Statistics Canada released the October Labour Force Survey this morning, reporting a slowdown in employment growth from the blockbuster pace of recent months. While some commentators were disappointed in the results, I have a more positive take. Canada returned its pre-pandemic level of employment in September ahead of the US and other G-7 countries. The resumption of a more normal pace of job gains was inevitable as we get closer to full employment.

Employment rose by 31,200 (+0.2%) in October, following a jump of 157,000 the month before. Indeed, job growth surged at an average monthly rate of 143,000 from June through September. That is not a sustainable pace of job gains but rather a reflection of the spike in hiring in the immediate aftermath of the lockdown. For example, hiring averaged 23,000 per month in the two years before the outbreak of COVID.

Employment increases in several industries, including retail trade, were offset by declines elsewhere, including accommodation and food services. Employment rose in Ontario and New Brunswick, while it fell in Manitoba and Saskatchewan. Declines in self-employment offset Gains among paid employees.The number of employed people working less than half their usual hours fell 9.7% (-100,000) in October and remained 117,000 higher (+14.5%) than in February 2020. Total hours worked were up 1.0% in October and were 0.6% below their pre-pandemic level.

Among people of core working age (25 to 54 years), employment rose by 53,000 (+0.4%) in October, with all the gains in full-time work. 

Angela Calla is a 17-year award-winning woman of influence which sets her apart from the rest. She is without a doubt, a true expert in her field. 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 August of 2020, at the young age of 37, Angela surpassed $1 Billion dollars in funded personal 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. 

Can I afford my payments comfortably today?

Taking a look at where we are today will help us prepare for inflation and protect you from being vulnerable. You may be able to modify your payment or find savings within a budget review.

Can I afford to increase my payments now even if rates do not go up?

We always recommend tacking on inflation by making small periodic increases to avoid future payment shock and protect your equity to empower you.

Am I living pay check to pay check?

If you are, maybe this is because of debt outside of your mortgage, breaking your mortgage early to pay out that debt can save you hundred or thousands of dollars per month and turn the tables for you to invest more into your own retirement instead of debt effectively.

Is there a remote possibility I need to break my mortgage term in the next 1-5 years?

The truth is, 4/10 people break their mortgages early, which is why the VRM is SO attractive since you will only pay 3 months interest. People say life is variable so your mortgage should be too.

Does my mortgage keep me up at night?

We all have an emotional connection to the decisions we make financially. Having the best mortgage means you feel confident in your decision as you were educated about the options available, had the power of choice by an unbiased party, and you’ll know you made the best decision for your family. Sometimes, the lender you have your mortgage with will vary greatly in penalties. With a variable rate, you can always lock in, however, there is a cost of security and it’s usually a higher penalty in most cases – if you need to break early.

We are here to help you determine what makes most sense for you. Contact us at 604-802-3983 or Email us and we will help you navigate the current rate market.

Angela Calla is a 17-year award-winning woman of influence which sets her apart from the rest. She is without a doubt, a true expert in her field. 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 August of 2020, at the young age of 37, Angela surpassed $1 Billion dollars in funded personal 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 Province of BC is in the process on introducing new legislation that requires “cooling off” periods for resale properties and newly built homes.

The introduction of a “cooling off” period for all purchase transactions would mean the end of non-subject offers. Non-subject offers have been extremely common in this insanely competitive real estate market and ultimately puts buyers at great risk. This could be a good sign if we see legislation passed in 2022.

What you need to know about this

• I do not suspect this will result in a reduction of house prices. I do however, believe this will give buyers with less than a 20 percent down payment, the ability to do their due diligence with an appraisal and inspection
• Already in force for pre-sale units
• Other provinces in the the country (Quebec) have similar legislation
• A rescission period for other large purchases like cars, insurance, and other financial sectors are in place to allow consumers to have a due diligence period.

Official Press Release

Global News Link

While this addresses people in the market to purchase – fixed rates are on the rise. If you are looking for a Pre approval or have a renewal in 2022, the time to secure your rate with us is now.

Angela Calla is a 17-year award-winning woman of influence which sets her apart from the rest. She is without a doubt, a true expert in her field. 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 August of 2020, at the young age of 37, Angela surpassed $1 Billion dollars in funded personal 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. 

