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Posted 1 Comment on What To Expect in 2023 Finance

What To Expect in 2023

Happy new year everyone! I hope everyone reading this took some time to reflect and recharge over the holiday season. There was a lot of negativity swirling around in 2022, and I’m sure a lot of you needed a break from it all. I sure did. It’s easy to get swept up in all of the doom-and-gloom. But if you look at the big picture, you might see that there’s a lot to be optimistic about in 2023 – in the housing market, the economy, and beyond.

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Posted 2 Comments on Insights From A Top Canadian Economist: Part 1 Bank News

Insights From A Top Canadian Economist: Part 1

Two weeks ago, I attended the National Mortgage Brokers Conference and had the pleasure of seeing one of the most trusted economists in the country speak: Benjamin Tal. Ben is the Deputy Chief Economist at CIBC. I’ve been following him for over 20 years, as have many Canadians, and for good reason; not only is he exceptionally skilled at simplifying complex concepts; he’s also exceptionally skilled at getting it right.

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Posted 2 Comments on How To Navigate Today’s Economy Mortgage News

How To Navigate Today’s Economy

Rumour has it the worst is yet to come. On October 26th, Bank of Canada Governor Tiff Macklem will very likely increase rates by another 0.50%. Not only will this push the bank prime rate up to 5.95% – it could lead to the average 5-year fixed rate mortgage well above 6.00%. What a mess. As I mentioned in my previous article, the BoC made a critical error and the Canadian people are continuing to pay for it. 

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Posted 1 Comment on Variable Rates Go Up, Fixed Rates Come Down Bank News

Variable Rates Go Up, Fixed Rates Come Down

If you’re reading this, you probably know by now: the Bank of Canada has been raising their benchmark rate aggressively to battle inflation. And I mean aggressively. Their rate has gone up by 2.25% in 6 months which is absolutely – wait for it – unprecedented.

As a result, variable rates have shot up. Everyone expected fixed rates to follow suit – but interestingly enough, the opposite has happened. They’ve actually gone down. Yup, you read that right: while variable rates are going up, fixed rates are going down.

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Posted 1 Comment on Beware of “Friendly” Calls From Your Bank Bank News

Beware of “Friendly” Calls From Your Bank

For better or worse, Canadians have a lot of trust. In each other, in their government, in the places they eat, in the places they shop – and apparently in the places they bank. A 2020 survey found that seven out of 10 Canadians believe their banks have their best interest in mind when offering advice. Well, if you’re one of those seven out of 10 people, I hate to burst your bubble… but I have reason to believe otherwise.

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