Reminder to check out the Lacombe Farmers market and at the same time supporting local. Any Yes your 4 legged family members are allowed. Just make sure your pets are on a lease/collar or harness and well mannered due to meeting up with other pets and the other people that are there enjoy their shopping experience. Enjoy!
Check out more information here: https://www.facebook.com/lacombefarmersmarket
The Bank of Canada will not raise rates again and will start cutting a little later than previously anticipated, according to a survey of market participants released by the central bank on Monday.
The BoC’s second-quarter survey, conducted from June 8 to 19, showed a median of the participants, which include senior economists or strategists involved in Canadian financial markets, expect the bank to hold interest rates at a 22-year high of 5.00 per cent until the end of 2023, before starting to cut rates in March.
In the previous survey released in April, when the BoC’s key policy rate was at 4.50 per cent, median expectation was for a rate cut in January. Money markets still see a chance for another rate hike this year.
A median of 25 participants now also predict a 0.7 per cent gross domestic product growth at the end of 2023, instead of a 0.1 per cent contraction forecast in the last survey.
Adding a secondary suite at any point in your homeownership journey can be a great way to diversify your revenue stream, support your mortgage payments, and make use of any potentially unused space you may have in your home.
Here are a few things to consider:
Does your secondary suite meet all the legal and regulatory requirements? It is important to familiarize yourself with the local laws including zoning bylaws, and regulations regarding secondary suites.
Does your secondary suite meet all safety and building code requirements? Consider fire safety, electrical, plumbing, and ventilation requirements.
Does your secondary suite impact your utilities and services? Assess if any modifications or upgrades are required to accommodate the increased demand on your water, electricity, heating, and waste management.
Keep in mind that it is crucial to consult with professionals such as architects, contractors, and local authorities to ensure compliance with regulations and to get expert advice throughout the process of adding a secondary suite to your property.
Something unusual is happening across most Canadian housing markets this year. In the past, as the springtime was approaching, new home listings were usually rising more strongly than home sales.
This year, the opposite is the case.
Why is there a shortage of new home listings in Canada? What makes homeowners reluctant to bring their homes to the market? How is this trend affecting home prices? And most importantly, what can we expect for the remainder of this year?
A look at the latest data for the main markets in Toronto, Montreal, Calgary, and Vancouver suggests possible answers.
Among the best indicators of the state of a housing market are comparative trends in home sales and new home listings. The sales-to-new-listings (S/NL) ratio of, say, 0.5 simply means that in a given month there are 50 sales for every 100 new listings. Traditionally, a ratio in the 0.4 to 0.6 range is considered a sign of a “balanced” market, while ratios above or below that range indicate “sellers’” and “buyers’” markets, respectively.
The S/NL ratio in Canada’s housing market rose in all four months of 2023, from 0.53 in January to 0.72 in April. At this S/NL level, the country’s home market is clearly in “sellers’” territory where sellers have an advantage over buyers in a negotiating process. A look at the main regional markets confirms the trend.
The head of the Bank of Canada poured water on market expectations for interest rate cuts in 2023 as the central bank maintained its key policy rate on Wednesday.
The Bank of Canada held its benchmark interest rate at 4.5 per cent in a second consecutive decision, a move largely in line with economists’ expectations.
Though the Canadian economy has been off to a hot start, the central bank’s policymakers signalled that stronger than expected GDP growth and a tight labour market haven’t disrupted the Bank’s forecasts for inflation to cool to around three per cent by the middle this year.
It took some time, but mortgage rates are now responding to last week’s plunge in bond yields stemming from fears about systemic financial risk in the U.S. and Europe.
As of Monday, numerous mortgage lenders and brokerages had started cutting fixed mortgage rates, some by as much as 60 basis points, or 0.60%. That follows a roughly 70-bps plummet in 2- and 5-year Government of Canada bond yields (which typically lead fixed mortgage rates) in just a two-week period.
OTTAWA - The Bank of Canada is holding its key interest rate steady for the first time in a year while reiterating it is taking a wait-and-see approach with monetary policy.
The central bank says it has decided to hold its key rate at 4.5 per cent based on its assessment of recent economic data.
However, it is keeping the door open to further rate hikes if the economy or inflation run hotter than expected.
In January, the Bank of Canada announced it expected to maintain its key interest rate if economic developments stay broadly in line with its forecasts.
Recent data showed inflation slowed to 5.9 per cent in January while the economy posted no growth in the fourth quarter.
The Bank of Canada says it still expects the annual inflation rate to fall to around three per cent by mid-year.
This report by The Canadian Press was first published March 8, 2023.
If you are shopping for a mortgage, it is essential to know what you need to be able to qualify, but it is also important to understand what could be holding you back from qualifying for a mortgage. Below are 5 points that could be impacting your chances of being approved for a mortgage:
1. Carrying too much debt
2. Poor credit history or not enough credit history
3. Not enough income or assets
4. Not enough of a down payment
5. Unstable employment history
If you feel any of the above points could be holding you back from getting approved for a mortgage, reach out to your Mortgage Alliance Professional. They are armed with solutions for every situation. (Source Mortgage Alliance)
Nearly 8 in 10 fixed-payment variable-rate borrowers have hit their trigger rate, according to data from National Bank of Canada.
The finding was released in a report last week written by National Bank Financial economists Stefane Marion and Daren King. They estimated that between 73% and 80% of variable-rate mortgage holders with fixed payments have hit their trigger rate, depending on when the mortgage was originated between 2020 and 2022.
The trigger rate is the point where the borrower’s monthly payment is no longer covering rising interest costs, and generally results in the borrower needing to increase their payment.
While rates have been steadily climbing for variable mortgages, fixed mortgage rates have been moving in the opposite direction.
Certain lenders and national brokerages have been gradually dropping rates for select terms since the start of the month. Average nationally-available deep-discount 5-year fixed mortgage rates are now about 20 basis points lower compared to earlier in the month, according to data from MortgageLogic.news.
The move follows the recent decline in the 5-year Government of Canada bond yield, which typically leads fixed mortgage rates.
The 5-year bond yield closed at 3.05% on Monday, bouncing back slightly from a 5-month low of 2.80% reached last week. Still, yields are down from about 3.40% four weeks ago and the 14-year high of 3.89% reached in October.
3 Reasons you should use a mortgage broker vs going to your bank for a mortgage:
Better Rates – Because lenders compete for our business, we get access to discounted rates based on volume and we pass these savings directly on to you.
Access to more lenders - When you apply for a mortgage at a bank or credit union, you only have access to the products they offer in-house. With a mortgage broker, you get access to dozens of lenders.
Our services are free – we are compensated by the lender.
If you have questions about your mortgage or home financing options, reach out to your Mortgage Alliance Professional. #Mortgages #MortgageAlliance
Central bank has been trying to wrestle sky-high inflation into submission.
The Bank of Canada has raised its benchmark interest rate again, to 4.5 per cent.
The move was widely expected by economists as the bank tries to wrestle record-high inflation into submission.
It's the eighth time in less than a year that the bank has hiked its trend-setting rate, a move that will make borrowing money more expensive.
But at one quarter of a percentage point, it's also the smallest hike since March, and thus a sign that the bank may be done with hiking rates for the next little while.