Update - Blog - The Westlake Team

Ottawa to Allow 30-year Amortizations for First Time Buyers' Mortgages on New Homes

By Scott WestlakeApril 12, 20240 comments

#FTHB #firsttimehomebuyer #mortgagenews #insuredmortgage #newbuild #marketupdate

Advocates are applauding Ottawa's decision to extend the amortization period on insured mortgages for specific homebuyers, viewing it as a positive step toward making homeownership more attainable. Finance Minister Chrystia Freeland announced the extension to 30 years for insured ...Read more...

Good News On the Inflation Front Suggests Policy Rates Have Peaked

By Scott WestlakeNovember 21, 20230 comments

#economicupdate #drsherrycooper #interestrates #boc

Today's inflation report showed a continued improvement, mainly due to falling year-over-year (y/y) gasoline prices. The October ...Read more...

Good News On the Inflation Front Suggests Policy Rates Have Peaked

By Scott WestlakeOctober 17, 20230 comments

#economicupdate #realestateprices #boC #housing #interestrates

Today's inflation report for September was considerably better than expected, ending the three-month rise in inflation. Not only did the headline inflation rate fall, but ...Read more...

Strong May Housing Triggered BoC Rate Hike

By Scott WestlakeJune 16, 20230 comments

#economicupdate #realestateprices #boC #housing #interestrates

The Canadian Real Estate Association says home sales in May rose 5.1% month-over-month (m/m), adding to the 11.1% gain in April. This brought the year-over-year sales gain to 1.4%, ...Read more...

Housing Market Could Be Poised For A Spring Rebound

By Scott WestlakeMarch 16, 20230 comments

#housing #interestrates #housingtrends #ecoomicupdate

The Canadian Real Estate Association says home sales in February bounced 2.3% from the previous month. Homeowners and buyers were comforted by the guidance from the Bank of Canada ...Read more...

US Policymakers Take Emergency Action To Protect Depositors At Failed Banks

By Scott WestlakeMarch 15, 20230 comments

#economicupdate #realestateprices #boC #USAmarket #SVB #interestrates

Silicon Valley Bank (SVP) had a sterling reputation among the many tech start-ups it helped to finance. What brought SVB down was an old-fashioned bank run set off in 2021 by a series ...Read more...

Canadian Labour Market Jeopardizes Rate Pause

By Scott WestlakeMarch 13, 20230 comments

#economicupdate #realestateprices #boC #jobs

Today's Labour Force Survey (LFS) for February was much stronger than expected, questioning how long the Bank of Canada's rate pause can last. Following the 150,000 ...Read more...

Why Are We Having So Many Mortgage Conversations

By Scott WestlakeFebruary 24, 20230 comments

#economicupdate #realestateprices

We are currently experiencing a large spike in conversations with clients and referral sources about mortgages, and there are several reasons why. Here are some of the main drivers of this trend: Home values in certain markets are down: Although rates may be higher, clients are buying ...Read more...

December Housing Data Ended 2022 on a Weak Note

By Scott WestlakeFebruary 15, 20230 comments

#housing #interestrates #housingtrends #ecoomicupdate

The Canadian Real Estate Association says home sales in January were the lowest for the month since 2009 and fell 37.1% from a year ago. The Canadian housing market has been sliding ...Read more...

Red Hot Labour Market Despite Rate Hikes

By Scott WestlakeFebruary 10, 20230 comments

#economicupdate #realestateprices #boC #jobs

Today's Labour Force Survey (LFS) for January was much stronger than expected, once again calling into question how long the Bank of Canada's rate pause will last. This report ...Read more...

Housing Softens Again in August

By Scott WestlakeSeptember 15, 20220 comments

#housingupdate #economicupdate

The full effects of the most recent rate hikes have not yet manifested. Statistics released today by the Canadian Real Estate Association (CREA) show that the slowdown that began ...Read more...

Gasoline Prices Dipped, But No Time To Celebrate

By Scott WestlakeAugust 17, 20220 comments

#economicupdate #sherrycooper #SW #TWT #DLC

While we are all grateful that gasoline prices declined from record highs in July, today's release of the July inflation data shows that the underlying inflation momentum remains ...Read more...

Housing Slowdown Continues in July

By Scott WestlakeAugust 16, 20220 comments

#economicupdate #sherrycooper #SW #TWT #DLC

Statistics released today by the Canadian Real Estate Association (CREA) show that the slowdown that began in March in response to higher interest rates continued in July, albeit ...Read more...

Finally, Some Good News on the Inflation Front

By Scott WestlakeAugust 11, 20220 comments

#inflation #economy #marketupdate #interestrates

It was widely expected that US consumer price inflation would decelerate in July, reflecting the decline in energy prices that peaked in early June. The US CPI was unchanged last ...Read more...

