Orange Shirt Day
  
Today I am grateful to be able to live and work on the traditional territory of the Katzie First Nation and Kwantlen First Nation. It was Orange Shirt Day in honour of the Indigenous of our country who were forced to attend a residential school. It especially hits home for me because the building that was used for the Kamloops residential school at the epicentre of this awakening was eventually converted into a daycare that my daughter attended.
As we move through our daily lives and go from one day to the next solving the problems that occur along the way, it is important that we not forget those that were here before us and have lived on this land for centuries. We have a wonderful province and country and we thank the Indigenous people who cared for and shaped these lands long before we arrived. May we continue the path of reconciliation and the pursuit of truth through open-hearted learning, dialogue and social justice
30yr amortization Insured (<20% down) Mortgages for New Builds
Wow what a flurry of upgrades our govt has been giving the mortgage rules lately. Here's the 1st of the 4 in this Newsletter:
Effective August 1st, 2024, the Department of Finance started to allow homeowners purchasing a newly built property and who meet First Time Home Buyer (FTHB) criteria, the option of a 30 year amortization for insured mortgages.
Deputy Prime Minister Chrystia Freeland touted the changes as a chance to "restore generational fairness" for younger people trying to break into the housing market.
Read More About the 30 yr am
Following Bank of Canada rate cut, Macklem says it’s “reasonable” to expect more
At the beginning of September, The Bank of Canada announced a quarter-point cut to its overnight target rate, reducing it to 4.50%, and hinted that further reductions may follow if inflation trends positively. This rate is now 50 basis points below its previous peak of 5.00%. Governor Tiff Macklem suggested that additional cuts could occur depending on the inflation trajectory, emphasizing a cautious, data-driven approach. Despite easing price pressures overall, specific sectors like shelter and certain services continue to exert upward pressure on inflation.
Fast-forward to Sept 17th, Canada’s inflation rate came in at 2.0%. Lower than market consensus and lower than the 2.2% pre-pandemic. As indicated, Canada had a prime rate of 3.95% pre-pandemic with a lower unemployment rate and a higher inflation rate. This news may very well set the stage for some more aggressive rate cuts in the near future. Perhaps a 0.50% drop just like the US Federal Reserve did? We just have to wait and see the results of their October 23rd meeting. Please note that the overnight rate directly affects variable rates not fixed.
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