The Bank of Canada Hiked Rates The Full 50 BPS

The Governing Council of the Bank of Canada raised its target for the overnight policy rate by 50 basis points today to 4.25% and signalled that the Council would “consider whether the policy interest rate needs to rise further to bring supply and demand back into balance and return inflation to target.” This is more dovish language than in earlier actions where they asserted that rates would need to rise further. Some have interpreted this new press release to imply that the Bank of Canada will now pause or pivot. I disagree.

I expect there will be additional rate hikes next year, but they will be more measured and not on every decision date. I also feel that the Bank will refrain from cutting the policy rate until 2024.

The Bank told us today that the “longer that consumers and businesses expect inflation to be above the target, the greater the risk that elevated inflation becomes entrenched.”  CPI inflation remained at 6.9% in October, “with many of the goods and services Canadians regularly buy showing large price increases. Measures of core inflation remain around 5%. Three-month rates of change in core inflation have come down, an early indicator that price pressures may be losing momentum. However, inflation is still too high, and short-term inflation expectations remain elevated.”

The economy remains in excess demand, and the labour market is very tight. The jobless rate in November fell to 5.1%, and job vacancies increased in September. Wage inflation came in at 5.6% y/y in November for the second consecutive month, marking six straight months of wage inflation above 5%. While headline and core inflation have moderated from their recent peaks, they exceed the 2% target by a large measure. 

The Bank will monitor incoming data, especially regarding the overheated labour market where the jobless rate is at historic lows. Housing has slowed sharply in recent months, but as long as labour markets are tight, a slowdown in other sectors will be muted. The Bank now says it expects the economy “to stall” in the current quarter and the first half of next year.

Bottom Line

This will likely be the last oversized rate hike this cycle. The Governing Council next meets on January 25. Whether they raise rates will be data-dependent. If they do, it will likely be by 25 bps. Even if they pause at that meeting, it does not rule out additional moves later in the year if excess demand persists. I expect further monetary tightening, the continued bear market in equities, and a further correction in house prices. 

Canadian benchmark home prices are already down nearly 10% nationwide. Several chartered banks told us this week that more than 25% of the remaining amortizations for their residential mortgages are 35 years and more. At renewal, these institutions expect to grant mortgages amortized at 25 years, which implies a substantial rise in monthly payments. That may well be three or four years away, but clearly, many households could be pinched unless mortgage rates plunge in the interim. I do not see the policy rate falling to its pre-Covid level of 1.75% over that period because inflation back then was less than 2%, an improbable circumstance as we advance. Although supply constraints may be easing, globalization has peaked. Semiconductors produced in the US will not be as cheap, and many rents, prices, and wages will be very sticky

This article is courtesy of the Sherry Cooper Assoc.

Angela Calla is an 18-year award-winning woman of influence which sets her apart from the rest. Alongside her team, Angela passionately assists mortgage holders in acquiring the best possible mortgage. Through her presence on “The Mortgage Show” and through her best-selling book “The Mortgage Code“, Angela educates prospective home buyers by providing vital information on mortgages. In light of this, her success awarded her with the 2020Business Leader of the Year Award.

Angela is a frequent go-to source for media and publishers across the country. For media interviews, speaking inquiries, or personal mortgage assistance, please contact Angela at hello@countoncalla.ca or at 604-802-3983.

Click here to view the latest news on our blog. 

With the recent inflation and rising prices occurring across the country, it is time to take control of your finances. One of the quickest ways to understand where your money is going and where you can make changes, is to create a monthly budget.

This will help you get a snapshot of your income compared to your spending, and provides an avenue to review all of your outgoing costs and helps you make changes to increase your monthly cashflow – or just feel less stressed!

Step 1: Calculate Your Income
The very first step to creating any budget is determining your income – knowing exactly how much money you bring in is important to understanding what you have available to spend. Remember to focus on NET INCOME versus gross salary, as budgeting for more than you can afford will lead to overspending.

