Mortgage Minute - March 2023 ***Volume 51***

Sean Humphries - Mortgage Broker

Dominion Lending Centres - Edge Financial

sean@torontolending.ca
(647) 293-3128
https://seanhmortgages.ca/

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Foreclosure List in Greater Toronto Area

 

Power of Sales Toronto

Power of Sales Aurora

Power of Sales Barrie

Power of Sales Brampton

Power of Sales Clarington

Power of Sales Georgina

Power of Sales Hamilton

Power of Sales Innisfil

Power of Sales Kawartha Lakes

Power of Sales Markham

Power of Sales Milton

Power of Sales Mississauga

Power of Sales Newmarket

Power of Sales Oakville

Power of Sales Oshawa

Power of Sales Richmond Hill

Power of Sales Toronto

Power of Sales Vaughan

Power of Sales Whitby

Power of Sales Whitchurch-Stouffville



Should You Contribute to Your TFSA or RRSP in 2023?

 

The main benefit of an RRSP is the ability to defer taxes. This is because any contributions you make (18% of your 2022 income, subject to a maximum limit of $30,780) can be used to reduce your taxable income. Depending on your income bracket, this can result in significant savings.

A good reason to prioritize RRSP contributions is if you are currently in a high tax bracket.

Read the RSP Article



What's Happening with Rates?

 

The Bank of Canada is expected to maintain its current interest rate in April.

Canada's inflation rate continues to cool, with the February Consumer Price Index falling more than expected to 5.2% from 5.9% in January. While inflation has slowed in recent months, prices remain elevated, particularly in the food sector, where supply constraints and higher input costs continue to put upward pressure on grocery prices.

However, shelter costs have risen at a slower pace year-over-year for the third consecutive month, reflecting a general cooling of the housing market.  

It feels to me like the housing market is starting to pick up steam.  There is a sense of urgency with buyers to make offers before the market starts to accelerate this Spring.  

The steadiness of the Bank of Canada's interest rate policy decisions have given confidence to real estate buyers and sellers that the cost of their mortgage will not rise dramatically.  We can expect to see some positive news for the number of transactions that happen in March 2023.  Prices won't be at 2022 levels, but price appreciation will go up from previous months.  

Things are starting to break in the US, with three regional banks having failed this month.  This has caused the markets to anticipate more fear and panic.  The result is lower fixed rates as markets predict the Federal Reserve and Bank of Canada will need to reduce policy rates sooner rather than later.  

The Bank of Canada is no doubt pleased with Canada's relatively low inflation rate compared to other countries, and will likely remain in pause mode when they meet again in April.  I still don't think we will have any Bank of Canada policy rate reductions in 2023.  



Limited Seating Available - First-Time Homebuyer Webinar

 

I'm excited to invite you to an upcoming First-Time Homebuyer webinar that I'm hosting on Thursday April 20th at 7:00. This is a must-attend event for anyone considering purchasing their first home in the near future.

Space is very limited.  Click here to Secure your Seat Now

In this webinar, I will be reviewing the process of getting a mortgage in an easy to understand and accessible format. We'll also be discussing whether now is a good time to buy, how much the bank will lend, how much down payment you should have, and how much the closing costs, including Land Transfer Tax, will be.

We are limiting the number of seats to this event to allow for questions.  Click here to Register Now  Feel free to share with any friends or family. 

If you're not able to attend the webinar, no problem! You can book a meeting with me by booking a meeting in my calendar here: https://www.vyte.in/seanhmortgages/30

Don't miss out on this valuable opportunity to learn about the home buying process and get your questions answered. Register now to reserve your seat!



BNN Bloomberg TV Appearance

 

I had the privilege of being a guest on BNN Bloomberg's The Close in January and February.  The first time I was in studio, and it was quite an experience.

The show is tape in the old Much Music building on Queen St. W, and yes the wheels are still spinning on the CityNews truck that is on the side of the building.

I got the opportunity to talk about the market and my predictions about interest rates and the real estate market.  

Check out my appearance from February. 



March Break Getaway

 

Over March break, my family and I had an amazing adventure exploring the sunny beaches and turquoise waters of the Caribbean. Our trip began with a couple of days in Cocoa Beach, Florida, where we lounged on the sand and enjoyed the beautiful ocean view. Then, we embarked on a 7-day cruise aboard the Norwegian Escape, visiting incredible destinations such as the Dominican Republic, US Virgin Islands, British Virgin Islands, and the Bahamas.

Our cruise began with a thrilling visit to the Damajagua waterfalls in the Dominican Republic, where we ziplined through the jungle and jumped off waterfalls. We also visited Saint Thomas, US Virgin Islands, where we took a gondola ride to the top of Paradise Point, and Tortola, British Virgin Islands, where we enjoyed a scenic ride through the countryside to a secluded beach.

In the Bahamas, we spent a relaxing day lounging on the beach and soaking up the sun. Back on the cruise ship, we enjoyed an entertaining show called "Choir of Man" that kept us laughing. Throughout the trip, we were amazed by the natural beauty and unique culture of each destination we visited.

Overall, the trip was an unforgettable experience, filled with adventure, relaxation, and quality time with family. We returned home feeling rejuvenated and grateful for the memories we made together.



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