HOME RATES ABOUT SERVICES VIDEO BLOG CONTACT ME TEAM
AGENT LICENSE ID
12963
BROKERAGE LICENSE ID
12963
Asif Kasim President & CEO - Mortgage Broker

Asif Kasim

President & CEO - Mortgage Broker


Phone:
Address:
205B - 1457 McCowan Road, Toronto, Ontario

BROWSE

PARTNERS

COMPLETE

THE SURVEY

REFER

A FRIEND

Housing Market Monitor: Home sales edged down in May

6/19/2024

Summary Home sales edged down 0.6% between April and May, a fourth consecutive monthly decline. On the supply side, new listings increased 0.5% from April to May, the fourth advance in five months. Active listings rose by 4.2% in May, the second consecutive month of growth and the highest level since March 2020. Meanwhile, the number of months of inventory (active listings-to-sales) increased from 4.2 in April to 4.4 in May, a level now back in line with its pre-pandemic level. Market conditions loosened during the month but remained tighter than their historical average in most provinces. They were balanced in Manitoba and B.C., and softer than average in Ontario. Housing starts jumped 23.4K in May to 264.5K (seasonally adjusted and annualized), a result well above the median economist forecast calling for a 245.1K print. Urban starts increased by 24.7K (to 246.1K) withs gains in both the multi-family segment (+24.0K to 203.1K) and the single-family segment (+0.8K to 43.0K). Starts increased in Montreal (+14.4K to 28.3K), Toronto (+17.3K to 54.3K), and Calgary (+1.4K to 23.4K), while they decreased in Vancouver (-11.1K to 23.5K). At the provincial level, the most pronounced increases in total starts were registered in Qubec (+19.4K to 59.6K), Ontario (+12.4K to 86.3K), and New Brunswick (+3.5K to 7.0K). Meanwhile, notable decreases were seen in British Columbia (-8.4K to 46.5K) and Manitoba (-4.8K to 3.5K). The Teranet-National Bank Composite National House Price Index rose by 0.5% from April to May, after seasonal adjustments. Seven of the 11 markets in the composite index were up during the month: Halifax (+1.5%), Hamilton (+1.1%), Calgary (+1.0%), Vancouver (+1.0%), Victoria (+0.8%), Toronto (+0.5%) and Quebec City (+0.5%). Conversely, prices fell in Edmonton (0.7%), Winnipeg (-0.6%) and Ottawa-Gatineau (-0.2%), while they remained stable in Montreal. https://www.nbc.ca/content/dam/bnc/taux-analyses/analyse-eco/logement/economic-news-resale-market.pdf
READ MORE

Population in Canada: A Monthly Snapshot

6/14/2024

ON TRACK IN SOME AREAS, A BUMPY ROAD AHEAD IN OTHERS Population growth continues to surge. Mays Labour Force Survey data reported a 3.6% (S.A.A.R.) increase in the 15 year old+ population compared to April. This 97,600 increase since the release of last months report maintained the trend of robust population growth through 2024 so far, with the last three months averaging growth of 3.7% (S.A.A.R.). Compared to May of last year, Canadas 15+ population is up by almost 1.1 million. The increase in the labour force population is down by roughly half when compared to Aprils explosive growth numbers, although m/m growth of 3% (S.A.A.R.) is still significantly high, especially when compared to pre-pandemic levels. A quarter of the year recorded, a quarter of the goal reached. Canada admitted another 34,785 permanent residents among its major categories in March, totalling 121,620 admissions for the year so far, approximately 25% of the annual goal of 485,000 the federal government set for 2024. https://www.scotiabank.com/ca/en/about/economics/economics-publications/post.other-publications.canada-and-us-economics-.economic-commentary.population-growth.-june-10--2024-.html
READ MORE