Step 2: Track Your Spending
Once you have determined your income, you will want to take a look at your spending. Reviewing and categorizing all your monthly bills can help you breakdown exactly where your money goes and make some priorities to mark where changes can be made. To start, first list out your fixed expenses – these are things like car payments, loans, rent or mortgage costs that do not change on a monthly basis. Next, you will want to take a look at your variable expenses – things like groceries, gas, entertainment, etc. and determine your average spend. This is typically the area where people are able to cut back.

Step 3: Set Realistic Goals
Realistic goals are vital for long-lasting financial health. It is important to determine what you cannot live without and where you can cut costs or scale back on spending. Ideally, when it comes to your monthly budget, you want to consider the 50/30/20 rule, which applies the following:

• 50% of your spending is for NEEDS such as rent or mortgage payments, car payments, utilities and groceries
• 30% of your income goes to WANTS such as shopping, vacations, streaming services, etc.
• 20% of your income goes to SAVINGS OR DEBT such as emergency funds, retirement, child’s education and/or credit card payments

Step 4: Make a Plan
Once you have your goals set, you can now make a plan to tackle your financial position and ensure a healthy cashflow each month. For some, setting realistic spending limits for each category works well. For others, taking a look at the importance of their expenses and re-prioritizing can free up funds.

Step 5: Adjust Your Spending
Now that you have determined how much money you bring in per month and what you spend it on, you can take a look at adjusting your spending to ensure you remain on budget. Taking a realistic look at your wants is a great place to cut out frivolous spending beyond a reasonable amount. This is also a great time to review your fixed expenses. Perhaps you can save money by getting a better interest rate on your mortgage or changing the payment schedule for your loan. Be sure to connect with a me before making any changes to your mortgage!

Step 6: Stay on Track
Tracking your budget on a monthly basis is important to catch any changes in your spending habits. As well, it is a good idea to conduct an annual review and take into account any increase in expenses or wages that may require shifts in your overall plan.

As well, our team has associates that can sit down and help you with a budget analysis. If you would like an introduction, feel free to reach out to our team at angela@countoncalla.ca.

Remember: A healthy budget is key to financial freedom and comfort.

This article is from the DLC December newsletter.

Angela Calla is an 18-year award-winning woman of influence which sets her apart from the rest. Alongside her team, Angela passionately assists mortgage holders in acquiring the best possible mortgage. Through her presence on “The Mortgage Show” and through her best-selling book “The Mortgage Code“, Angela educates prospective home buyers by providing vital information on mortgages. In light of this, her success awarded her with the 2020Business Leader of the Year Award.

Angela is a frequent go-to source for media and publishers across the country. For media interviews, speaking inquiries, or personal mortgage assistance, please contact Angela at hello@countoncalla.ca or at 604-802-3983.

Click here to view the latest news on our blog. 

TORONTO–(BUSINESS WIRE)–Home Capital Group Inc. (“Home Capital” or the “Company”) (TSX: HCG) today announced that it has entered into a definitive agreement (the “Arrangement Agreement”) to be acquired by a wholly-owned subsidiary (the “Purchaser”) of Smith Financial Corporation (“SFC”), a company controlled by Stephen Smith. Under the terms of the Arrangement Agreement, subject to shareholder and other customary approvals, the Purchaser will acquire the issued and outstanding common shares of Home Capital that SFC does not already own for $44.00 in cash per share (the “Purchase Price”), subject to increase as described below (the “Transaction”).

The Purchase Price represents a 63% premium to the closing price, and a 72% premium to the volume weighted average trading price for the 20 days ending, on November 18, 2022 on the Toronto Stock Exchange. The Transaction values the equity of the Company at approximately $1.7 billion.

Alan Hibben, Chair of the Board of Directors of Home Capital, commented “The Board, together with our financial and legal advisors, conducted a thorough review of the proposal from SFC and concluded that the Transaction is in the best interests of the Company and fair, from a financial point of view, to shareholders. We are pleased to have reached an agreement that provides shareholders with compelling and certain value in the form of an all-cash offer.”