Government of BC | Ministry of Municipal Affairs | Tuesday, October 26, 2021

People in B.C. communities will benefit from legislative amendments that give local governments more powers to simplify and speed up their development approvals processes, helping to get the homes people need built faster.

“We are working with local governments, the development sector and housing advocates to streamline local development processes to help get more homes built faster for people,” said Josie Osborne, Minister of Municipal Affairs. “By updating public hearing and certain permit requirements, we are giving local governments more tools to deliver the housing that communities need throughout B.C. This is one important step in the work all orders of government must do to meet housing needs for people in our communities.”

Increasing housing supply is a priority for the Province and these amendments are an important step in that ongoing effort. The amendments will update the Local Government Act to:

• remove the default requirement for local governments to hold public hearings for zoning bylaw amendments that are consistent with the official community plan; and
• enable local governments to delegate decisions on minor development variance permits to staff.

These changes will support local governments to move forward more efficiently on developments, bypassing barriers and speeding up housing approvals. They were identified during consultation with local governments, housing providers and builders, and other stakeholders as part of the Province’s Development Approvals Process Review. These changes will also build on the work of the Local Government Development Approvals Program that is providing $15 million to help local governments create more efficient approvals processes.

“B.C. local governments have been seeking improvements to streamline development approval processes,” said Laurey-Anne Roodenburg, president, Union of BC Municipalities. “These amendments to the current legislation provide new options that align with recommendations in UBCM’s housing strategy, maintain local government flexibility, and will be welcomed by many UBCM members. We will continue to work with the government to seek further improvements to the development approval process.”

To ensure transparency, the proposed amendment for public hearings requires local governments to provide public notice of the rezoning bylaw before the bylaw is considered at first reading by a municipal council or regional district board.

The proposed legislation also makes amendments to streamline the Islands Trust development approvals processes by enabling local trust committees to adopt and amend Development Approval Information bylaws. As well, the Province is proposing changes that will support the City of Powell River’s economic development objectives by removing city-owned lots from the designated mill site area to allow for further development of those lands and support community planning.

This update was first published on The Tri-Cities Chamber of Commerce

Angela Calla is a 17-year award-winning woman of influence which sets her apart from the rest. She is without a doubt, a true expert in her field. 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 August of 2020, at the young age of 37, Angela surpassed $1 Billion dollars in funded personal 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. 

A new study from Royal LePage has found that homeowners who can afford 20% down payments are much better off in the long run than renters.

In fact, buying a home in Canada with an uninsured mortgage puts homeowners ahead of renters in 91% of cases analyzed.

“Canadians strongly value homeownership for many reasons. Not only is it a great source of pride, it is likely the largest and most significant financial investment most people will ever make,” Karen Yolevski, chief operating officer of Royal LePage Real Estate Services Ltd., said. “Historically, homeownership has been very profitable for Canadians, many of whom have factored their real estate investments into their retirement planning. Owning a home is widely viewed as a means to save money and build equity.”

The Royal LePage-sponsored study was conducted by Will Dunning, an economist and housing market analyst who analyzed 278 scenarios based on city and housing type and took into consideration historical data and future projections. Dunning ultimately determined that owning is a better future prospect than renting.

Despite monthly ownership costs being greater than rental expenses, a mortgage’s principal payment component is a form of saving because it is not a true cost. Moreover, interest payments on the mortgage are greatest in the first month but gradually decrease over the life of the mortgage.

In 253 out of the study’s 278 cases analyzed, the net cost of owning a home, which was calculated by taking the total cost of ownership and subtracting the savings through principal repayment, was lower than rent—the report referred to it as the “ownership advantage,” which was $769 less a month in Q2-2021 than renting. In the 9% of cases in which renting came out on top, albeit only by $245, the ownership homes were in the luxury segment.

“For many people, buying a home—especially the first—is a landmark event and one of the most challenging decisions we’ll make in our lives,” Dunning, president of Will Dunning Inc., said. “It is a decision that is usually based on a lot of hard work. This research tests a belief that is held by a lot of Canadians, that owning is better financially than renting. And, it finds that this belief is very often correct.”

