Tag Archive for: Cost of living

Cost of living

One of the biggest obvious increases in the cost of living is the drastic increases to the price of gas. This effects almost everything else around us. This is carried over to increase the cost of shipping food and almost everything we use today. The jokes about needing a loan to buy gas is not so much of a joke anymore.

So while electric vehicles seem to be the logical solution. Not everyone is is a position to purchase one nor is the infrastructure or product available for the mass market shift that we really need right now. Maybe this will be a wake up call similar to the gas crisis of the early 70’s when the major car companies then shifted toward small and more fuel efficient vehicles.

Truthfully complaining about it does not do us any good. Those of us who live in urban area’s can shift towards public transportation, biking or walking to where we need to go. I have always believed that within ever problem is the seed of a greater benefit. In this case we just have to find the silver lining as currently it is not evident.

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

Cost of living

I drive a mid sized SUV, a Nissan Pathfinder to be exact. As I have 3 kids and a large dog, we needed the room. However this past weekend I filed it up and for the first time ever it cost me $117 to go from low fuel light to full. While not that long ago in the heigh of the pandemic it cost less than $50 to fill it.

It’s not just gas that is going up, food, new and used vehicles, clothes and what in all the headlines is the cost of real estate. While the April CPI index has not been released yet, I think it may be safe to say that we may be in for another month of high inflation. As a result the bank of Canada has been increasing the overnight lending rate which then increases the prime rate. The next meeting scheduled for June 1st will most likely bring another 50 basis points increase.

All these rate increases are supposed to curb spending, therefor reducing demand which brings down inflation. However a lot of the recent prices increases have been due to the pandemic which is still going strong and the war in Ukraine that shows no sign of stopping. So there is no guarantee that these measures will have their desired effect.

The first time in 10 years we have 5 year fixed mortgage rates above 4%. So if you like the stability that the fixed rate will provide then it will be perfect for you. For me I like the flexibility of the variable. Know your risks, and choose a product that will help you sleep easy at night.

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