If you were unable to tune in for our Market Update live, watch the recording above.
Please click here and refer to the related tab of this article to access the slide deck.
In today’s meeting our CEO, Shubha Dasgupta, takes us through the weekly Market Update. He kicks off the meeting with rate updates for Prime Lenders and Alt Lenders. Shubha states that the Federal Budget was announced with the goals to protect buyers, curbing unfair practices that drive up prices, fighting homelessness and vulnerable people, combating veteran homelessness and supporting housing affordability for future generations.
There is a new tax-free first home savings account to allow first-time homebuyers to save up to $40,000. The start date is likely 2023 with an estimated $725M in support over 5 years. Flexibility in Federal Infrastructure programs to increase housing supply within Canada Community-Building Fund (combined with the Housing Accelerator fund it’s estimated that this will represent $43Bn in funding over the next 10 years).
Buyers, meanwhile, are detecting the first signs of softening prices. Mortgage rates are less attractive. As sentiment shifts, many are saying, “let’s wait and see.”
Social Media Content
Under the Federal Personal Information Protection and Electronic Documents Act and the proposed Federal Consumer Privacy Protection Act, all businesses, including mortgage brokerages and administrators, have obligations to protect specific personal client information. For example, personal data collected must be maintained securely and protected from personal loss, unauthorized access, and data theft.
If you suspect cyber fraud it is your responsibility to report it. Please contact your Principal Broker, Diana Jendrasch Diana@gopineapple.com immediately.