After graduating from Algonquin College with an Advanced Diploma in Business Marketing, I decided it was time to join the family business. After years in the landscaping business I always enjoyed helping people and making them happy by understanding their needs and establishing great relationships with them. I started in the mortgage finance business in September, 2011. I have been trained by some of the most successful mortgage professionals in the industry. I am continuously trying to expand my business through my contacts throughout the Ottawa market. I credit myself on making the mortgage financing process the best experience possible for first time home buyers and existing mortgage holders looking to refinance or renew their mortgage. After just over two years as a mortgage agent I have just recently passed my Mortgage Broker's exam and am the newest broker to our team here at Ottawa Carleton Mortgage.
Two-thirds of Canadians were asset resilient in the year prior to the pandemic
Just over two-thirds (67.1%) of Canadians were asset resilient for at least three months in 2019, up from 63.6% in 1999.
Over these two decades, several factors contributed to the overall rate of asset resilience. For one thing, Canadians held more liquid assets at the end of the period. Median person-adjusted household liquid assets rose from $6,300 in 1999 to $10,700 in 2019. Canadians were also slightly older, on averagethe median age of Canadians increased from 36.4 years to 40.8 years. Family income has also been rising since 1999, and asset resilience is associated with higher income. The median person-adjusted, household after-tax income of Canadians increased by one-third (+34.9%), rising from $37,300 in 1999 to $50,300 in 2019, while the share of Canadians below the LIM-AT edged down from 12.4% to 12.1%.
Big jump in home prices in March
The Teranet-National Bank HPI jumped 1.5% to a new high in March, its 17th straight monthly rise. Its recent vigour coincides with historically high numbers of home sales in most regions of Canada, coupled with limited supply. The monthly jump of the unsmoothed HPI was even bigger 2.7%, the most of any month since July 2006, taking the unsmoothed index to a cumulative rise of 11.9% since last June (left chart). The rapid rise of home prices continues in the great majority of large Canadian cities, with prices up 10% or more from a year earlier in an unprecedented 81% of the 32 urban markets surveyed (right chart). However, the magnitude of the price rise varies with category of dwelling. In the main metropolitan markets the rise was much smaller for the condo segment than for single-family homes. Among the reasons for the difference is a shift of preferences away from small dwellings in city centres toward larger homes in suburbs.