Mortgage Matters-November 28, 2024

Are you excited? Are you a Christmas person? As always we are coming to your inbox every month to provide you with the information you need to know!

Market Insights

Inflation ticket up slightly in October to 2.0%, which led to speculation on whether we would see another prime rate drop on December 11, 2024.

In the November 26, 2024 press release by the Bank of Canada Deputy Governor , Rhys Mendes states:

"Since then, data for October were released showing inflation at 2%, in line with our expectations. Our preferred measures of core inflation ticked up to about 2½%. We still have more information to come before our next rate decision in December, including third quarter gross domestic product data and the November employment numbers. We’ll be looking closely at those indicators and reviewing any other information we receive.

If the economy evolves broadly in line with our forecast, then it’s reasonable to expect further cuts to our policy rate. That said, the timing and pace of further cuts will be guided by incoming information and our assessment of its implications for the inflation outlook. We will be taking our monetary policy decisions one at a time."

I wouldn't be surprised if they hold the rate in December to see how the rate cuts to date have effected the economy. However, as we all know, it is a guessing game on what the Bank of Canada will do.

Fixed interest rates did not drop as expected and actually bumped up a bit since the October rate announcement. They are now coming down but not as quickly as we would like. The mortgage rates are based on bond yields. If yields over time show a downward trajectory it will be reflected in the mortgage rates. You can watch bond yields daily here.

Christmas Gratitude

Christmas is one of our favorite times of the year, our dear client. It's not because of the presents but of the time that we get to spend with the important people in our lives.

It's the time over dinner and waking up Christmas morning with the tree lit up and a moment of peace before the kids wake up and rush to the tree to see what Santa has left.

We want to share our joy of the season and bring a little Christmas Joy to you and your family. 

We are running a contest for a $150 Gift Card to a local business of your choice (grocery store, gas station, restaurant, store). Plus, you get a second gift card for $150 to give to someone that is important to you in your life, OR donate it to your favorite charity or organization!

Here is how you enter:

1. Reply back to this email with one thing you are grateful for plus the name and phone number of the person or charity you would like to give your second gift card to
2. Answer the Poll below

The random draw will be made December 15, 2024 which means the deadline to enter is December 14, 2025. 

Eek! So exciting! 

We Love Referrals and Reviews from Happy Clients!

The greatest gift we can receive is a referral from a happy client. If someone in your circle is talking about a mortgage, please pass on our name! And if you can take a couple of minutes to leave a review we would love that?