The Westlake Team

09/05/2024

he Bank of Canada has once again reduced the overnight policy rate by 25 basis points to 4.25%, a move that was widely anticipated by market participants. Below is our Chief Economist's perspective on what we can expect regarding interest rates as we approach the end of 2024 and throughout 2025...

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09/03/2024

Monthly Newsletter Summary:

Bank of Canada Rate Cuts: Initial cuts this summer didn't spur housing activity as expected, but more cuts could change the outlook.

New Listings Expected to Rise: Sellers may enter the market, hoping lower mortgage rates attract buyers.

Current Rates and Affordability: With the rate at 4.5%, home affordability remains a concern, but falling rates provide hope for potential buyers.

Market Dynamics: Home prices remain high, discouraging first-time buyers, while higher taxes and stress-test rates complicate the Fall market.

New Canadians Impact: A 46% influx of new Canadians in 2023 adds to housing demand.

Future Predictions: Rates are expected to continue falling, leading to increased housing activity by late this year.

Ongoing Homebuilding Resilience: Despite a soft resale market, homebuilding remains strong, particularly in multi-unit construction, but faces capacity pressures.

Labour Market Changes: Job vacancies are dropping, and unemployment is rising, especially among young workers.

Economic Outlook: Economic growth has slowed to around 1%, but inflation is easing without a recession.

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08/30/2024

Dr. Sherry Cooper's Rate Predictions and Scott's Strategies on How to Implement Mortgage Solutions for Your Benefi🏡📈

Dr. Sherry Coopers perspective on rate trends Canada's economy grew a bit more than expected in the second quarter, but falling per-capita gross domestic product and softening household consumption assure the Bank of Canada that it will cut rates for a third consecutive meeting next week.

08/29/2024

Thank you for an incredible summer; as we transition into fall, we look forward to reconnecting and making the most of the exciting opportunities ahead!

As we approach the long-anticipated Labour Day weekend in Ontario, a time when many families embrace their final summer getaways, it’s an opportune moment to reflect on the season that has just passed and the exciting transitions ahead. Summer, with its sun-soaked days and leisurely evenings, offe...

08/21/2024

Today's good inflation news and weakening economic data suggest that the Bank of Canada will cut its overnight policy rate by another 25 bps on September 4. Additional monetary easing is also likely in October and December, continuing through much of next year, triggering a rebound in housing activity.

Inflation in Canada decelerated once again in July to its slowest pace in three years, assuring the central bank will cut rates for the third consecutive meeting on September 4. The US is also widely expected to begin easing monetary policy at its September confab.

08/15/2024

🏡 Discover valuable insights on leveraging today's housing market—let's connect and plan your real estate success! 📈 "

08/12/2024

Thrilled to announce that FC Funding has reached 1 BILLION in funded mortgages—thanks to our fantastic clients and partners for supporting our dedication to the Canadian real estate market through exceptional mortgage lending! 🎉🏡"

This achievement is a testament to the hard work and resilience of our entire team, especially in a challenging market. I am immensely grateful to our clients, ...

08/12/2024

Bottom Line

This is the only jobs report before the Bank of Canada meets again on September 4. Traders expect further rate cuts at the three remaining meetings this year.
Last week, weaker employment data in the US contributed to a selloff in global equities, as bonds rallied amid increased bets that the Federal Reserve will be forced to cut borrowing costs more deeply and quickly than previously expected.

The interconnectedness of the economies of the United States and Canada implies that any further weakening in the former is likely to permeate into the latter. This scenario affords Macklem the latitude to normalize borrowing costs without the concern of outpacing the Federal Reserve to a degree that could jeopardize the Canadian dollar.

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08/05/2024

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08/05/2024

Unlock the secrets to financial freedom and discover how recent interest rate cuts can impact your mortgage options in our latest newsletter—check it out for tips on saving money, boosting your purchasing power, and navigating the current housing market! 🏡💰✨

07/25/2024

Exciting updates from the Bank of Canada are reshaping the mortgage landscape, and I'm here to help you navigate these changes with confidence—ensuring you make the smartest decisions for your home financing goals. Stay informed and empowered! 🏡💰 "

07/17/2024

are variable mortgage rates the way to go?