us are feeling a little discouraged from the usual financial goal setting we might practice during these first few months of the year. And of course, as real estate professionals, that’s going to mean some very different conversations with our clients this year.

But here’s the thing - I actually think it’s more important now than ever to set financial goals, and here is how I am guiding my mortgage clients to do just that this year.

  1. Set realistic goals

    • Heading into an economic slow down might not be the best time to set hugely aspirational goals for growth and change. For some people, their biggest goal might be to simply maintain status quo and start saving for a healthy emergency fund in case their business slows or your income changes. For others, this could mean taking advantage of the market at its lowest to create ultimate gains.

  2. Avoid comparing yourself

    • Comparison is the thief of joy in all conditions, but when times are tough and finances are stressful holding our own situation up against that of your neighbour will do nothing but hold you back. Instead, I am encouraging my clients to focus on their own situation and the specific goals they have for themselves and their families. Holding ourselves up against what the next guy is doing is going to lead to self doubt at best and poor financial decisions at worst.

  3. Make your mortgage work for you

    • Current homeowners have been watching both rates and property values like a hawk, concerned with their effect on their greatest assets. But it’s important to remember that assets are made to leverage. So whether they are nervous about a slow down in your business and need to create a safety net or they are interested in taking advantage of lower prices to start purchasing investment properties, I am always reminding my clients that mortgage financing is going to be one of the best tools in your tool box to do so is

Finally there are always options. Whether a client’s variable rate is becoming burdensome or their upcoming renewal has them concerned with their payment on renewal - we have options! And of course, for clients who have purchasing property on their 2023 vision board, there are plentiful options as well!

You no doubt have as many concerned clients reaching out to you this month as I do, as everyone knuckles down into their “new year, new me” mentality, with a side of economic pressure. But these financial questions are what I am here for, and I love providing my insight to help people secure those goals - whatever they may be!

So as you are hearing all the uncertainty in the media, remember that I'm always here & ready to support you with answering any questions you may have! You can call or text me directly at 647-448-4939 or via email

Have a great day!

Mario Armani
Broker of Record & Owner
Armani Realty