Yousry Bissada, President and CEO of the Company, added, “This Transaction represents tangible recognition of the value and strength of our organization. We look forward to this exciting new chapter for Home Capital.”

“With its talented workforce, diversified presence across Canada, trusted positions as a lender and deposit-taker and 36-year operating history, Home Capital is a strategic asset,” said Mr. Smith. “Having followed the development of the business for three decades, I can attest to Home Capital’s strong partnerships with mortgage brokers and great customer relationships. I’m also impressed with the direction the Company has taken to build quality assets and enduring advantages in its chosen industry segments. I look forward to owning another business with a bright future.”

Transaction Details

The Transaction will be implemented by way of a court-approved plan of arrangement under the Business Corporations Act (Ontario) and will require the approval of 66 2/3% of the votes cast by Home Capital shareholders at a special meeting. In addition, the Transaction is subject to the receipt of court approval, regulatory approvals and other customary closing conditions for transactions of this nature. The Transaction is not subject to a financing condition and SFC, which currently owns approximately 9.1% of the issued and outstanding common shares of the Company, has provided a full and unconditional guarantee in favor of Home Capital with respect to the obligations of the Purchaser under the Arrangement Agreement.

The Arrangement Agreement includes a go-shop period extending until December 30, 2022 (the “Go-Shop Period”), during which Home Capital, with the assistance of its financial advisors, will be permitted to actively solicit, evaluate and enter into negotiations with third parties that express an interest in acquiring the Company. Following expiry of the Go-Shop Period, the Company will be subject to customary non-solicitation covenants with “fiduciary out” provisions. If, subject to a “right to match” in favour of the Purchaser, the Company terminates the Arrangement Agreement to accept a Superior Proposal (as defined in the Arrangement Agreement) during, or within five business days following the expiry of, the Go-Shop Period, a $25 million termination fee is payable by the Company to the Purchaser. If, subject to a “right to match” in favour of the Purchaser, the Company terminates the Arrangement Agreement to accept a Superior Proposal more than five business days after the expiry of the Go-Shop Period, a $50 million termination fee is payable by the Company to the Purchaser. There can be no assurance that a Superior Proposal will be made as a result of the go-shop process or otherwise.

The Transaction is subject to the receipt of regulatory approvals under the Bank Act (Canada), the Trust and Loan Companies Act (Canada) and the Competition Act (Canada). A reverse termination fee of $60 million is payable by the Purchaser to the Company if the required regulatory approvals are not obtained on or before the outside date specified in the Arrangement Agreement, currently November 20, 2023, but which may be extended by up to an additional 90 days in certain circumstances.

The Transaction is expected to close in mid-2023. If the Transaction closes on or after May 20, 2023, the Purchase Price will be increased by an amount equal to $0.00273973 per share in cash per day up to and including the day prior to the closing of the Arrangement (equivalent to approximately $0.25 per share for every three-month delay beyond May 20, 2023).

Home Capital intends to continue paying its regular quarterly cash dividends of $0.15 per share in the ordinary course.

The foregoing summary is qualified in its entirety by the provisions of the Arrangement Agreement, a copy of which will be filed on SEDAR at www.sedar.com. Home Capital will mail a management information circular to its shareholders in connection with the special meeting to consider and vote on the Transaction, a copy of which will also be filed on SEDAR at www.sedar.com.

Board Recommendation and Fairness Opinions

Home Capital’s board of directors unanimously approved the Arrangement Agreement and, in consultation with its financial and legal advisors, has determined that the Transaction is in the best interest of Home Capital and is fair to its shareholders. The board unanimously recommends that Home Capital shareholders vote in favour of the Transaction. Home Capital’s directors and senior officers have entered into voting support agreements with the Purchaser pursuant to which, among other things, they have agreed to vote all of the common shares owned or controlled by them in favour of the Transaction.

