AGENT LICENSE ID
M21003885
BROKERAGE LICENSE ID
10349
Susan Burke
Mortgage Agent - Level 2
Office:
Phone:
Email:
Address:
7676Woodbine Ave Suite 100, Markham, Ontario, L3R 2N2
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
BMO Investment Survey: Over Half of First Time Homebuyers Plan to Use First Home Savings Account (FHSA) to Buy a Home
Canadians increasingly aware of FHSA features and benefits.
Homebuyers divided over how mortgage rate changes will affect their ability to buy a home in the next two years.
23% of parents are expected to use the FHSA to help their children save for a home.
BMOs 15th annual Investment Survey reveals more than half (56%) of potential first-time homebuyers are planning to use the First Home Savings Account (FHSA) to help purchase their first home, up from 52% from 2023. The annual survey also finds the understanding of FHSAs is increasing and that parents are finding the FHSA an effective way to help their adult children save for a home.
Mind The Knowledge Gap
The FHSA knowledge gap is narrowing, with two fifths (40%) of Canadians indicating they have at least some knowledge of the account, up from 31% from last year. Nearly half (48%) of Gen Z are knowledgeable about the FHSAs features and benefits the highest among any age group.
A (Tax-Free) Gift That Keeps on Giving
The BMO Investment Survey also explores how families across generations may be using the FHSA as a financial gift for their children. Nearly a quarter (23%) of parents will likely use the FHSA to help their adult children save for their first home.
Younger parents are also more likely to use the FHSA to help their adult children save for a home, according to the surveys findings:
Millennial Parents: 42%
Gen Z Parents: 21%
Boomer Parents: 7%
It is encouraging to see that over half of prospective buyers plan to use the First Home Savings Account to save, and we want to see that number grow because the FHSA is such a powerful tool. Benefits including the ability to make tax-deducible contributions, tax-free growth of the investments and the ability to hold various investment types make this plan the most advantageous way to save for a home. It is like an RRSP and TFSA rolled into one for first-time homebuyers, said Nicole Ow, Vice President and Head, Retail Investments, BMO. For most, buying their first home will be part of a multi-year plan, involving several savings vehicles like the FHSA, RRSP withdrawals through the Home Buyers Plan, and may also involve multiple generations, with parents and grandparents contributing financially.
https://newsroom.bmo.com/2024-12-18-BMO-Investment-Survey-Over-Half-of-First-Time-Homebuyers-Plan-to-Use-First-Home-Savings-Account-FHSA-to-Buy-a-Home
Bank of Canada reduces policy rate by 50 basis points to 3¼%
The Bank of Canada today reduced its target for the overnight rate to 3%, with the Bank Rate at 3% and the deposit rate at 3%. The Bank is continuing its policy of balance sheet normalization.
The global economy is evolving largely as expected in the Banks October Monetary Policy Report (MPR). In the United States, the economy continues to show broad-based strength, with robust consumption and a solid labour market. US inflation has been holding steady, with some price pressures persisting. In the euro area, recent indicators point to weaker growth. In China, recent policy actions combined with strong exports are supporting growth, but household spending remains subdued. Global financial conditions have eased and the Canadian dollar has depreciated in the face of broad-based strength in the US dollar.
In Canada, the economy grew by 1% in the third quarter, somewhat below the Banks October projection, and the fourth quarter also looks weaker than projected. Third-quarter GDP growth was pulled down by business investment, inventories and exports. In contrast, consumer spending and housing activity both picked up, suggesting lower interest rates are beginning to boost household spending. Historical revisions to the National Accounts have increased the level of GDP over the past three years, largely reflecting higher investment and consumption. The unemployment rate rose to 6.8% in November as employment continued to grow more slowly than the labour force. Wage growth showed some signs of easing, but remains elevated relative to productivity.
https://www.bankofcanada.ca/2024/12/fad-press-release-2024-12-11/
3 essential healthy credit card habits
A credit card is only a benefit if you have a good relationship with your spending. Otherwise, your shiny new financial tool can quickly turn into a burden. How do you make sure that doesnt happen? Try these three key money habits.
1. Pay off your purchases
When you use your credit card to make purchases, youre then responsible for paying it off. Each month, youll receive a statement outlining how much youve spent on your card and how much you need to pay off. Paying off the entire balance each month will help you avoid costly interest charges, but if you cant afford that, at least make the minimum payment to prevent a ding on your credit score.
2. Manage your credit utilization ratio
Your credit cards limit is the maximum amount of debt you can carry at one time. Your limit will usually be between $1,000 and $10,000. You shouldnt spend right up to your credit cards limit, though. Getting too close to the limit will negatively affect your credit score due a calculation called your credit utilization ratio. Your credit utilization ratio is a measure of your credit card balance against your total credit limit. To maximize your credit score, keep your credit utilization ratio below 35%. For example, if you have a credit card with a $10,000 limit, try not to carry a balance higher than $3,500.
3. Choose the right credit limit
Choose a credit limit that accurately reflects your spending habits. If you only plan to use your credit card for occasional purchases and online shopping, a few thousand dollars should be enough. If you spend thousands of dollars per month on it, pick a higher credit limit to keep your credit utilization ratio in check. Be realistic about how youll pay it back, as well. If you know that you occasionally carry a credit card balance and incur interest charges, choose a smaller credit limit to minimize the monthly interest youll pay.
