In this training session, 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. He highlights that Fisgrad halts residential construction loans and that their bundle program at 90% is temporarily on hold due to the current market value conditions and the comfort level of their lender partners. Canada’s inflation is at 7.7%, which is the highest since 1983.
In regards to how high the Bank of Canada can go, Brown states “We forecast a 10 percent correction based on the Bank of Canada hiking it’s policy rate to 2.5 percent If the bank hikes further than that – which looks increasingly likely – then the price decline could be in the region of 15 – 20 percent”. Home sales recorded over MLS declined by 8.6% between April and may 2022. This built on a larger drop from April leaving monthly activity in pre-covid levels of 2019 and slightly above the 10 year average. 30% of 18-34 year old new Canadians and 23% of university educated new Canadians say they are likely to move to another country in the next 2 years.
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IMPORTANT – E&O Insurance Renewal
It’s that time again! It’s time to renew our Errors & Omissions insurance.
*There is nothing for you to do on your end. This will be automatically deducted from your credit card or pending commissions in the coming weeks.
Please note that on average, E&O insurance has gone up in our industry for this coming year by 20%. But we are very fortunate to advise you that our insurance hasn’t increased in price; therefore, each agent will be charged the same as last year, which will be $380 for coverage from July 1, 2022 – July 1, 2023.
We will begin collection of these fees this week.
We will deduct the insurance in 2 ways:
1. Deduct from deal commissions. We will invoice your payroll account if you have current commissions pending.
2. Pay by credit card (Visa and MasterCard accepted). We will use the credit card on file in the agent portal if no commissions are pending
- Coverage period is July 1, 2022 – July 1, 2023
- $380 will be invoiced one time for the year
- You do NOT need to be a member of any industry association to get this pricing
- To hold an FSRA license, you must have E&O insurance at all times, whether you are doing business or not, without exception
If you have any questions, please don’t hesitate to contact Diana or your Broker Owner.