Each of BMO Capital Markets, TD Securities and Deloitte LLP has provided an opinion to the board that, as of the date thereof and subject to the various assumptions, limitations and qualifications set forth therein, the consideration to be received by the shareholders of Home Capital, other than the Purchaser and its affiliates, pursuant to the Transaction is fair, from a financial point of view, to such shareholders.

Advisors

BMO Capital Markets and TD Securities are acting as Home Capital’s financial advisors and Deloitte LLP, as independent financial advisor, has provided a fairness opinion to Home Capital’s board of directors. Home Capital’s legal advisors are Torys LLP.

RBC Capital Markets is acting as financial advisor to SFC and the Purchaser and their legal advisors are Stikeman Elliott LLP.

This article is courtesy of Business Wire

Angela Calla is an 18-year award-winning woman of influence which sets her apart from the rest. Alongside her team, Angela passionately assists mortgage holders in acquiring the best possible mortgage. Through her presence on “The Mortgage Show” and through her best-selling book “The Mortgage Code“, Angela educates prospective home buyers by providing vital information on mortgages. In light of this, her success awarded her with the 2020Business Leader of the Year Award.

Angela is a frequent go-to source for media and publishers across the country. For media interviews, speaking inquiries, or personal mortgage assistance, please contact Angela at hello@countoncalla.ca or at 604-802-3983.

Click here to view the latest news on our blog. 

In an increasingly complex world, the Financial Post should be the first place you look for answers. Our FP Answers initiative puts readers in the driver’s seat: you submit questions and our reporters find answers not just for you, but for all our readers. Today, we answer a question about the Bank of Canada‘s balance sheet.

Watch the entire segment on the Financial Post

Angela Calla is an 18-year award-winning woman of influence which sets her apart from the rest. Alongside her team, Angela passionately assists mortgage holders in acquiring the best possible mortgage. Through her presence on “The Mortgage Show” and through her best-selling book “The Mortgage Code“, Angela educates prospective home buyers by providing vital information on mortgages. In light of this, her success awarded her with the 2020Business Leader of the Year Award.

Angela is a frequent go-to source for media and publishers across the country. For media interviews, speaking inquiries, or personal mortgage assistance, please contact Angela at hello@countoncalla.ca or at 604-802-3983.

Click here to view the latest news on our blog. 

Royal Bank of Canada has agreed to buy the Canadian arm of multinational bank HSBC for $13.5 billion in cash.

RBC chief executive Dave McKay said the deal offers the opportunity to add a complementary business and client base.

“This also positions us as the bank of choice for commercial clients with international needs, newcomers to Canada and affluent clients who need global banking and wealth management capabilities,” McKay said in a statement Tuesday.

“It will help us better serve global clients looking to invest and grow in Canada.”

130 branches in Canada

“The deal makes strategic sense for both parties, and RBC will take the business to the next level,” HSBC Group chief executive Noel Quinn said in a statement.

“Our group strategy is unchanged, and closing this transaction will free up additional capital to invest in growing our core businesses and to return to shareholders.”

The Canadian arm of British-based HSBC has been up for sale this year because the parent company has been facing pressure from its largest shareholder, China’s Ping An Insurance Group, to boost returns.

At more than $13 billion, the price tag makes the deal the most expensive one ever for a Canadian bank buying another Canadian-based bank, although the so-called Big Five routinely spend more than that on foreign acquisitions.

HSBC has had operations in Canada since 1981 and currently has approximately 130 branches, 4,200 employees, serving roughly 780,000 customers in Canada.

According to its most recent quarterly report, HSBC Canada had $125 billion worth of assets as of the end of June, and posted an operating income of more than $1.1 billion in the first half of this year. HSBC has about two per cent of all the bank deposits and mortgages in Canada.

Carl De Souza, an analyst with ratings agency DBRS Morningstar says a major appeal of HSBC for Royal Bank is that the brand is so well known around the world. With Canada’s immigration targets set to ramp up in the coming years, that gives RBC a leg up on all those new clients.

