AGENT LICENSE ID
M21003885
BROKERAGE LICENSE ID
10349
Susan Burke
Mortgage Agent - Level 2
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7676Woodbine Ave Suite 100, Markham, Ontario
These are CHALLENGING TIMES! Let me help answer your QUESTIONS!
I’m a VERICO - NORTHWOOD MORTAGE AGENT. I know mortgage financing can be intimidating, but it doesn't have to be. I can arrange mortgage financing for a purchase, transfer, refinancing or debt consolidation. I have access to over 63 lenders and can offer competitive mortgage rates across Canada. When you work with me you have CHOICES.
My commitment to you is to listen to your needs, assess your financial situation and outline the best plan for you. I will be here for you today and in the future to help with your mortgage needs.
The answers to your questions are just a phone call away.
Sue
BLOG / NEWS Updates
TD Economic Report: Canadian Highlights
Central bankers took the stage this week, but it was Canadian economic data that stole the show. A significant improvement in inflation for February and a weak reading on retail sales increased expectations for an earlier cut by the Bank of Canada (BoC). Adding to this was the release of the BoCs March deliberations that confirmed the Bank is preparing to cut rates later this year. While the exact timing of the first rate cut is still uncertain, market pricing has rallied around June/July, matching expectations on timing for other major central banks.
The inflation reading this week showed a meaningful deceleration, with the headline measure remaining within the BoC 1% to 3% target band. But the big surprise was the heavy discounting on items like clothing, cell phone /internet plans, and food. For the latter, that was the first contraction in three years (seasonally adjusted)! As Deputy Governor Toni Gravelle said at a speech later in the week, this was very encouraging.
What was even more promising was the progress on the BoCs preferred inflation metrics. While these have remained stubbornly high over the last few months, they too have started to ease and now sit just above the 3% band. These metrics are starting to follow other measures of inflation lower, including the Banks old preferred inflation measure, CPIX. This index excludes the eight most volatile inflation items such as mortgage interest costs. Importantly, this measure has now reached the BoCs 2% target.
Source: TD Economics https://economics.td.com/ca-weekly-bottom-line
Canadian Home Prices See Sudden End to Declines in Advance of Spring Market
Canadian home prices as measured by the seasonally adjusted Aggregate Composite MLS Home Price Index (HPI) were flat on a month-over-month basis in February 2024, ending a streak of five declines that began last fall, according to the latest data from the Canadian Real Estate Association (CREA).
The fact that prices were unchanged from January to February was noteworthy given they had dropped 1.3% from December to January. Considering how stable the seasonally adjusted MLS HPI tends to be, shifts this abrupt are exceedingly rare.
There have only been three other times in the last 20 years that have shared a sudden improvement or increase in the month-over-month percentage change from one month to the next of this size; all at various points in the last four years when demand was coming off the sidelines.
Its looking like February may end up being the last relatively uneventful month of the year as far as the 2024 housing story goes, said Shaun Cathcart, CREAs Senior Economist. With so much demand having piled up on the sidelines, the story will likely be less about the exact timing of interest rate cuts and more about how many homes come up for sale this year.
Home sales activity recorded over Canadian MLS Systems dipped 3.1% between January and February 2024, giving back some of the cumulative 12.7% increase in activity recorded in December 2023 and January 2024. That said, the general trend has been somewhat higher levels of activity over the last three months compared to a quiet fall market in 2023.
Source: https://stats.crea.ca/en-CA/
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