Buying a Home

BANK OF CANADA RATE UPDAT

The Bank of Canada continues to hold its policy rate at 5% for the fifth time in a row.

In a scheduled announcement on March 6, 2024, the Bank of Canada decided to maintain its target for the overnight lending rate at 5%. This was its fifth consecutive hold after two interest rate hikes last summer.

With the spring season traditionally seeing increased housing market activity, the Bank of Canada was wary of cutting rates, fearing it could exacerbate housing affordability issues by stimulating demand further.

High interest rates have already put a lot of pressure on households, contributing to a cooling economy as it seeks to align supply and demand.

However, inflation is nearing the Bank’s 2% target, with a notable impact from shelter costs, including mortgage interest and rent prices. While a rate cut could alleviate these expenses, it might also risk overheating the housing market.

Real estate professionals and potential buyers are closely watching for any rate changes, indicating that a decrease could lead to a surge in market activity and prices.

The Bank of Canada’s next scheduled interest rate announcement will be on April 10th.

GREY BRUCE REAL ESTATE UPDATE – February 2024

Please don’t hesitate to reach out for detailed stats that are specific to your neighbourhood, or even if you’re just curious about what the place down the road sold for – it’d be great to hear from you!

PAYING DEBT PAYS OFF

Climbing out of debt can feel like an uphill battle if there aren’t any footholds to follow.

Debt management is a topic that’s usually avoided but openly discussing this awkward subject with your loved ones can help them avoid a lifetime of financial woes. Here are a few of the basics:

Budget Crunch
Make a complete list of all fixed expenses such as rent/mortgage, car payments, utilities and groceries. Next, list variable expenses to see what can be reduced or eliminated.

Your Best Interest
Prioritize your debts so you can focus first on paying off high-interest, non-deductible debt such as credit cards and unsecured loans.

Consolidate
Monthly payments can be lowered by consolidating debt through a secured line of credit as the interest rate will usually be much lower.

Double Down
When unexpected money falls your way, put it towards paying down the principal of your debt as it will dramatically reduce the length and expense of your loan.

Reach Out
Getting ahead of debt is key so be proactive and reach out to creditors before things get out of hand as they’ll often be willing to work with you to help make things more manageable.

Discussing debt can be uncomfortable, but doing so can help your loved ones avoid a financial crisis that could devastate their credit rating and prevent them from borrowing money at attractive rates.

Almost everyone feels the credit crunch at some point, but with the proper game plan in place, you can shake off the shackles of debt and pursue a path to financial freedom!

BANK OF CANADA RATE UPDATE

The Bank of Canada holds the policy rate at 5% in its first decision of 2024.

In a scheduled announcement on January 24, 2024, the Bank of Canada decided to maintain its target for the overnight lending rate at 5%. This was its fourth consecutive hold after two interest rate hikes last summer.

The Bank noted that Canada’s economy had performed sluggishly over the second half of 2023 and anticipated no growth over the first quarter of 2024 before picking up in the second half of this year.

The Bank also stated that “spending by governments contributes materially to growth through the year,” suggesting they will be waiting until the federal government tables the next budget before revising their projections.

The Bank once again cited shelter costs as the largest contributing factor to above-target inflation due to rising mortgage interest and rents, which it does not expect to return to its 2% target until next year.

Although many components of the CPI are showing signs of normalizing, with the Bank noting in its Monetary Policy Report that monetary policy is working as intended to slow growth, core measures are still running higher than the Bank’s preferred range.

The Bank is still concerned about risks to the outlook for inflation, particularly underlying core inflation, and would like to see “further and sustained easing” in this regard while it focuses on economic and other inflationary factors.

The Bank of Canada’s next scheduled interest rate announcement will be on March 6, 2024, and will publish its full outlook for the economy and inflation in its next Monetary Policy Report on April 10, 2024.

GREY BRUCE REAL ESTATE UPDATE – January 2024

Please don’t hesitate to reach out for detailed stats that are specific to your neighbourhood, or even if you’re just curious about what the house down the street sold for – it’d be great to hear from you!

