The Mortgage Maan

The Bank of Canada announced today that it is keeping the overnight rate steady at 0.25%. It is expected the Bank will keep this target unchanged until well into 2023 to aid our economic recovery. The Canadian economy is in recession with negative GDP growth, inflation is at zero, the Canadian dollar relative to the U.S. is stable at around $.76, oil prices are hovering around $40 - $43 U.S./barrel and unemployment is currently at 9%, another marked improvement from last mont...h. According to StatsCan and CMHC, 75% of the almost $200 Billion of mortgages that were deferred were from Canadians that are still working and took the deferral as a precautionary measure. This would support the argument that the massive wave of defaults on mortgages previously expected is likely to be avoided this winter. In addition, unemployment has been forecasted to rebound to 7.5% by the end of 2021. Cam Strong, CEO of Invis Mortgage Intelligence stated Most economists agree personal debt levels will likely worsen in 2021 and the hospitality sector will face record bankruptcies or closures. However, record low mortgage rates should continue to support our housing industry along with an improving employment outcome in 2021. Canadians have record high mortgage and consumer credit debt of $2.5 trillion according to Statistics Canada as of September, 2020 however, thanks to the Bank of Canada, the servicing costs on this debt is very low. The next rate-setting day is Wednesday, December 9th. With this stable, low interest environment it’s never been a better time for qualifying homeowners to refinance to consolidate debt to improve cash flow, save interest costs and protect their credit scores. Always get advice and a personal assessment of your situation if you need a new mortgage or want to change your current mortgage strategy.

There’s a virtual credit file with your name on it! When it comes time to take out a mortgage, that file gets opened and the result is a credit score that will help determine whether and how much you can borrow and at what rate. Here are six tips to help you maintain or increase your own score.

The day has arrived! #thebigspend #letsgetlocalypn

Really proud to know some of the great people at Norms. Community involvement is so important to them and the "Tanks for Lunch" program is just amazing. Big thanks to Norms Plumbing and Heating for being large enough to serve you and small enough to care :)

Interest rates are expected to remain low for quite a while to help fuel economic recovery from impact of COVID-19.

Wondering if you are taking the right steps with your business? Carbon Safety Solutions Ltd. can help with testing and developing the right plan to ensure you are keeping staff and customers safe.

Way to go Joey Hansen! A great friend and awesome human being! If you have a home improvement project in mind, I would highly recommend Joey with Smith & Sons. Phenomenal quality and fantastic service.