Further Rate Cuts on the Horizon: Scotiabank’s Forecast Tables

6/12/2024

From Scotiabank We expect the Bank of Canada to cut by 25bps at each of the next three meetings. Inflation is on a good downward path though growth in the interest rate-sensitive parts of the economy remains surprisingly strong. Positive risks to the outlook for growth and inflation remain as interest rates come down. We are particularly mindful of the response in real estate markets and household spending. Any materialization of upside risks would imperil future rate cuts. Rate cuts have finally begun in Canada. With inflation hopefully on a sustained downward path despite the interest rate-sensitive parts of our economy performing surprisingly well, it is now clear that the Bank of Canada has decided rate relief is necessary. That is great news for borrowers if the Bank of Canada follows through with additional cuts. We think they will, though we remain concerned about upside risks to inflation given rising wages and falling productivity, the surprising strength in consumption, the serial over-stimulation by the federal and provincial governments, and the potential for a housing market rebound. As a result of the latest decision and the communications around that we are changing our Bank of Canada view and now expect that Governor Macklem will cut the policy rate at each of the next three meetings, for a total of 100bps of cuts this year. https://www.scotiabank.com/ca/en/about/economics/economics-publications/post.other-publications.global-outlook-and-forecast-tables.scotiabank%27s-forecast-tables.2024.june-6--2024.html
READ MORE

NBC BoC Policy Monitor: Price progress = Policy pivot

6/7/2024

From National Bank of Canada In the first rate decision with material uncertainty in a year, the BoC opted lower the target for the overnight rate by 25 basis points, a decision in line with market expectations and the consensus forecast. This makes the BoC the first G7 central bank to ease policy this year, though the ECB is widely expected to follow suit tomorrow. Citing clear progress in core inflation, in addition to ongoing sub-potential growth and a rebalancing labour market, the press release noted monetary policy no longer needs to be as restrictive. The focus now turns to the pacing of cuts in this nascent easing cycle. In the opening statement to the presser, Macklem said its reasonable to expect further easing as long as inflation continues to ease. That puts a July cut squarely in focus and wed be inclined to bet they will ease again at the next meeting. At the same time, wed note that earlier BoC communications indicated that monetary policy easing this year would be gradual. Macklem confirmed this view in the press conference. So although back-to-back cuts may be instituted to start, were skeptical theyll continue at the same pace thereafter. We agree with market expectations that 50 basis points of additional rate relief is appropriate in 2024. In contrast, the consensus sees this marking the start of a more aggressive easing campaign. The median expectation is for a 4% policy rate by year-end. Three more cuts over the last four decisions of the year, isnt a pace of cuts we would characterize as gradual and isnt as likely to materialize barring a more material slowdown in the economy. The Banks next decision will take place on July 24th. The Summary of Deliberations for todays decision will be released on June 19th. https://www.nbc.ca/content/dam/bnc/taux-analyses/analyse-eco/boc-policy-monitor.pdf
READ MORE

Bank of Canada reduces policy rate by 25 basis points

6/5/2024

The Bank of Canada today reduced its target for the overnight rate to 4%, with the Bank Rate at 5% and the deposit rate at 4%. The Bank is continuing its policy of balance sheet normalization. The global economy grew by about 3% in the first quarter of 2024, broadly in line with the Banks April Monetary Policy Report (MPR) projection. In the United States, the economy expanded more slowly than was expected, as weakness in exports and inventories weighed on activity. Growth in private domestic demand remained strong but eased. In the euro area, activity picked up in the first quarter of 2024. Chinas economy was also stronger in the first quarter, buoyed by exports and industrial production, although domestic demand remained weak. Inflation in most advanced economies continues to ease, although progress towards price stability is bumpy and is proceeding at different speeds across regions. Oil prices have averaged close to the MPR assumptions, and financial conditions are little changed since April. In Canada, economic growth resumed in the first quarter of 2024 after stalling in the second half of last year. At 1.7%, first-quarter GDP growth was slower than forecast in the MPR. Weaker inventory investment dampened activity. Consumption growth was solid at about 3%, and business investment and housing activity also increased. Labour market data show businesses continue to hire, although employment has been growing at a slower pace than the working-age population. Wage pressures remain but look to be moderating gradually. Overall, recent data suggest the economy is still operating in excess supply. CPI inflation eased further in April, to 2.7%. The Banks preferred measures of core inflation also slowed and three-month measures suggest continued downward momentum. Indicators of the breadth of price increases across components of the CPI have moved down further and are near their historical average. However, shelter price inflation remains high. With continued evidence that underlying inflation is easing, Governing Council agreed that monetary policy no longer needs to be as restrictive and reduced the policy interest rate by 25 basis points. Recent data has increased our confidence that inflation will continue to move towards the 2% target. Nonetheless, risks to the inflation outlook remain. Governing Council is closely watching the evolution of core inflation and remains particularly focused on the balance between demand and supply in the economy, inflation expectations, wage growth, and corporate pricing behaviour. The Bank remains resolute in its commitment to restoring price stability for Canadians. https://www.bankofcanada.ca/2024/06/fad-press-release-2024-06-05/
READ MORE