The Canadian Economy Is Slowing--Job Markets Will Begin To Shift

By Scott WestlakeAugust 7, 20220 comments

#economicupdate #boc #drsherrycooper #SW #TWT #DLC

The July employment report, released this morning by Statistics Canada, is a real head-scratcher. The job numbers fell for a second consecutive month, but so did the number of job ...Read more...

Canadian Inflation Surged to 8.1% in June

By Scott WestlakeJuly 22, 20220 comments

#inflation #economy #marketupdate #interestrates

Another bad inflation number was posted today. The rate of consumer inflation continued to rise, reaching 8.1% year over year (y/y) in June, following the 7.7% gain in May. The increase ...Read more...

A Super-Sized Rate Hike, Signalling More To Come

By Scott WestlakeJuly 15, 20220 comments

#economicupdate #sherrycooper #rateupdate #boc #variablerate #SW #TWT #DLC

The Governing Council of the Bank of Canada raised its target for the overnight policy rate by a full percentage point to 2-1/2%. The Bank is also continuing its policy of quantitative ...Read more...

Canadian Inflation Surged to 7.7% In May

By Scott WestlakeJune 23, 20220 comments

#inflation #economy #marketupdate #interestrates

Canada's consumer price index increased 7.7% in May from a year earlier, up from 6.8% in April, the fastest inflation pace since January 1983. The release confirms that ...Read more...

Canadian Inflation Shows No Signs Of Abating

By Scott WestlakeMay 19, 20220 comments

#economicupdate #sherrycooper #SW #TWT #DLC

Inflation at 6.8% is unmitigated bad news. The Bank of Canada looks flat-footed again, having forecast that Inflation would be at least a full percentage point lower by now. What's ...Read more...

Canadian Housing Market Feels The Pinch of Higher Rates

By Scott WestlakeMay 17, 20220 comments

#rateupdate #BoC #bankofCanada #housingsupply #supplyvsdemand

Statistics released today by the Canadian Real Estate Association (CREA) show that the slowdown that began in March in response to higher interest rates has broadened. In April, ...Read more...

Inflation Ticked Up Again in January

By Scott WestlakeFebruary 17, 20220 comments

#economicupdate #sherrycooper #SW #TWT #DLC

StatsCanada today reported that consumer price inflation rose to 5.1% from year-ago levels in January, compared to 4.8% in December. This was higher than expected but still well ...Read more...

Wanted: Home Sellers

By Scott WestlakeFebruary 17, 20220 comments

#economicupdate #sherrycooper #SW #TWT #DLC

Housing affordability remains a huge political issue, and with the Department of Finance working on the upcoming budget, no doubt measures to reduce home prices will be front and ...Read more...

No Wonder The Bank of Canada Didn't Hike Interest Rates Last Month

By Scott WestlakeFebruary 7, 20220 comments

#economicupdate #sherrycooper #SW #TWT #DLC #rateupdate #boc

Statistics Canada released the January Labour Force Survey this morning, reporting a much more extensive than expected decline in jobs last month. The Omicron shutdowns and restrictions ...Read more...

Bank Will Hike Rates At Next Meeting

By Scott WestlakeJanuary 26, 20220 comments

#economicupdate #sherrycooper #SW #TWT #DLC #rateupdate #boc

While markets were 70% certain the Bank would hike their overnight target rate today, we remained of the view that the Governing Council would hold off until March or April because ...Read more...

Mortgage Broker News - Housing Affordability Erodes Further With Record-Low Supply

By Scott WestlakeJanuary 17, 20220 comments

#economicupdate #boc #drsherrycooper #SW #TWT #DLC

To connect with Scott Westlake, scott@thewestlaketeam.com Housing affordability remains a huge political issue and with the Department of Finance working on the upcoming ...Read more...

Strong December Jobs Report in Canada. Another Strong Jobs Report In December

By Scott WestlakeJanuary 10, 20220 comments

#economicupdate #drsherrycooper #mortgagerates #August2021 #SW #TWT #DLC #scottwestlake

To connect with Scott Westlake scott@thewestlaketeam.com Article: Statistics Canada released the December Labour Force Survey this morning, reporting employment gains of 54,700 last month–double market expectations. The unemployment rate fell to 5.9% from the 6.0% rate ...Read more...

Housing Demand Outpaces Supply

By Scott WestlakeDecember 16, 20210 comments

#economicupdate #sherrycooper #SW #TWT #DLC

Today the Canadian Real Estate Association (CREA) released statistics showing national existing-home sales rose 0.6% in November following the whopping 8.6% surge the month ...Read more...

Federal Fiscal Update: Canada Has Weathered The Pandemic Storm Relatively Well

By Scott WestlakeDecember 15, 20210 comments

#economicupdate #sherrycooper #SW #TWT #DLC

Finance Minister Chrystia Freeland extolled the performance of the Canadian economy in response to the extraordinary support provided by the federal fiscal authorities and the Bank ...Read more...