“The proposed acquisition does provide the bank with the opportunity to be the bank of choice for newcomers as well as commercial clients with international needs,” he said in an interview. “They do see a huge opportunity for newcomers.”

The deal is expected to close next year, pending regulatory and shareholder approval.

Because of the size of the merger, it needs the OK of numerous government agencies, including the Competition Bureau, the Office of the Superintendent of Financial Institutions and the Department of Finance.

“In assessing a transaction, the minister of finance may take into account such factors as the rights and interests of consumers and business customers; the impact of the transaction on the level of competition in the sector; its consequences for the stability and integrity of the financial sector and public confidence in it,” the department said in a statement.

This article is courtesy of CBC.

Angela Calla is an 18-year award-winning woman of influence which sets her apart from the rest. Alongside her team, Angela passionately assists mortgage holders in acquiring the best possible mortgage. Through her presence on “The Mortgage Show” and through her best-selling book “The Mortgage Code“, Angela educates prospective home buyers by providing vital information on mortgages. In light of this, her success awarded her with the 2020Business Leader of the Year Award.

Angela is a frequent go-to source for media and publishers across the country. For media interviews, speaking inquiries, or personal mortgage assistance, please contact Angela at hello@countoncalla.ca or at 604-802-3983.

Click here to view the latest news on our blog. 

The holidays are coming up! As much as these celebrations bring us joy and harmony, they can also bring us stress. This is particularly true when it comes to your finances!

However, don’t lose hope that this will be another draining year on your pocketbook. In fact, with a little planning, there are a few ways you can make sure your holidays are stress and credit-free.

• Determine Your Holiday Goals: Are you looking to plan an extravagant black-tie party or have a more low-key celebration? Maybe you just want to hang out with lots of family and friends and enjoy some good food? Or maybe you usually get away and are finding yourself homebound this year. No matter how you normally spend your holidays, sharing your thoughts with family will help determine your goals and come to a decision that works for everyone!
• Create a Budget: Once you have decided your expectations and goals for the holiday, it is time to create your budget. A little planning can go a long way to creating a credit-free holiday, and will help you spread out the costs. The first step is to create a list of everything you need, from individual gifts to decorations to baking ingredients and meal items to clothing!
• Start Now: Early planning can make all the difference when it comes to the holidays. Instead of lumping your entire budget into a couple paychecks, try keeping an eye out for gift ideas and cute decor all year long. While it may be too late this year, it could be a good strategy to try for 2023! Starting early will help reduce stress and give you more opportunities to scoop up incredible deals throughout the year, which means you can spread your budget even farther!
• Manage Your Expectations: Did you find the holidays refreshing last year, or were they somewhat draining and you’re still trying to figure out how to pay off your credit card bills? If you are someone that wants your holidays to be energizing and provide that feeling of togetherness, there is more to it than just spending money. Once you decide your expectations, it becomes easier to work towards things that create that result.
• Accept Help: While I know many of us try to do everything during the holidays so our families can just enjoy themselves, it is important to remember that the holidays are a time when we are supposed to support each other, and celebrate together! If you are hosting a dinner this year, don’t be afraid to ask your family to bring appetizers or drinks. If you are buying gifts for friends, set a limit or challenge everyone to make something by hand! Homemade gifts can often feel more special and it creates a fun exchange for you and your friends. There are many incredible ways to reduce stress and help get others involved so that the holiday is perfect for everyone.

The holiday is YOURS, so make sure you spend it whichever way brings you the most joy – and the least amount of stress on your pocketbook.

This article is from the DLC November Newsletter

Angela Calla is an 18-year award-winning woman of influence which sets her apart from the rest. Alongside her team, Angela passionately assists mortgage holders in acquiring the best possible mortgage. Through her presence on “The Mortgage Show” and through her best-selling book “The Mortgage Code“, Angela educates prospective home buyers by providing vital information on mortgages. In light of this, her success awarded her with the 2020Business Leader of the Year Award.

