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Brent Richardson
Principal Mortgage Broker/ Owner (Lic. # M08006143), Certified Financial Planner (CFP) Altrua Financial Inc. Lic. #13005
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Ground Level Updates on Mortgages and the Housing Market, before it hits the news
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🇨🇦 buys ~$15B from Big 3 🇺🇸 auto companies annually
Thats 10% of Big 3 total 🇺🇸+🇨🇦 auto sales of ~$150B
Canada also manufactures nearly 10% of the passenger vehicles in 🇺🇸 and 🇨🇦, so there was some balance
If 🇺🇸 destroys 🇨🇦 auto manufacturing, will you still buy Big 3?
GTA & GVA need to cut their archaic housing development taxes, predicated on endless 2% mortgage rates
But how can the federal government promise to cut municipal housing taxes in half?
They won’t answer how they’re going to do it because they can’t
Details on housing development charges expected in budget: Robertson
OTTAWA — The office of federal Housing Minister Gregor Robertson says the Liberal government remains committed to ...
ca.finance.yahoo.com
The modern day Gold Rush is under way
Notching daily records, gold has crushed AI stock indexes by 20%+ YTD
But with an unsustainable bubble like run-up, will gold soon lose its lustre?
Here we’ll review a 1-min summary of the bull/ bear cases for gold, and my conclusion
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The Sept jobs report ultimately revealed more strength than weakness
Although 31,000 jobs were government, its still economic stimulus. Also 28,000 FT manufacturing jobs surprised
The employment trend is more important, but still, chances of an Oct BoC cut slid from 70% to 65%
BREAKING: After 2 months of declines 🇨🇦 added 60,000 jobs in September, with unemployment stabilizing at 7.1%, below expectations of 7.2% unemployment
Bond yields remained flat on the news with the likelihood of a Sept BoC cut currently at ~70%
BoC deliberations took on a dovish tone, highlighting a limp jobs market, slow growth and cooling inflation
Fixed rates remain stable as chances of an Oct BoC cut notched up to 56%
Stay tuned for🇨🇦 jobs data on Fri as only this and CPI remain as major releases before Oct 29
Bond yields crept higher last week on stronger 🇺🇸 data and stabilizing GDP in 🇨🇦 tapping the breaks on fix rate drops + reflecting a lower 41% chance of an Oct BoC cut
While many remain dovish for an Oct cut, jobs data on Oct 10 + CPI on Oct 21 will mainly determine market odds
🚨 JUST IN 🇨🇦 Real GDP rose 0.2% in July, exceeding market consensus of a 0.1% gain
This following 3 consecutive months of GDP contraction
Mining, oil/gas led the expansion, with manufacturing stabilizing
Markets shrugging off these gains with one more BoC cut still on deck
For the first time in over 3 years, variable mortgage rates are generally lower than their fixed rate counterparts
But not by much... typically 0.10% - 0.25% lower than fixed
So VRM NEEDS to drop another 0.25% min to justify the higher risk, then hold for a good 2+ years
We are Mortgage Brokers proudly serving customers from 5 locations in Ontario.
Kitchener/ Waterloo (Head Office)
In Kitchener Waterloo Call: 1-877-248-9210
Hamilton
In Hamilton Call: 905-538-0677
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