Statistics Canada: New Housing Price Index, April 2024

5/31/2024

Canadian new home prices increase slightly in April The national index rose by 0.2% monthly in April on the strength of increases in large urban centres such as Edmonton, Calgary, and Vancouver. Overall, prices increased in 5 of the 27 census metropolitan areas (CMAs) surveyed, were unchanged in 15 CMAs and declined in 7. The largest price gains are reported by cities in Alberta The largest month-over-month increases in April were reported in Edmonton (+1.1%) and Calgary (+ 0.9%). Builders attributed the price gains to construction costs along with favourable market conditions. In Alberta, the rapidly growing population is fuelling demand for new housing. According to the latest population estimates of Canada, Alberta (+4.4%) recorded the fastest year-over-year rise in population in Canada in the first quarter of 2024. The largest monthly declines in April were seen in KitchenerCambridgeWaterloo (-0.4%) and Winnipeg (-0.4%), where builders linked the decreases to weak market conditions. National new home prices edge down year over year in April Nationally, the prices of new homes edged down (-0.1%) in April compared with the same month last year. This was less than the year-over-year decline seen in March 2024 (-0.4%). The largest year-over-year declines in April were registered in Ottawa (-4.4%) and Saskatoon (-2.5%), while the largest increases were in Calgary (+3.9%), Vancouver (+1.3%) and Qubec (+1.2%). https://www150.statcan.gc.ca/n1/daily-quotidien/240523/dq240523c-eng.htm
READ MORE

NBC: Reliefs for housing affordability in the first quarter of 2024

5/29/2024

HIGHLIGHTS: Canadian housing affordability posted a first improvement in three quarters in Q124. The mortgage payment on a representative home as a percentage of income (MPPI) fell 3.1 percentage points, the largest one quarter improvement since the second quarter of 2019. Seasonally adjusted home prices decreased 0.6% in Q124 from Q423; the benchmark mortgage rate (5-year term) slumped 32 basis points, while median household income rose 1.2%. Affordability improved in all ten markets covered in Q1. On a sliding scale of markets from best progression to least: Vancouver, Victoria, Toronto, Hamilton, Montreal, Winnipeg, Ottawa-Gatineau, Edmonton, Quebec, Calgary. Countrywide, affordability enhanced 2.2 pp in the condo portion vs. a 3.4 pp betterment in the non-condo segment. https://www.nbc.ca/content/dam/bnc/taux-analyses/analyse-eco/logement/housing-affordability.pdf
READ MORE

CMHC: What is Canada’s potential capacity for housing construction?

5/23/2024

Key Highlights Even with a record-high 650,000 construction workers in 2023, Canadas housing production of 240,267 units was below the potential of over 400,000 homes per year. While more human and financial resources have been committed to residential construction over the past several years, housing starts have not kept the pace. Meeting the Governments Housing Plan of achieving the goal of 3.87 million new homes by 2031 demands both regulatory reforms and industry consolidation to increase efficiency and productivity. The Housing Accelerator Fund is a huge step in achieving this outcome. https://www.cmhc-schl.gc.ca/blog/2024/what-canada-potential-capacity-housing-construction
READ MORE

