Summary
In this training session, our CEO Shubha Dasgupta takes us through the weekly market update. He starts the meeting with rate updates for Prime and Alt Lenders. He highlights the rate percentage for insure, insurable, uninsured and rental. Inflation and the positive signs starting to emerge and what annual change has been happening in Canada were shared. The decline in employment is a labour concern; there has been a decline by 40k after 31k and 43k drops in June and July.
In relation to that, household debt is also rising, and the interest has doubled in a year. Having a conversation with clients to consolidate debts is super important. Real estate details, current market recap and what clients to focus on in today’s market were also discussed. Please refer to the related tab of this article to access the slide deck.
Resource Links
Inflation eased in July – what does it mean for next rate hike
How renting could financially damage a generation of young adults
Canada’s real estate bubble is so big households need 64% of their income for a mortgage
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Announcement
One of our priorities here at Pineapple is to ensure that you are all remaining compliant in your mortgage business. While we understand you may all have a different style of marketing/advertising your mortgage business, we are sending this email as a reminder that you are ensuring that you are keeping aligned with the mortgage industry public relations and advertising requirements as per the link.
Please take a moment to read the attached link to ensure that you are adhering to the Mortgages Brokerages, Lenders and Administrators Act 2006 (MBLAA) and its regulations.
Please reach out to Diana at diana@gopineapple.com if you have any questions.
Cheers,
Diana