Candice Joa
Mortgage Planner
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Phone:
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284, 6005 Gateway Blvd, Edmonton, Alberta
Welcome to my page! I have been in the banking/finance industry for over 15 years and truly LOVE what I do! Whether you are looking at purchasing a new home, refinancing your existing or looking at investment opportunities I am here to help. I work with many lenders and my mission is to not only find the best rate but the best mortgage to suit your financial goals. I have a wealth of knowledge in the industry and am passionate about sharing. Let me put my expertise to work for you!
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/