NBC: Still sluggish home sales allow inventory to recover

5/22/2024

Summary Home sales edged down 1.7% between March and April, a second monthly decrease in five months. On the supply side, new listings increased 2.8% from March to April, the third advance in four months. Active listings jumped 5.8% in April, following stabilization the previous month. Overall, the number of months of inventory (active listings-to-sales) increased from 3.9 in March to 4.2 in April. Market conditions loosened during the month but remained tighter than their historical average in most provinces. They were balanced in Manitoba and B.C., and softer than average in Ontario. Housing starts remained relatively stable in April as they edged down 2.0K to 240.2K (seasonally adjusted and annualized), a result in line with the median economist forecast calling for a 240.0K print. Urban starts decreased by 0.2K (to 220.1K) as a decline for the multi-family segment (-1.2K to 178.5K) was almost fully offset by an increase in the single-family segment (+0.9K to 41.7K). Starts increased in Montreal (+4.0K to 13.9K) and Calgary (+0.1K to 21.9K), while they decreased in Vancouver (-7.1K to 34.6K) and Toronto (-5.0K to 37.0K). At the provincial level, the most pronounced increases in total starts were registered in Alberta (+5.8K to 45.9K), Manitoba (+2.7K to 8.2K) and New Brunswick (+1.4K to 3.6K). Meanwhile, notable decreases were seen in Qubec (-6.7K to 39.9K) and British Columbia (-6.0K to 54.8K). The Teranet-National Bank Composite National House Price Indexremained stable from March to April, after seasonal adjustments. Seven of the 11 markets in the composite index were up during the month: Edmonton (+2.3%), Montreal (+1.9%), Calgary (+1.9%), Ottawa-Gatineau (+0.5%), Vancouver (+0.4%), Hamilton (+0.4%) and Winnipeg (+0.3%). Conversely, declines occurred in Halifax (-0.7%), Toronto (-1.2%), Victoria (-1.9%) and Quebec City (-2.1%). https://www.nbc.ca/content/dam/bnc/taux-analyses/analyse-eco/logement/economic-news-resale-market.pdf
READ MORE

Statistics Canada: Labour Force Survey, April 2024

5/17/2024

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
READ MORE

Bank of Canada: Households are adjusting to the rise in debt-servicing costs

5/15/2024

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/
READ MORE

Bank of Canada: Financial Stability Report

5/10/2024

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/
READ MORE

Home office expenses for employees for 2023

4/22/2024

Eligible employees who worked from home in 2023 will be required to use the Detailed Method to claim home office expenses. The temporary flat rate method does not apply to the 2023 tax year. As an employee, you may be able to claim certain home office expenses (work-space-in-the-home expenses, office supplies, and certain phone expenses). This deduction is claimed on your personal income tax return. Deductions reduce the amount of income you pay tax on, so they reduce your overall income tax liability. Salaried employees can claim: Electricity, Heat, Water, some utilities, monthly Internet access or part of your rent. Commission employees can also claim: home insurance, property taxes and lease of a cell phone, computer and more. Review the CRA website for more. https://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/about-your-tax-return/tax-return/completing-a-tax-return/deductions-credits-expenses/line-22900-other-employment-expenses/work-space-home-expenses.html
READ MORE

