Canadians with variable rate mortgages are anxiously awaiting a week of data that could determine whether the Bank of Canada will raise interest rates. The latest inflation numbers, consumer mood and economic performance data should set policy decisions that dictate the rest of the year. Analysts expect inflation numbers to show a sharp deceleration, but economists say the bank needs to see economic growth slow further as evidence of the kind of progress the bank is looking for.
All this talk means that economists are predicting another 25 basis points increase when the Bank of Canada meets next on July 12th. While the amount and the size of the increases have slowed recently, we really need the economic data to show sharp declines in inflation and economic growth before these are going to stop.
We all need to do our part and cut back our spending. The only live once attitude will only get you further in debt and prolong the inevitable economic downturn that all the economists have been predicting. Living for today is great in so many ways except for properly planning for your financial future and that of the economy as a whole.
Today I am thankful for the cooler night after a very hot day, saving today so that we can have a much brighter tomorrow and clients who call first thing on Monday morning.
I look forward to hearing from you in regard to your mortgage needs.
p.s.s- I should tell you that I am licensed in Nova Scotia Brokerage (2022-3000179) Broker (2022-3000180), Ontario(M18001555) & in British Columbia(BCFSA #504098).
p.s.s.s You can download my new mortgage app here