WANNA BE STREET SMART?

If you’re wondering what the house down the street sold for, just reach out with the address and I’ll send you off all the details!

TAKE IT TO THE BANK!

The demand for food donations in the Grey Bruce area will be greater than ever this year.

During the holidays, most people are in a very giving mood, but when the celebrations are over and the new year rolls around, donations usually slow to a crawl.

Local charities, such as food banks, have struggled to keep up with a strong demand that has continued to increase over the last few years as food prices continue to rise.

There are so many people in our area who struggle to afford nutritious meals, which is why our local food banks are in desperate need of non-perishable food donations.

There’s also a huge demand for other essential household items such as diapers, pet food, school supplies, toiletries, cleaning supplies and reusable bags.

In addition to food and other household items, financial donations are especially important as they offer the flexibility for volunteers to buy fresh food or to load up on items that are in short supply.

Financial donations also give food banks the purchasing power to buy items in bulk at much cheaper prices which means more bang for your buck, pardon the pun 🙂

Thanks so much to the amazing people who volunteer their time at our local food banks – the work you do is truly an inspiration to us all!

NEW YEAR’S RESOLUTIONS FOR YOUR HOME

Think outside the box this year by setting resolutions to get your house in order!

January is the perfect time to set resolutions to improve our health and well-being, but have you ever thought about making resolutions for your home? Here are a few ideas to consider:

Cut the Clutter
Go through your home, one room at a time, and clear out any items you no longer have any interest in and donate them to charity.

Split the Bill
Reduce your monthly bills by turning down the thermostat while you’re away and switching off lights when you leave a room.

Clean Slate
Commit to a thorough deep cleaning of your home. This includes windows, carpets, baseboards and other areas that usually get missed.

Search Party
Get the entire family to take a few minutes at the end of each day to walk through each room and put everything back in its place.

Basket Case
Use wicker baskets to organize everyday items such as controllers and remotes so they don’t get swallowed up by the couch.

Plant It
There are many ways to improve your indoor air quality but start by adding a few plants to naturally purify the air you breathe.

Just Do It!
Tackle a major item that’s been sitting on your to-do list such as cleaning up the basement or painting the bathroom.

Safety First
Make sure your carbon monoxide and smoke detectors are in good working order and that you have a family fire escape plan in place.

Family Time
Make a resolution to spend more quality time with family at home. This could involve family game nights, shared meals or simply dedicating time to connect with each other.

New Year’s resolutions don’t have to always be personal. At the end of the day, home is where the heart is, and a well-balanced and harmonious living space naturally contributes to a happier overall family life that brings everyone together.

GREY BRUCE REAL ESTATE UPDATE - Dec 2023 - Susan Terry Real Estate

GREY BRUCE REAL ESTATE UPDATE – December 2023

Please don’t hesitate to reach out for detailed stats that are specific to your neighbourhood, or even if you’re just curious about what the house down the street sold for – it’d be great to hear from you!

BANK OF CANADA RATE UPDATE

Bank of Canada holds policy rate at 5% in its final decision of the year.

In a scheduled announcement on December 6, 2023, the Bank of Canada decided to maintain its target for the overnight lending rate at 5%. This was its third consecutive hold after two interest rate hikes over the summer.

The Bank cited growing evidence that higher interest rates are restraining spending, slowing economic growth, and helping to ease labour markets, suggesting that the economy may no longer be in excess demand.

The slowdown in economic activity is also helping to relieve inflationary pressures in a broad range of goods and services, with the Bank’s preferred measure of core inflation coming in around 3.5-4% in recent months.

Despite this, the Bank noted that housing price inflation continues to grow, reflecting more rapid growth in rent and other housing-related costs along with the continued contribution from higher mortgage interest costs.

With further signs that monetary policy is moderating spending and relieving price pressures, the Bank is still concerned about risks to the outlook for inflation and remains prepared to hike rates further if necessary.

The Bank of Canada’s next scheduled interest rate announcement will be on January 24, 2024, at which time it will also publish its full outlook for the economy and inflation in its Monetary Policy Report.

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