M&M Financial Group
3-155 McIntosh Drive L3R0N6 Markham, ON, Canada

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2021 2021 Robert Hogue2020... 13552,3002016539,1002021588,300 Hogue Pandemic housing market to stay hot in 2021, but economists expect a hangover later in the year This year is forecast to be another brisk one overall for Canada’s housing market, but economists also see reason to believe that the rush for residential real estate will start losing momentum as 2021 drags on. The housing market likely had its strongest year ever in 2020, Royal Bank of Canada economist Robert Hogue wrote in a report released on Wednesday. Even with coronavirus raging, RBC estimated home resales in Canada increased about 13 per cent last year to 552,300 units, blowing past the previous record set in 2016 of 539,100. The bank’s economics division also projected those sales will hit an even-higher high level in 2021, to 588,300 units, as low interest rates, space-seeking buyers and a high level of household savings keep demand going. The strong annual tally will mask a gradual cooling in the market through the year, however, Hogue added. We expect low supply to become a growing constraint, pandemic-induced market churn (resulting from changes in housing needs) to wane, and a slight rise in longer-term interest rates and material erosion of affordability to cool demand by a few degrees.

QE40 MPR... Bank of Canada will maintain current level of policy rate until inflation objective is achieved, continues its quantitative easing program The Bank of Canada today maintained its target for the overnight rate at the effective lower bound of percent, with the Bank Rate at percent and the deposit rate at percent. The Bank is maintaining its extraordinary forward guidance, reinforced and supplemented by its quantitative easing (QE) program, which continues at its current pace of at least $4 billion per week. The rebound in the global and Canadian economies has unfolded largely as the Bank had anticipated in its October Monetary Policy Report (MPR). More recently, news on the development of effective vaccines is providing reassurance that the pandemic will end and more normal activities will resume, although the pace and breadth of the global rollout of vaccinations remain uncertain. Near term, new waves of infections are expected to set back recoveries in many parts of the world. Accommodative policy and financial conditions are continuing to provide support across most regions. Stronger demand is pushing up prices for most commodities, including oil. A broad-based decline in the US exchange rate has contributed to a further appreciation of the Canadian dollar.

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Welcome to our New Rising Star, Kary Zhao and Vanessa Wang joining the M&M family. Together we provide the most caring and professional advices on mortgage to all of you.