August 2020

Canadian Q2 GDP Growth Plunge Rebounds Since April

Posted on Aug 30, 2020

Canadian real GDP plunged 11.5% in the second quarter, or -38.7% at an annualized rate, the worst quarterly decline on record (see chart below). This followed an 8.2% plunge in Q1. The worst of the contraction occurred early in the quarter as the lockdown in March and April wreaked havoc on activity. Since then, the economy has shown surprisingly s...

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Canadian Housing Market Very Strong in July

Posted on Aug 17, 2020

Today's release of July housing data by the Canadian Real Estate Association (CREA) showed a blockbuster July with both sales and new listings hitting their highest levels in 40 years of data. This continues the rebound in housing that began three months ago.

National home sales rose 26% month-over-month (m-o-m) in July, which translates to a 30.5...

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Why Low Interest Rates Mean More Money In Your Pocket!

Posted on Aug 17, 2020

When it comes to the brass tax, you’ll pay less money per month for the same mortgage that previously had higher rates. If you borrowed five-hundred thousand dollars in January of 2020, your mortgage payment would have been around $2300 based on a 2.79% mortgage.

Now at 1.99%, your payment goes down to $2100.

That is a saving in payments over the fiv...

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Pandemic Trigger Red-Hot Summer Housing Market!

Posted on Aug 13, 2020

We will get the full story on July housing in Canada when the Canadian Real Estate Association releases its July data in the next few days, but local real estate boards have reported a robust July market. Even in Calgary, year-over-year sales have jumped by double digits. Sales in Montreal were up more than 45% y-o-y, while Ottawa and the GTA were...

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7 Reason You're Better off Using a Mortgage Broker vs Walking Into Your Own Bank!

Posted on Aug 13, 2020

Using a Mortgage Broker vs Your Bank

Today I'll discuss the 7 reasons it's better to use a mortgage broker vs just walking into your own bank.

Here we go...

When you go to your own bank, you have a choice of only their mortgage products and their rates.

While with a mortgage broker, you have access to mortgage products and rates of over 40 different le...

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Top 5 Most Common Issues Found During a Home Inspection!

Posted on Aug 11, 2020

Information provided by my 

#1 Home Inspection Referral Partner

Home inspections 

Home inspections are a fantastic way to find out what you're buying before signing on the dotted line. Put it this way, you would never buy a pair of shoes without trying them on right? You put them on, walk around, see how they feel, if they rub, or are going to cause yo...

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