AGENT LICENSE ID
M16002284
BROKERAGE LICENSE ID
11621
Tess Velkovska
Mortgage Agent Level 2
Office:
Phone:
Email:
Address:
226 King St E., Cambridge, Ontario
BROWSE
PARTNERSMortgages with Tess Velkovska - Excel Mortgage Canada Connection
Whether it is your first time applying for a mortgage or not, the process can be overwhelming and intimidating. With a great mortgage agent on your side you will be well informed and educated throughout the entire process. Being educated will give you confidence and provides you with realistic expectations.
If you are:
- A First Time Home Buyer
- Looking to Upgrade or Downsize Your Home
- At Your Mortgage Term Renewal
- Wanting to Consolidate Debt and Have Home Equity
- Have ANY Mortgage Related Questions
PLEASE KNOW I AM ALWAYS HAPPY TO HELP!
Thank you for taking the time to visit www.mortgageswithtess.com
Tess Arpa is a mortgage agent under Excel Mortgage Canada Connection and serves the Cambridge, Guelph, Kitchener, Waterloo, Brantford, Mississauga, Milton and surrounding areas in Ontario.
My office is located at:
226 KING ST. E
CAMBRIDGE, ON N3H 3M6
Head Office:
1 VICTORIA STREET SUITE 613
KITCHENER, ON N2G 0B5
BLOG / NEWS Updates
Statistics Canada: Labour Force Survey, April 2024
Employment increased by 90,000 (+0.4%) in April, and the unemployment rate was unchanged at 6.1%. The employment rate held steady at 61.4%, following six consecutive monthly declines.
In April, employment rose among core-aged men (25 to 54 years old) (+41,000; +0.6%) and women (+27,000; +0.4%) as well as for male youth aged 15 to 24 (+39,000; +2.8%). There were fewer women aged 55 and older employed (-16,000; -0.8%), while employment was little changed among men aged 55 and older and female youth (aged 15 to 24).
Employment gains in April were driven by part-time employment (+50,000; +1.4%).
Employment increased in April in professional, scientific and technical services (+26,000; +1.3%), accommodation and food services (+24,000; +2.2%), health care and social assistance (+17,000; +0.6%) and natural resources (+7,700; +2.3%), while it fell in utilities (-5,000; -3.1%).
Employment increased in Ontario (+25,000; +0.3%), British Columbia (+23,000; +0.8%), Quebec (+19,000 +0.4%) and New Brunswick (+7,800; +2.0%) in April. It was little changed in the other provinces.
Total hours worked rose 0.8% in April and were up 1.2% compared with 12 months earlier.
Average hourly wages among employees increased 4.7% (+$1.57 to $34.95) on a year-over-year basis in April, following growth of 5.1% in March (not seasonally adjusted).
In the spotlight: Over one in four workers (28.4%) have to come into work or connect to a work device at short notice at least several times a month.
https://www150.statcan.gc.ca/n1/daily-quotidien/240510/dq240510a-eng.htm
Bank of Canada: Households are adjusting to the rise in debt-servicing costs
Following sharp declines during the COVID‑19 pandemic, many indicators of financial stress have now returned to more normal levels. Signs of stress are concentrated primarily among households without a mortgage and survey data suggest that, of these households, renters are most affected. In contrast, indicators of stress among mortgage holders are largely unchanged, remaining at levels lower than their historical averages. Factors such as income growth, accumulated savings and reduced discretionary spending are supporting households ability to deal with higher debt payments.
Over the coming years, more mortgage holders will be renewing at higher interest rates. Based on market expectations for interest rates, payment increases will generally be larger for these mortgage holders than for borrowers who renewed over the past two years. Higher debt-servicing costs reduce financial flexibility for households and businesses and make them more vulnerable in the event of an economic downturn.
Signs of financial stress have risen primarily among households without a mortgage
The combination of higher inflation and higher interest rates continues to put pressure on household finances. Many indicators of financial stress, which had declined during the pandemic, are now close to pre-pandemic levels. Signs of increased financial stress appear mainly concentrated among renters.
The rates of arrears on credit cards and auto loans for households without a mortgagewhich includes renters and outright homeownersare back to pre-pandemic levels and continue to grow. In contrast, arrears on these products for households with a mortgage have remained low and stable.
https://www.bankofcanada.ca/2024/05/financial-stability-report-2024/
Bank of Canada: Financial Stability Report
Key takeaways
Canadas financial system remains resilient. Over the past year, financial system participantsincluding households, businesses, banks and non-bank financial institutionshave continued to proactively adjust to higher interest rates.
However, risks to financial stability remain. The Bank sees two key risks to stability, related to:
Debt serviceabilityBusinesses and households continue to adjust to higher interest rates. Indicators of financial stress in both sectors were below historical averages through the COVID-19 pandemic but have been normalizing. Some indicators look to be increasing more sharply and warrant monitoring. Higher debt-servicing costs reduce financial flexibility for households and businesses and make them more vulnerable in the event of an economic downturn.
Asset valuationsThe valuations of some financial assets appear to have become stretched, which increases the risk of a sharp correction that can generate system-wide stress. The recent rise in leverage in the non-bank financial intermediation sector could amplify the effects of such a correction.
The financial system is highly interconnected. Stress in one sector can spread to others.
Participants should continue to be proactive, including planning for more adverse conditions or outcomes.
https://www.bankofcanada.ca/2024/05/financial-stability-report-2024/