This article was first published on Canadian Real Estate Magazine 

Angela Calla is a 17-year award-winning woman of influence which sets her apart from the rest. She is without a doubt, a true expert in her field. 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 August of 2020, at the young age of 37, Angela surpassed $1 Billion dollars in funded personal 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 latest Bank of Canada announcement brought some new changes to the market. We’ll attempt to answer some of the pressing questions people may have regarding these latest updates. 

Why are 5 year fixed rates going up?

This is a result of the banks halting the purchase of bonds.  Prior to the latest updates, the rates were artificially low as the banks were buying them to increase liquidity in the market.

Does this impact Variable rates?

No, Variable rates are based on Prime rates which is stable at the moment. However, these rates are expected to rise in 2022.

Are lenders worried that once the rates start rising, people will foreclosure?

No, since B20 mortgage changes in qualifications, people are qualifying at a rate 2% higher. This means they were qualified in anticipation of day rates having to rise.

What does this mean if you are taking a mortgage today?

Fixed rates and Variable rates are still very low.

The spread between taking a fixed and variable will continue to deepen meaning if you take a variable, increase your payments to get the benefits and take away any concerns of payment shock in future.

Remember, there is still a lot of uncertainly in the market, while there is no questions rates are on the rise, the jury is still out for how long or how high with uncertainty being the theme of our future which generally keeps rates low.

Have a solid mortgage plan that gives you the confidence and security in you investment is key, one that has a consistent plan to modify payment with inflation regardless to your selected rate choice.

It’s a great time to review your mortgage, if you or a loved one have,

• a renewal coming up or,
• want to access equity to buy another property,
• do renovations,
• get rid of credit card and line of credit debt to increase your cashflow or,
• going through a life stage change (retirement or separation),

We are here to help you, just a phone call/email away.

Angela Calla is a 17-year award-winning woman of influence which sets her apart from the rest. She is without a doubt, a true expert in her field. 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 August of 2020, at the young age of 37, Angela surpassed $1 Billion dollars in funded personal 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 Bank of Canada today held its target for the overnight rate at the effective lower bound of ¼ percent, with the Bank Rate at ½ percent and the deposit rate at ¼ percent. The Bank’s extraordinary forward guidance on the path for the overnight rate is being maintained. The Bank is ending quantitative easing (QE) and moving into the reinvestment phase, during which it will purchase Government of Canada bonds solely to replace maturing bonds.

The global economic recovery from the COVID-19 pandemic is progressing. Vaccines are proving highly effective against the virus, although their availability and distribution globally remain uneven and COVID variants pose risks to health and economic activity. In the face of strong global demand for goods, pandemic-related disruptions to production and transportation are constraining growth.  Inflation rates have increased in many countries, boosted by these supply bottlenecks and by higher energy prices. While bond yields have risen in recent weeks, financial conditions remain accommodative and continue to support economic activity.

The Bank projects global GDP will grow by 6½ percent in 2021 – a strong pace but less than projected in the July Monetary Policy Report (MPR) – and by 4¼ percent in 2022 and about 3½ percent in 2023.

In Canada, robust economic growth has resumed, following a pause in the second quarter. Strong employment gains in recent months were concentrated in hard-to-distance sectors and among workers most affected by lockdowns. This has significantly reduced the very uneven impact of the pandemic on workers. As the economy reopens, it is taking time for workers to find the right jobs and for employers to hire people with the right skills. This is contributing to labour shortages in certain sectors, even as slack remains in the overall labour market.

The Bank now forecasts Canada’s economy will grow by 5 percent this year before moderating to 4¼ percent in 2022 and 3¾ percent in 2023. Demand is expected to be supported by strong consumption and business investment, and a rebound in exports as the US economy continues to recover. Housing activity has moderated, but is expected to remain elevated. On the supply side, shortages of manufacturing inputs, transportation bottlenecks, and difficulties in matching jobs to workers are limiting the economy’s productive capacity. Although the impact and persistence of these supply factors are hard to quantify, the output gap is likely to be narrower than the Bank had forecast in July.

