trump – CanadaMortgageNews.ca

Our Leaders Are Rolling Up Their Sleeves… To Wave the White Flag

Another week, another series of baffling decisions from Ottawa that leave you wondering what reality our leaders are living in. On September 17th, the Bank of Canada, in a move that surprised no one paying attention to our sputtering economy, chopped its overnight rate by another quarter-point. While this offers a sliver of relief for those of us with variable-rate debt, it’s a glaring admission that the economic engine is stalling.

But the real headline came a few days later, on September 23rd, when Governor Tiff Macklem delivered a speech titled, “Time to Roll up our sleeves.” You’d think that would be a call to action, a rallying cry for Canadian industry. Instead, it felt more like a blueprint for surrender.

A DANGEROUS PIVOT FROM OUR GREATEST ALLY

Governor Macklem’s big idea? After 15 years of dithering, he’s decided Canada has relied too much on the United States. His solution is to now, finally, forge “stronger trade relations” with Europe and, get this, China.

Posted April 14, 2025 Mortgage News

Ask the Expert: Steve Garganis – What’s your Canadian mortgage strategy in Trump’s tariff war?

Make no mistake, we are in a war — an economic war. President Donald Trump has threatened, imposed, or temporarily reversed tariffs on just about every country in the world, including Canada.

Canada will now see a 25% tariff on aluminum, steel, Canadian automobiles and non-CUSMA-compliant traded goods.

The U.S. accounts for 75% of all Canada’s exports. As much we want to tough it out, some Canadians will find it tougher than others. Layoffs and job losses have already begun. My office has been contacted by clients asking for help after being laid off.

There’s no point in sugar-coating it: We’re in for a bit of a rough ride. But there are some things you can do to come out of this all right.

Does bad news for the economy mean good news for your mortgage rate?

Negative economic news has been rolling out over the past several weeks, such as inflation increasing to 2.6% in February from 1.9% in January, and the unemployment rate increasing to 6.7% over the same period, leaving another 36,000 people without a job. At this point, we have to stand back and look at what this means for interest rates and the housing market. Read more – Interview with Steve

I hope you will enjoy this article and if you have any questions or would like to discuss I am always available.

Your best interest is my only interest. I reply to all questions and I welcome your comments. Like this article? Share with a friend.

Steve Garganis: 416-224-0114; steve@canadamortgagenews.