GDP in simple terms is the total value of goods and services produced in a specific time frame. It is the main measure used to evaluate how healthy our economy is.
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Gross Domestic Product
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Unemployment raise rise for the 3rd consecutive month
With another Bank of Canada rate announcement scheduled for the first week of September, it’s important to understand some of the other factors besides inflationary tracking that influences the decision to raise, lower, or hold interest rates.
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Pros & Cons of Extending Your Amortization
Because interest rates have risen rapidly over the past year, if you are up for renewal you may have heard of people choosing to extend their mortgage amortization period to 30 years.
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Inflation Update
Inflationary numbers came in higher for July at 3.3% than the previous months report of 2.8%.
We saw the most significant increases to energy categories with electricity coming in 11.7% higher than a year ago. We also saw very minimal changes to gasoline prices. Likewise, mortgage interest costs and accommodation continues to lead inflationary increases.
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What types of additional income can I use to help qualify?
When purchasing or refinancing in a market with higher interest rates, you may find it more challenging to qualify for the amount you originally had planned for. However, there are many lenders out there that will consider a variety of different income sources other than your employment income.
Here is a quick reminder of the different types of income you can use:
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Inflation Update: Canadian inflation drops down to 3.4% for May
Canadian inflation has slowed to 3.4% from the April’s previous report of 4.4%. This is the lowest inflation has been in almost two years. However, much of this decrease can be attributed to fuel and energy costs being significantly lower than this time last year when we saw a spike in energy prices resulting from the Ukraine/ Russian war. Mortgage interest costs also continue to heavily influence inflation with an increase of 29.9% over the last year. We continued to see increases to categories including restaurant food, while grocery prices have remained elevated with no sign of any notable changes from April. Although this…
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Do's & Don'ts during the home buying process
Just a reminder if you are pre-approved or thinking about starting that house hunting journey. 🙂
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What you should know about applying for a mortgage on a strata property
It’s recommended that your offer should be subject to viewing various strata documents
A form B will be required by your lender from the last 30 days. This form confirms the current state of the strata including any outstanding levies or special assessments as well as how much money is in the contingency fund.
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Inflation Drops to 4.3%
More good news! ⭐️
Inflationary numbers for March came in at 4.3%. This is down from the 5.2% we saw the month prior.
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Multi Generational Home Tax Credit
The government of Canada has introduced a Multi-Generational Home Tax Credit
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Inflation numbers decrease again, down to 5.2%
✨Inflation drops again, down to 5.2%✨
Inflation numbers fell from 5.9% in January to 5.2% in February, below the target prediction of 5.4% for this past month.
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4 Ways to Make Money in real estate
Earning monthly cashflow is an important component of qualifying if your goal is to purchase more than one investment property or a primary residence in the future.
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Down Payment Differences
Getting in the market is key, however putting more money down allows for more options when it comes to extending your amortization to lower your monthly payment, utilizing different sources of income, customizing options if you are self-employed, and accessing Home Equity Line of Credit programs.
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Short & Long Term Capital Gains
A few things to know about capital gains. ..
There are short and long-term capital gains that you can potentially be taxed on.
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Bank of Canada Pauses Rate Hikes
Bank of Canada announced no change to their overnight policy rate, leaving it at 4.5%.
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Improving Credit
A strong credit score not only helps you get approved, but it can also help you secure a better interest rate. ✔️
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Good vs. Bad Debt
Not all debt is bad… in fact there are some forms of debt that are positively impactful on your financial future, help generate income, and grow your net worth.
✔️For Instance, having a primary residence with a mortgage helper that allows you to earn equity, and pay down your mortgage instead of a landlord’s mortgage can be considered good debt.
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Self Employed
With tax season upon us, here is something to think about:
Many people who are self employed tend to capitalize on annual expense write-offs with the intention of lowering their annual income. Whilst this can be very beneficial come tax season, from the view point of the lender, it can have the opposite effect when looking to get a mortgage.
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How much will you need to purchase in Today's Market
It might not be as hard as you think to get in the market right now….
➡️Let’s break down what purchasing a condo in the Fraser Valley could look like..
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Do Today What Others Won't, so you can do tomorrow what others can't
This is one of my favourites! It’s not easy making sacrifices, taking risks, and being disciplined, but it makes a difference.
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