Today's clients are sophisticated and knowledgeable but recognize their limitations of time and expertise. They consult their team of professionals such as accountants at tax time, realtors when it is time to make a real estate purchase and their mortgage broker when it comes to purchase or refinance and wouldn't you....our services are free and there are no costs built into the rate.*
It is easy to see why a mortgage broker will provide professional expertise, followed by objective opinions on current rates and products. We don't represent the bank... we represent you, the customer. Our business is built on referrals and repeat clientele and mortgages are what we specialize in.
How To Be A Debt Ninja
These five proven, debt-destroying techniques can help you pay down your mortgage and clear your balance faster.1.Apply your windfalls.Expecting abonus? Selling off an asset? Rather thansplurge when you're flush with cash, putsome money down on your mortgage.Last year, nearly a million Canadianmortgage holders (975,000) made anaverage $10,000 lump-sum payment totheir balance, according to the CanadianAssociation of Accredited MortgageProfessionals (CAAMP), wiping out atotal of $10 billion in mortgage debt.2.Pay more than you have to.Mostlenders allow an increase of 10% to 20%above and beyond your regular pay-ments. Every extra dollar goes rightto your principal, in turn reducinginterest costs.According to CAAMP's Spring 2013Consumer Mindset survey, one in fourmortgage holders plan to increase theamount of their payments this year.3. No amount is too little.Even afew dollars a month helps chip awayat debt, and you'll hardly miss it.Two-thirds of mortgage holderssurveyed in a recent ScotiabankMortgage Landscape Study agreed it'spossible to pay off their mortgage fasterwithout changing their lifestyle. Mostrespondents (59%) said they believeadding $20 per month to their mortgagepayment would have no impact ontheir finances.4. Set a timeline on non-mortgagedebt.Don't ignore the outstandingbalance on a credit line or home equityloan. Calculate the monthly cost to payit off over 18 months, two years orwhatever timeline you set as a goal.Canadians lowered personal debts by2% in the first quarter of 2013, accordingto a report by TransUnion, the biggestdecline since 2004.5. Leave no expense unturned.Underused gym membership? Costlyphone plan? Track your monthly householdspending and aim to cut down on yourbiggest non-essential expenses.We can find ways to help you savemoney on your mortgage or determinewhether refinancing makes sense as partof your debt-repayment strategy.Looking for a Mortgage Broker you can trust? Contact Marjan Watt - 604.603.9119
Employment fell by more than one million in March
Employment fell by more than one million in March (-1,011,000 or -5.3%). The employment rateor the proportion of people aged 15 and older who were employedfell 3.3 percentage points to 58.5%, the lowest rate since April 1997.
Of those who were employed in March, the number who did not work any hours during the reference week (March 15 to 21) increased by 1.3 million, while the number who worked less than half of their usual hours increased by 800,000. These increases in absences from work can be attributed to COVID-19 and bring the total number of Canadians who were affected by either job loss or reduced hours to 3.1 million.
The unemployment rate increased by 2.2 percentage points to 7.8%, the largest one-month increase since comparable data became available in 1976. Unemployment increased by 413,000 (+36.4%), largely due to temporary layoffs. In addition, the number of Canadians who had worked recently and wanted to work, but did not meet the official definition of unemployed, increased by 193,000.
Forecast Update: Economies Shutting Down
Rapidly evolving developments necessitate an update to the forecasts we published just last Friday. Additional quarantine or shut-down measures have been put in place in a number of countries in the last few days. As a result, we now anticipate global GDP growth to be 0% in 2020, followed by a sizeable rebound in activity in 2021 given our view that economic activity will rebound quickly once the virus is no longer a serious threat to public health. At present, we believe activity will begin to return to normal in the third quarter, except in countries where containment measures were aggressively deployed in the first quarter (essentially the Asian economies), where activity resumes in the second quarter. In Canada, the closure of non-essential business in Quebec and Ontario announced earlier this week will have large economic consequences. At present, we believe Canadian economic activity will fall by 28% in Q2 as these measures are felt. If other provinces follow, the fall in Q2 economic activity would be in the 35% range. We now assume that economic activity resumes by the start of the third quarter and that growth rebounds sharply at that time. However, the 20% drop in US economic activity in the second quarter will restrain the rebound in Canadian activity in the third quarter owing to the usual lags between US and Canadian economic outcomes. Under these assumptions, Canadian GDP would fall by slightly more than 4% in 2020 and rebound by 5.1% in 2021. Though we have not included any additional measures in this update beyond those already announced, we believe a substantial ramping up of fiscal support measures in Canada is forthcoming. There is a chance that aggressive virus management measures are required beyond Q2 to ensure the virus is truly well-contained. Evidence in Asia this week suggests that even in countries where aggressive management measures have been put in place, COVID-19 can come back quite quickly. If measures in Canada are not lifted by the end of Q2, growth would fall again in Q3, and GDP would fall by 6.3% in 2020 instead of the 4.1% we currently expect. A key question for forecasters is the length of the virus-related restrictions on firms and households. As noted above, a shift of one quarter in the resumption of normal operating conditions can have a large impact on growth outcomes. Since we do not have a good handle on the ultimate length of the interruptions, we consider it more informative to assign probabilities to the time at which virus containment measures end. At this time, we believe there is a 75% chance that activity resumes by Q3 and a 25% chance that activity returns to more normal levels by Q4. How officials manage virus containment internationally, as well as the evolution of the virus, will inform our assessment of probabilities going forward.
Source: Scotiabank Economics