Why The New Government Mortgage Rule Changes STINK, Win A $25 Gift Card, My Neighbourhood Watch Duo, and more...

Dan Caird - Mortgage Agent, Level 2

Dominion Lending

dan@dancaird.com
(905) 213-1475
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Bank of Canada Holds Key Interest Rate At 5%, Says Things Moving In Right Direction

Jenna Benchetrit · CBC News · Posted: Apr 10, 2024 6:49 AM PDT 

The Bank of Canada has held its key interest rate at five per cent for the sixth consecutive time since July, saying it will look for signs that slowing inflation is sustained before moving on rate cuts.

The central bank said that inflation is still too high, but noted that core inflation measures — which strip out volatile sectors like food and energy — have trended downward in recent months.

"I realize that what most Canadians want to know is when we will lower our policy interest rate. What do we need to see to be convinced it's time to cut?" Bank of Canada governor Tiff Macklem said during a news conference following the announcement.

"The short answer is we are seeing what we need to see, but we need to see it for longer to be confident that progress toward price stability will be sustained. The further decline we've seen in core inflation is very recent. We need to be assured this is not just a temporary dip."

Macklem said that a rate cut in June is "within the realm of possibilities."

While inflation cooled to 2.8 per cent in February, with price growth slowing across goods, food, clothing and services, high rent and mortgage interest costs continue to drive up the overall inflation rate.

The bank expects inflation will move closer to its two per cent target this year, and that it will reach it in 2025. The bank also expects solid GDP growth this year and in 2025, due to population growth and increased household spending.

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My Opinion On Why The New Government Mortgage Rule Changes STINK!

 

Click HERE to hear why I think the new government changes to the mortgage rules really stink.



Our Neighbourhood Watch Duo!

 

With the nicer weather here lately, Roger and Vienna have been enjoying being the new self-appointed neighbourhood watch duo. 



Be Like Sally!

 

Can you guess why Sally was approved and Lisa was not?

Click HERE to watch the video and find out the answer. 



Top 10 Public Transit Cities

 

The North American culture is heavily dependent on personal vehicles for transportation.

Yet, there are cities where the majority of its citizens take public transit.

Starting in 10th place to 1st place, the top 10 public transit systems in the world are:

Hong Kong, Tokyo, Singapore, New York, Seoul, Paris, Madrid, London (mind the gap), Shanghai, and Berlin.



Win A $25 Gift Card To Use Wherever You Want!

 

Congratulations to Benjamin Deeter for winning the last challenge and the $25 Guusto gift card. Benjamin sent over the correct answer within seconds of me sending the newsletter out!

The last newsletter's question was, "If you make an extra payment towards your mortgage, how much of that payment goes towards the principal, and how much goes towards interest"?

A) It all goes to principle minus 1/12 of the annual interest amount.

B) 100% of the extra payment goes to the principal.

C) Half of the payment goes to the principal, and half goes to the interest.

The answer was B, 100% of the extra payment goes to the principal.

This newsletter's challenge question:

Making regular bi-weekly mortgage payments instead of monthly payments will reduce the time it takes to pay off your mortgage by over three years. 

A) TRUE

B) FALSE

Criteria to WIN the $25 Guusto gift card:

1) Be the first person to answer the question below accurately (text or email me your answer so I can use the time stamp to determine the winner—the competition is fierce).
2) Share my newsletter to your social media (there is an option to "share this newsletter" at the top of the newsletter).



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