Angela is a frequent go-to source for media and publishers across the country. For media interviews, speaking inquiries, or personal mortgage assistance, please contact Angela at hello@countoncalla.ca or at 604-802-3983.

Click here to view the latest news on our blog. 

Probably no secret that I am a fan of Sagen Mortgage Insurance, the HOAP program has helped many of my clients during hard times. House fires, floods, divorce, you name it. They were the first competitor to CMHC and that helped reduce premiums for all Canadians.

Sagen released last week that they would allow extending amortizations back out to the 40 yr mark within reason of course and just down to 39%GDS.  Glad to see there is some uncommon common sense in times that are this unusual.

My prediction is that while it is not fully advertised many banks and other insurers will follow.

If you would like to read more about it, here is a PDF from Sagen themselves outlining the changes in more detail: BDL-EN_Sagen-Lender-Update-Supporting-Homeowners-Impacted-by-Rising-Interest-Rates

Angela Calla is an 18-year award-winning woman of influence which sets her apart from the rest. Alongside her team, Angela passionately assists mortgage holders in acquiring the best possible mortgage. Through her presence on “The Mortgage Show” and through her best-selling book “The Mortgage Code“, Angela educates prospective home buyers by providing vital information on mortgages. In light of this, her success awarded her with the 2020Business Leader of the Year Award.

Angela is a frequent go-to source for media and publishers across the country. For media interviews, speaking inquiries, or personal mortgage assistance, please contact Angela at hello@countoncalla.ca or at 604-802-3983.

Click here to view the latest news on our blog. 

BC’s government introduced new legislation Monday to tackle the housing crisis under recently sworn-in Premier David Eby.

Among the proposed new rules is a prohibition on strata rules against renting, meant to free up 300,000 units in stratas that forbid renting.

“It is simply unacceptable that in British Columbia someone is searching for a home to rent on Craigslist and can’t find one, while somebody who owns a condo is not permitted to rent to that individual,” Eby said.

Once the bill is approved in the legislature, it will become effective immediately — enabling all condo owners to rent their unit, regardless of former strata rules. In the case of problem renters, the new rules allow a strata corporation to issue an eviction notice in place of the landlord.

Stratas will still be able to restrict short-term rentals of less than 30 days.

“Every housing unit [should] be used to its maximum potential,” Eby said. “We need to bring those homes onto the market for British Columbians to rent.”

The Condominium Home Owner’s Association of BC wasn’t a fan of the new legislation, saying it could make quality of life worse for residents of condo buildings.

“The Strata Property Act does not permit a strata corporation to screen tenants. They are at the mercy of whoever landlords accept as tenants.” Tony Gioventu, CHOA executive director, said in a statement.

Eby also wants to end age-related strata rules, so that residents who have children won’t need to move due to stratas forbidding residents under 19. Seniors-only housing is the only exception, with stratas still allowed to limit buildings for people 55+.

In a second bill, Eby outlines rules for cities to issue reports on housing needs every five years which would include binding targets. If municipalities fail to meet their targets, the provincial government would have the power to step in and amend zoning bylaws or issue permits.

“Our housing supply is not keeping up,” Eby said, saying British Columbians aren’t able to achieve their vision of moving out from their parents’ house to rent, and one day buying a home.

The new housing rules are part of a proposed legislation package tabled Monday and will need approval from the legislature before they become law.

Absent from the legislation package are a proposed flipping tax and an amendment to allow secondary rental suites, which Eby mentioned during the NDP leadership race.

When asked about it during a news conference in Victoria, Eby said delivering on all promises takes time and he wanted to begin making progress by abolishing rental restrictions and introducing housing reports.

This article is courtesy of Daily Hive Vancouver

Angela Calla is an 18-year award-winning woman of influence which sets her apart from the rest. Alongside her team, Angela passionately assists mortgage holders in acquiring the best possible mortgage. Through her presence on “The Mortgage Show” and through her best-selling book “The Mortgage Code“, Angela educates prospective home buyers by providing vital information on mortgages. In light of this, her success awarded her with the 2020 Business Leader of the Year Award.