The recent increase in CPI inflation was anticipated in July, but the main forces pushing up prices – higher energy prices and pandemic-related supply bottlenecks – now appear to be stronger and more persistent than expected. Core measures of inflation have also risen, but by less than the CPI. The Bank now expects CPI inflation to be elevated into next year, and ease back to around the 2 percent target by late 2022. The Bank is closely watching inflation expectations and labour costs to ensure that the temporary forces pushing up prices do not become embedded in ongoing inflation.

The Governing Council judges that in view of ongoing excess capacity, the economy continues to require considerable monetary policy support. We remain committed to holding the policy interest rate at the effective lower bound until economic slack is absorbed so that the 2 percent inflation target is sustainably achieved. In the Bank’s projection, this happens sometime in the middle quarters of 2022. In light of the progress made in the economic recovery, the Governing Council has decided to end quantitative easing and keep its overall holdings of Government of Canada bonds roughly constant.

We will continue to provide the appropriate degree of monetary policy stimulus to support the recovery and achieve the inflation target.

This article was first published on the Bank of Canada website.

Angela Calla is a 17-year award-winning woman of influence which sets her apart from the rest. She is without a doubt, a true expert in her field. 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 August of 2020, at the young age of 37, Angela surpassed $1 Billion dollars in funded personal 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. 

Angela Calla is a 17-year award-winning woman of influence which sets her apart from the rest. She is without a doubt, a true expert in her field. 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 August of 2020, at the young age of 37, Angela surpassed $1 Billion dollars in funded personal 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. 

On October 14, 2021, Mortgage Professionals Canada hosted its national conference featuring presentations by several industry leaders. During the Lenders’ Panel, First National’s President and Chief Operating Officer Jason Ellis provided his thoughts on the mortgage market, planned government policy changes to improve affordability, and lessons learned during the pandemic. Here are some of Jason’s comments.

Despite the unpredictable nature of the pandemic, First National experienced record mortgage volumes thanks to the support of Canada’s mortgage brokers. Our intention is to finish 2021 in a strong fashion, build on this momentum in 2022 and work tirelessly to provide broker service.

First National expanded Excalibur’s markets in the past 18 months but generally chose to focus on execution rather than new product introductions. This was intentional and allowed the company to bring its full attention to originating, underwriting and servicing mortgages.

First National recruited a record number of new team members throughout the pandemic. This expansion helps the company meet the demands of growth. Going forward, the emphasis will be on immersing our newest team members in First National’s service-oriented culture. “digital by design”

There has been a notable increase in mortgage prepayments since the pandemic began as single-family borrowers refinance to take advantage of low mortgage rates. First National’s mortgages under administration have definitely grown in any event, but perhaps not as much one would expect based on record origination volumes.

A plan by the newly elected federal government to extend mortgage default insurance eligibility to homes worth $1.25 million – from the current level of $1 million –  is critically important. Doing so will allow more Canadians to access insurance and reintroduce critical regions of the country into the default insurer’s book thereby diversifying risk for Canadian taxpayers.

Allowing longer mortgage amortizations would be a simple and effective policy tool to use in the quest to make home ownership more accessible. Since longer amortizations make it easier for borrowers to cover their monthly mortgage payments, First National is supportive of the idea. Another policy change – shared equity – has not resonated with Canadians so far and probably won’t. It remains to be seen how effective a proposed ban on blind bidding would be in quelling price increases.

It will be necessary for governments to find a way to make ownership for first-time buyers accessible without further stoking home prices. This will be a difficult balancing act.

It’s important for all governments to coordinate their approach to housing supply and affordability. Municipalities have to be sensitive to community concerns about housing intensification, but a not-in-my backyard approach presents a threat to broader public policy goals set by senior levels of government.

In today’s frothy market, buyers need to be aware that the appraisal value of the home they are bidding on may be below the price they end up paying. In these situations, borrowers will need a financing back-up plan.

Home buyers should be encouraged to undertake home inspections before buying. Often, in a race to outbid others, home buyers (especially first-time home buyers) overlook this form of due diligence and encounter unexpected problems.

Angela Calla is a 17-year award-winning woman of influence which sets her apart from the rest. She is without a doubt, a true expert in her field. 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 August of 2020, at the young age of 37, Angela surpassed $1 Billion dollars in funded personal 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. 

This article was published on US News