Have You Considered Going Tankless?

Katherine Martin • September 30, 2015

 

If you are looking for ways to be more responsible with energy costs around your home (and save a little money in the process), considering a tankless water heater is probably already on your radar. But is it really worth it? There are certainly a lot of factors that will go into your decision about equipping your house with one of these units! Here are a couple things you should consider!

 

What are you trying to accomplish by going tankless?

The most common reasons people choose a tankless water heater are:

1. Not to have to wait for hot water.

2. Not to have the hot water run out.

3. To save space by not having a huge tank.

4. More environmentally responsible.

5. To save money long term on heating costs compared to a hot water tank.

However, before rushing into buying a tankless water heater, you should ask yourself?

1. How long am I currently waiting for hot water?

2. Am I currently running out of hot water on a regular basis?

3. Is saving space a concern for me?

4. How efficient is my current water heater? Obviously going tankless will be more efficient, but just how much more? There is a good chance your current unit is performing at a level that isn’t horrible.

5. How much money will I save yearly with a tankless heater compared to a hot water tank? Make sure you understand how long it will take to recover the added upfront costs of going tankless through the long term money savings on your energy bill! If it’s going to take you 75 years to recoup your money, is it really worth it?

Just as each house is different and has unique needs, so is each person and family. There is certainly no cut and dry, right or wrong answer when it comes to Tank vs Tankless. The best you can do is evaluate your needs and make an informed decision!

Transcript

Water heating can account for 25 per cent of the energy bill for many Canadian homes – especially those with large families that use lots of hot water. Hot water usage can be reduced by installing low-flow shower heads, faucet aerators, insulating pipes, and water efficient appliances.

You may also be able to reduce your water heating bill by installing an “on-demand” or “instantaneous” water heater. These compact water heaters use high inputs of gas or electricity to instantly heat water as it is needed. As high-efficiency tankless water heaters don’t have to keep large volumes of water heated 24 hours a day, studies have shown that they can reduce energy consumption for water heating by 40 per cent.

Tankless water heaters can be hung on a wall and require little floor space making them attractive for smaller homes. But they need to be properly located, sized and installed to meet your household’s needs. For instance, gas-fired instantaneous water tanks may need different venting arrangements and perhaps larger gas pipes to deliver higher gas flows to the heater.

Keep in mind that the energy savings from an instantaneous water heater can literally go down the drain if their “endless” hot water capabilities just mean longer showers by household members.

Whatever system you choose, it’s always a good idea to know the costs and potential savings so you can make an informed decision. Ask a qualified contractor to assess your hot water needs and recommend a water heating system that will meet them as efficiently and cost-effectively as possible. To learn more about tankless water heaters, or for more information on sustainable features for your home, visit cmhc.ca.

Katherine Martin


Origin Mortgages

Phone: 1-604-454-0843
Email: kmartin@planmymortgage.ca
Fax: 1-604-454-0842


RECENT POSTS

RRSP Home Buyers’ Plan Explained: A Smart Way to Buy Your First Home

By Katherine Martin • August 5, 2026
Saving for a down payment is one of the biggest challenges first-time buyers face. What many don’t realize is that the Canadian government offers a program designed to make it easier—the Home Buyers’ Plan (HBP) . This program allows you to withdraw money from your RRSP to help purchase your first home, without immediate tax consequences. Here’s how it works: Who Qualifies? To be eligible, you generally need to be a first-time home buyer. In practical terms, this means you must not have owned a home in the past four years, nor lived in a property owned by your spouse or partner during that time. There are also special allowances if you’re living with a disability or helping a relative with a disability. In these cases, you can use the HBP even if you’ve owned a home more recently. How Much Can You Withdraw? Under the program, you can access up to $35,000 from your RRSP as an individual. Couples can combine their withdrawals for a total of $70,000 . These funds must have been in your RRSP for at least 90 days before you take them out. Paying It Back The HBP isn’t “free money”—it’s an interest-free loan from your own retirement savings. You’ll have 15 years to repay the full amount back into your RRSP, starting in the second year after withdrawal. Each year, the CRA will send you an HBP Statement of Account outlining how much needs to be repaid. If you don’t make your repayment in a given year, that amount will be added to your taxable income. Why It’s a Smart Strategy The HBP can give first-time buyers a powerful boost toward homeownership. It helps you put together a larger down payment, which can reduce your mortgage amount and monthly payments. Just remember: it’s important to balance the short-term benefit of homeownership with the long-term impact on your retirement savings. Next Steps Thinking about using the Home Buyers’ Plan? Let’s sit down and review whether it’s the right move for you. Together, we can create a strategy that gets you into your first home while keeping your future financial goals on track. 📞 Reach out anytime—it would be a pleasure to guide you through the process.

Employment and Mortgage Qualification: What Lenders Look For

By Katherine Martin • July 29, 2026
When you apply for a mortgage, your employment history and status carry a lot of weight. Even if you feel secure in your job, lenders need proof that your income is reliable and will continue. To them, your employment status is one of the strongest indicators of whether you can make your mortgage payments long term. Here’s how lenders typically view different employment situations: Permanent Employment This is the gold standard. Once you’ve passed any probationary period and hold permanent status, lenders see you as a lower risk. It shows that your employer is committed to you, and your income is steady. Probationary Periods If you’re still on probation—usually 3 to 6 months, though sometimes longer—lenders may hesitate. That’s because your employer can end your contract without cause during this period. Once probation is over, you’re considered more secure. That said, context matters. If you’ve worked with the same company for years as a contractor and just transitioned into full-time employment, lenders may accept a letter from your employer confirming that probation is waived. Documentation is key here. Parental Leave Being on or about to take parental leave doesn’t mean you can’t qualify for a mortgage. As long as you have a letter from your employer guaranteeing your position and return-to-work date, lenders can use your regular salary—not your leave income—when assessing your application. Term Contracts This is one of the trickiest categories. Even highly skilled professionals with strong incomes can face challenges here. A term contract has a start and end date, which makes lenders question the stability of your future income. To use term-contract income, lenders generally want to see at least two years of history, or proof that your contract has already been renewed. The more evidence you can show of consistent employment, the stronger your case will be. The Bottom Line If you’re planning to apply for a mortgage, it’s important to understand how your employment status could affect your approval. Whether you’re starting a new job, coming back from leave, or working under contract, lenders want documentation that proves your income is reliable. 📞 If you’ve recently changed jobs or are planning a career shift, let’s connect. I can help you prepare your file so you qualify with confidence and avoid surprises in the approval process.
© 2026 

Katherine Martin. All Rights Reserved.