Nip it in the bud

The first sign of any unwanted behaviour it’s best to nip it in the bud, or put a stop to it before it gets out of control. You notice that your pants don’t fit right anymore, don’t wait till you need a whole new wardrobe, do something about it now. Suddenly having too much month left at the end of your money, do something about it now before it gets out of control. Weeds taking over your garden, nip them in the bud before they have a chance to take over.

Some pundits ( arm chair economists) says that the Bank of Canada reacted too late to the rising inflation and should have acted earlier by increasing the overnight lending rate much sooner that it did. The BOC actually started increasing the rates right around the time that the inflation started to get out of control.

The CPI (consumer price index) numbers averaged in the 4% range right up until January of 2022 when it crept over 5% for the first time. It has since gone from 5.1 in January to 5.7% in February and 6.7 & 6.8 in March & April when the BOC took action by increasing rates. While the numbers for May have not come out yet they are predicting it to remain high again and thus almost guaranteeing another rate increase when the next BOC meets in July. So the number speak for themselves and I don’t think they waited too long, but who knows how long it’s going to last before it starts to come back down again.

I look forward to hearing from you in regard to your mortgage needs.

Patrick

p.s- You can click on this link to start the process whenever you are ready. Schedule your meeting with me here.

p.s.s- I should tell you that I am licensed in Nova Scotia Brokerage (2021-3000179) Broker (2021-3000180), Ontario(M18001555) & in British Columbia(BCFSA #504098).

p.s.s.s You can download my new mortgage app here