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Posted Bank News

What the New Foreign Buyers Ban Means For You

Now that the dust has settled from the holidays and we’re back into the swing of things, we’re reminded that January 1st, 2023 wasn’t just the first day of the new year; it was also the first day of Canada’s new foreign buyers ban. The ban was passed through parliament last summer and is now officially in place prompting many Canadians to ask, “what does this mean for me?” Unfortunately, the answer isn’t so simple. 

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

Insights From A Top Canadian Economist: Part 2

Canadian economist Benjamin Tal’s presentation at the National Mortgage Brokers Conference was eye-opening. In it, he posited a holistic view of what’s happening with the Canadian economy and what we can expect to happen next. He’s rarely been wrong in the 20 years I’ve been following him – so I thought it was incredibly important to share his insights with you. 

Part 1 of this series dives into the forces he believes are impacting inflation. These include international economies as well as lasting effects from the pandemic. There’s one factor however that I believe is most responsible for our current economic climate and is worthy of a larger conversation: the labour market.

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Rental properties as a secure long-term investment
Posted Mortgage Tips

Warning: More Rate Hikes To Come

Tomorrow will be the 7th rate announcement from the Bank of Canada this year. Of the last 6 announcements, 5 have resulted in rate hikes. Big rate hikes. Rate hikes we haven’t seen yet this century. To put things into perspective, most announcements we’ve seen in the last 12 years haven’t resulted in any movement to rates at all. And when they have, it’s been by no more than 0.25% (up or down).

Not only is it unheard of to announce 5 rate hikes in a row; but these rate hikes have reached as high as a full percentage point. Ludicrous. After 5 unprecedented increases, you would think that rates would plateau. 

Unfortunately I’m here to tell you that we’re not quite out of the woods. Yet.

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Posted 2 Comments on When Will Variable Rates Stop Climbing? Bank News

When Will Variable Rates Stop Climbing?

For millions of Canadians, the Bank of Canada meetings are a major cause of anxiety. Will rates go up? By how much? Will I continue to be able to meet my monthly mortgage payments? It’s only natural to ask these questions. Recent hikes have been dramatic to say the least. And to make matters worse, the media has a way of making everyone feel like these hikes are in a perpetual uphill climb. 

But in my opinion, a plateau is coming sooner than expected. 

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