SCOTIABANK: SPEND LIKE THERE IS NO TOMORROW, TAX LIKE THERE IS

4/17/2024

Canadas federal Finance Minister tabled Budget 2024 on April 16th. Gross new spending measures were substantially higher than signalled ahead of budget day, with equally substantial taxation measures partially offsetting the net impact. The budget adds a near-term boost to growth with major new spending, but it introduces another twist as it gives with one hand while taking with the other. While net new spending amounts to 0.4% f GDP over the next two years, gross outlays to Canadians adds up to a much more substantial $22.5 bn (0.7%), while syphoning off $9.5 bn from drivers of growth. This is additive to the $44 bn incremental spending provinces have announced in recent weeks. The budget clearly makes the Bank of Canadas job more difficult. The soft inflation print released into the budget risks fanning complacency around the risk of a resurgence in inflationary pressure particularly with a housing market rebound waiting in the wings (and more potential buyers on the margin after this budget). New spending is hardly focused. A gross $56.8 bn is spread widely across a range of priorities. The new Housing Plan reflects just 1/6th of new outlays. Others were channeled aheadmilitary spending, AI investments, and pharmacarewhile new pledges were tabled towards Aboriginal investments, community spending, and a new disability benefit among others. New tax measures will yield a $21.9 bn offsetnotably a big increase to the capital gains inclusion rate from one-half to two-thirds for individuals and corporations later this Spring. The net cost of new measures in this budget lands at $34.8 bn over the planning horizon. Near-term economic momentum has provided additional offsets ($29.1 bn), leaving the fiscal path broadly similar to the Fall Update. The FY24 deficit comes in on the mark at $40 bn (1.4% of GDP) and is expected to descend softly to $20 bn (0.6%) by FY29. Debt remains largely on a similar path of modest declines as a share of GDP over the horizon. The fiscal plan could have delivered on critical priorities including the Housing Plan, along with AI and Indigenous spending, while still adhering to its fiscal anchors without resorting to substantial new taxation measures that will dampen confidence and introduce further distortions to Canadas competitive landscape. It wont likely trigger an election, but it is clearly a warm-up lap as Canadians brace for the polls within the next 1218 months. The taps are unlikely to be turned off any time soon. Source: https://www.scotiabank.com/ca/en/about/economics/economics-publications/post.other-publications.fiscal-policy.fiscal-pulse.federal.federal-budget-analysis-.canadian-federal--2024-25-budget--april-16--2024-.html
READ MORE

Bank of Canada maintains policy rate, continues quantitative tightening

4/11/2024

The Bank of Canada held its target for the overnight rate at 5%, with the Bank Rate at 5% and the deposit rate at 5%. The Bank is continuing its policy of quantitative tightening. The Bank expects the global economy to continue growing at a rate of about 3%, with inflation in most advanced economies easing gradually. The US economy has again proven stronger than anticipated, buoyed by resilient consumption and robust business and government spending. US GDP growth is expected to slow in the second half of this year, but remain stronger than forecast in January. The euro area is projected to gradually recover from current weak growth. Global oil prices have moved up, averaging about $5 higher than assumed in the January Monetary Policy Report (MPR). Since January, bond yields have increased but, with narrower corporate credit spreads and sharply higher equity markets, overall financial conditions have eased. The Bank has revised up its forecast for global GDP growth to 2% in 2024 and about 3% in 2025 and 2026. Inflation continues to slow across most advanced economies, although progress will likely be bumpy. Inflation rates are projected to reach central bank targets in 2025. In Canada, economic growth stalled in the second half of last year and the economy moved into excess supply. A broad range of indicators suggest that labour market conditions continue to ease. Employment has been growing more slowly than the working-age population and the unemployment rate has risen gradually, reaching 6.1% in March. There are some recent signs that wage pressures are moderating. Source:https://www.bankofcanada.ca/2024/04/fad-press-release-2024-04-10
READ MORE

Canadian Survey of Consumer Expectations—First Quarter of 2024

4/10/2024

Consumers believe inflation has slowed, but their expectations for inflation in the near term have barely changed. Consumers link their perceptions of slowing inflation with their own experiences of price changes for frequently purchased items, such as food and gas. Expectations for long-term inflation have increased, though they remain below their historical average. Relative to last quarter, consumers now think that factors contributing to high inflationparticularly high government spending and elevated home prices and rent costswill take longer to resolve. Canadians continue to feel the negative impacts of high inflation and high interest rates on their budgets, and nearly two-thirds are cutting or postponing spending in response. Although weak, consumer sentiment improved this quarter, with people expecting lower interest rates. As a result, consumers are less pessimistic about the future of the economy and their financial situation, and fewer think they will need to further cut or postpone spending. Improved sentiment is also evident in perceptions of the labour market, which have stabilized after easing over recent quarters. Workers continue to feel positive about the labour market and, with inflation expected to be high, they continue to anticipate stronger-than-average wage growth. Source: https://www.bankofcanada.ca/2024/04/canadian-survey-of-consumer-expectations-first-quarter-of-2024
READ MORE

MY LENDERS

Scotia Bank TD Bank First National EQ Bank MCAP Merix
Home Trust CMLS Manulife RFA B2B Bank Community Trust
Lifecycle Mortgage ICICI Bank Radius Financial HomeEquity Bank CMI Bridgewater
Sequence Capital Wealth One Fisgard Capital Bloom Financial NationalBank