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My Rates

6 Months 3.34%
1 Year 3.29%
2 Years 3.09%
3 Years 3.19%
4 Years 3.19%
5 Years 2.94%
7 Years 3.09%
10 Years 3.54%
6 Months Open 6.70%
1 Year Open 4.45%
*Rates subject to change and OAC
AGENT LICENSE ID
M15001458
BROKERAGE LICENSE ID
11108
Sydney Thomas Mortgage Agent

Sydney Thomas

Mortgage Agent


Email:
Address:
100 Consilium Place Suite 203, Toronto, Toronto, Ontario

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HELPING YOU OWN YOUR HOME NOT JUST A MORTGAGE

 
How would you like to:
 
 Take Control of your Interest Costs
 
 Pay off a 25 or 30 year mortgage in an average of 8 -12 years.
 
 Cancel up to 75% of your interest owed to the bank.
 
 Build a rainy day emergency fund.
 
 Build Equity in your home up to 5 times faster.
 
 Start building your retirement fund.
 
 Live an enhanced lifestyle
 
Please contact me so that I can work with you to help achieve what it is you desire from your financial future.

BLOG / NEWS Updates

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

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