Angela is a frequent go-to source for media and publishers across the country. For media interviews, speaking inquiries, or personal mortgage assistance, please contact Angela at hello@countoncalla.ca or at 604-802-3983.

Click here to view the latest news on our blog. 

Bank of Canada will not be happy with this inflation report

Not only did the headline CPI inflation rate stall at 6.9% last month, but the core CPI numbers remain stubbornly high. Food inflation–a highly visible component–edged down slightly. Still, prices for food purchased from stores (+11.0%) continued to increase faster year over year than the all-items CPI for the eleventh consecutive month. Bonds fell on the news, with Canada’s two-year yield rising to 3.877% at 8:43 a.m. Ottawa time, about 3.5 basis points (bps) higher than its level before the data release. The yield on 5-year Government of Canada bonds spiked temporarily on the release of these disappointing inflation data. This was in direct contrast to the US, which posted a better-than-expected inflation reading for October last week.

Less than two weeks after a stronger-than-expected jobs report, the inflation numbers continue to show the economy in overheated territory. Bank of Canada Governor Tiff Macklem has said that rates will need to continue to rise further while acknowledging the end of this tightening cycle is near.

Traders are pricing at least a 25 basis-point increase at the next policy decision on Dec. 7, with a 50-50 chance of a half percentage point hike. The central bank has increased borrowing costs by 3.5 percentage points since March, bringing the benchmark overnight lending rate to 3.75%.

A significant factor in the Bank’s decision process is the continued rise in wage inflation to a 5.6% annual pace in October. If inflation expectations remain robust, wage-price spiralling becomes a real threat.

Bottom Line

Price pressures might have peaked, but today’s data release will not be welcome news for the Bank of Canada. There is no evidence that core inflation is moderating despite the housing and consumer spending slowdown. The average of the Bank’s favourite measure of core inflation remains stuck at 5.3%. The central bank slowed reduced its rate hike at the October 26th meeting to 50 bps, and while some traders are betting the hike in December will be 25 bps, there is at least an even chance that the Governing Council will opt for an overnight policy target of 4.25%. 

Inflation is still way above the Bank’s 2%-target level. Ultimately, it will take a higher peak interest rate to break the back of inflation. I expect the policy target to peak at about 4.5% in early 2023 and to remain at that level for an extended period despite triggering a mild recession in early 2023.

This article is courtesy of the Sherry Cooper Article

Angela Calla is an 18-year award-winning woman of influence which sets her apart from the rest. Alongside her team, Angela passionately assists mortgage holders in acquiring the best possible mortgage. Through her presence on “The Mortgage Show” and through her best-selling book “The Mortgage Code“, Angela educates prospective home buyers by providing vital information on mortgages. In light of this, her success awarded her with the 2020Business Leader of the Year Award.

Angela is a frequent go-to source for media and publishers across the country. For media interviews, speaking inquiries, or personal mortgage assistance, please contact Angela at hello@countoncalla.ca or at 604-802-3983.

Click here to view the latest news on our blog. 

As outlined in the City of Burnaby’s housing strategy, laneway homes are smaller additional homes built in the backyard of the main house, facing the road and running behind the property.

A draft program recommendations report is slated to be presented in late 2022 and subject to council approval, residents will be able to apply for a laneway home building permit by Spring 2023.

You can read the full article HERE:

Angela Calla is an 18-year award-winning woman of influence which sets her apart from the rest. Alongside her team, Angela passionately assists mortgage holders in acquiring the best possible mortgage. Through her presence on “The Mortgage Show” and through her best-selling book “The Mortgage Code“, Angela educates prospective home buyers by providing vital information on mortgages. In light of this, her success awarded her with the 2020Business Leader of the Year Award.

Angela is a frequent go-to source for media and publishers across the country. For media interviews, speaking inquiries, or personal mortgage assistance, please contact Angela at hello@countoncalla.ca or at 604-802-3983.

Click here to view the latest news on our blog.