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39 of Canada’s top finance managers share their diverse opinions on the influx of foreign money use to buy real estate

19 said Ottawa should intervene with new policy’s, 16 believe further federal action would worsen the problem, and 4 would caution the government to be careful when consider all options.  Canada’s big 5 banks are watching very closely and some taking a more conservative approach during this unique market.  

CMHC has released a quarterly report which seems to mirror the predictions of CREA. 

Both expect home sales to slow down overall in 2017, largely due to reduced affordability in BC and ON.  They forecast resales to rise just 0.4% and national average price increase of 1.1% to $482,500.  CMHC continues to keep a close watch on home prices due to concerns of overvaluation in Vancouver, Calgary, Toronto, and Montreal. 

To no surprise, the Bank of Canada maintained its overnight rate at ½ percent

The current stance on monetary policy is still appropriate according the BOC.  Oil price shock is still being felt but Q1 results were as predicted.  Q2 is expected to take GDP hit of 1 ¼ percent due to the devastating wild fires in Fort McMurray.    The great news is that Q3 is presumed to rebound once oil production normalizes.

40,000 New Job Creations in Canada

March saw a spike in job growth across US and Canada in many sectors.  40,000 new job creations in Canada and a dip to the unemployment rate of 7.1%.  The US added 215,000 jobs with a current jobless rate of 5%. 

Despite this growth, manufacturing suffered significant job loss across both countries.  29,000 lost in states and 32,000 in Canada.  These figures alone add to the probability of a slow and long economic recovery. 

Please don’t hesitate to call/txt your mortgage professionals, Jared or Tanner with any questions.  Have a super week and enjoy the sunshine!

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Kelly and Greg came to us looking to lower their monthly payments. They are now debt free, with the exception of their mortgage, and using the $971 monthly savings to invest in their family's future.

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