MBMM Newsletter - November 1, 2022

Mike Morisset - Mortgage Broker

Mortgages by Mike Morisset

mike@mbmm.ca
(778) 240-6641
http://www.mbmm.ca

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Foreclosures

 

Nov 2022 Abbotsford Attached
Nov 2022 Abbotsford Detached
Nov 2022 BC North Attached
Nov 2022 BC North Detached1
Nov 2022 BC North Detached2
Nov 2022 Burnaby Attached
Nov 2022 Burnaby Detached
Nov 2022 Chilliwack Detached
Nov 2022 Coquitlam Detached
Nov 2022 Langley Detached
Nov 2022 Mission Detached
Nov 2022 New Westminster Attached
Nov 2022 New Westminster Detached
Nov 2022 Okanagan
Nov 2022 Pitt Ridge Detached
Nov 2022 Richmond Attached
Nov 2022 Richmond Detached
Nov 2022 Shuswap
Nov 2022 Surrey Attached
Nov 2022 Surrey Detached
Nov 2022 Vancouver East Attached
Nov 2022 Vancouver East Detached
Nov 2022 Vancouver West Attached
Nov 2022 Vancouver West Detached
Nov 2022 West Vancouver Detached

Above is my final list of foreclosures.  They're located in the Lower Mainland and beyond.

There are some great deals to be had for either your own home or as a rental property.  Check them out at the links above.



Time is Money - An Interest Rate Comparison

 

Yes, it now costs that much more to borrow money in Canada.

This means with the same parameters, buyers are qualifying for less and paying more for the mortgages they are able to get. However, it’s not all bad news heading into the final stretch of 2022.

The good news is that the Bank of Canada’s latest Policy Rate increase reflects a more balanced approach, and for good reason. With a recession looming, it’s time for our government to ease up on economic intervention in favour of respecting the Canadian citizens who will carry the burden of downstream effects for years to come.



Prime Up 0.5%, What to Expect Moving Forward?

 

Last week's Bank of Canada rate increase of 0.5% was no surprise and we expect another increase at the next meeting on December 7th resulting in another jump.  Although this is creating some short term pain for many homeowners, the expectation is that, as inflation decreases, rates will follow suit.  In fact, we expect to see rates to start to soften by 2024.  There is a lot of talk of a recession on the horizon and this would also be a catalyst for rate decreases. 

Obviously, there are still several challenges with the economy, including ongoing supply chain issues, labour shortages, increasing rent costs, housing shortages, and now increasing interest rates.  The light at the end of the tunnel is that, because the Bank of Canada is being so aggressive with their rate increases now, it will prevent a massive spike in rates as was seen in the 1980's.  By taking on the short term pain of higher rates now, inflation is being "nipped in the bud", if you will.  We do not expect rate decreases through 2023, and by 2024 it will be a whole new conversation as the economy should be able to handle some rate drops.

If you have questions about your current mortgage, please call or email.  We are here to help no matter the economic season.



Be One Basket Initiative Is A Success~!

 

The non-profit enterprise we are involved in was recently invited to the Willowbrook Mall for 2 weeks on Willoway next to the entrance of The Bay. It was the first time we have sold our baskets and candles publicly. It was an awesome 2 weeks of talking to many people and having huge success selling the baskets and gifts! We will be launching our e-commerce website where ALL sales go directly to helping community groups here and in the developing world. 

If you are looking for a beautiful gift, that truly gives back - check out beefunbaskets.com!



Remembrance Day

 

This year as we draw closer to Remembrance Day, let us make sure we really do think of and remember those brave men and women who courageously sacrificed so much for our freedom.



Winterizing your home

 

With the changing of the seasons, it can be a good time to take stock of your home and ensure you are ready for the colder weather.

To help you feel more comfortable, save on bills and prevent future repair costs, there are some simple things you can do to prepare for the coming season. 

Tending to minor problems yourself, or booking a professional now, will save you time and aggravation later when poor weather makes it harder to tackle home maintenance jobs.

Service Your Heat Source: Before Winter starts, be sure to have a professional check and clean your heat sources. You should have your chimney cleaned out if using wood heat or make sure to update your oil heater’s filters and service gas furnaces regularly.

Check Your Pipes: Checking pipe joints for leaks that could cause rot and damage will save you trouble in the future. Repair any cracks you find, especially those around electrical outlets and alarm system lines. You can also consider foam pipe insulation, which is fairly easy to install and could help prevent energy loss and potential water damage from frozen pipes.

Mind the Gaps: Search exterior window frames, doors and siding for cracks and gaps where water could get in. Doors and windows commonly have gaps that let cold in and heat out. Some will be easy to fill or fix yourself but could save you money and damage down the line!

Insulation is Key! On a snowy day go outside and look at your roof; you should see snow on the roof. If you can see your roof that means the attic is not insulated well and heat is escaping and melting the snow. If this is the case, you will want to have it repaired and packed to ensure you are not losing excess heat during the winter months.

Create a Storm Kit: A storm kit is a handy source of essential items in the event of losing power. Consider what you and your family might need, such as a flashlight with new batteries, candles, matches, a portable radio, water and snacks. Keep your kit somewhere easy to access!



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