Bank of Canada Leaves Expectations For 2022 Rate Hikes Intact

By Scott WestlakeDecember 9, 20210 comments

#economicupdate #sherrycooper #SW #TWT #DLC

The Bank of Canada decided to keep its target for the overnight rate at 0.25%, in line with forecasts and to maintain its forward guidance, which sees a rise in the overnight rate ...Read more...

Another Blockbuster Jobs Report in November

By Scott WestlakeDecember 4, 20210 comments

#economicupdate #drsherrycooper #mortgagerates #August2021 #SW #TWT #DLC #scottwestlake

Statistics Canada released the November Labour Force Survey this morning, reporting employment gains of 153,700 last month--four times bigger than expectations. The unemployment ...Read more...

Canadian Economy Bounced Back Sharply In Q3

By Scott WestlakeDecember 1, 20210 comments

#economicupdate #sherrycooper #SW #TWT #DLC

In line with the Bank of Canada's forecast, the economy rebounded sharply in the third quarter following the weak performance in Q2. Stats Canada announced this morning that GDP ...Read more...

Inflation Surge Is No Need For Hysteria

By Scott WestlakeNovember 18, 20210 comments

#economicupdate #sherrycooper #SW #TWT #DLC

StatsCanada today reported that consumer price inflation rose to 4.7% from year-ago levels in October, compared to 4.4% in September. This is in line with market expectations and ...Read more...

Home Sales Surge in October

By Scott WestlakeNovember 15, 20210 comments

#economicupdate #sherrycooper #SW #TWT #DLC

oday the Canadian Real Estate Association (CREA) released statistics showing national existing-home sales rose a whopping 8.6% in October, its most robust month-over-month ...Read more...

Bank of Canada RespondsTo Mounting Inflation: Ends QE and Hastens Timing of Rate Hike

By Scott WestlakeOctober 27, 20210 comments

#economicupdate #boc #drsherrycooper #SW #TWT #DLC

The Bank of Canada surprised markets today with a more hawkish stance on inflation and the economy. The Bank released its widely anticipated October Monetary Policy Report (MPR) ...Read more...

Prices are Rising Everywhere--Transitory Can Last A Long Time

By Scott WestlakeOctober 21, 20210 comments

#economicupdate #sherrycooper #SW #TWT #DLC

Today's release of the September Consumer Price Index (CPI) for Canada showed year-over-year (y/y) inflation rising from 4.1% in August to 4.4%, its highest level since ...Read more...

Canadian Home Prices Continued to Rise As Insufficient Supply Creates Excess Demand

By Scott WestlakeOctober 16, 20210 comments

#economicupdate #sherrycooper #SW #TWT #DLC

Today the Canadian Real Estate Association (CREA) released statistics showing national existing-home sales rose 0.9% between August and September 2021, posting the first ...Read more...

Blockbuster September Jobs Report--Further Fuel For Rising Interest Rates

By Scott WestlakeOctober 8, 20210 comments

#SW #TWT #DLC #marketupdate #jobs #interestrates

For more information on how this information impacts your next mortgage, connect with our team scott@thewestlaketeam.com Statistics Canada released the September Labour ...Read more...

Annual Inflation In August Rises to 4.1% in Canada--But Are We Close To The Peak?

By Scott WestlakeSeptember 16, 20210 comments

#economicupdate #sherrycooper #SW #TWT #DLC

Today's release of the August Consumer Price Index (CPI) for Canada posted another uptick in the year-over-year (y/y) inflation rate, but hidden in the details was some support for ...Read more...

August Employment Report Showed Continuing Recovery

By Scott WestlakeSeptember 14, 20210 comments

#economicupdate #sherrycooper #SW #TWT #DLC

This morning, Statistics Canada provided us with some much-needed good news on the economic front following last week's surprisingly dismal Q2 GDP report. Canada's labour market ...Read more...

Bank of Canada Responds To Weak Q2 Economy--Holding Policy Steady

By Scott WestlakeSeptember 9, 20210 comments

#economicupdate #sherrycooper #SW #TWT #DLC

As we await the quarterly economic forecast in next month's Monetary Policy Report, the Bank of Canada acknowledged that the Q2 GDP report, released last week, caught them off-guard. ...Read more...

The Bank of Canada’s Monetary Policy Report and its Impact on You.

By Scott WestlakeSeptember 1, 20210 comments

#economicupdate #sherrycooper #SW #TWT #DLC

The Bank of Canada (BoC) released its latest Monetary Policy Report (MPR), and the outlook is optimistic. With the economy re-opening, vaccinations on the rise, and supply chains finding relief from the bottleneck they’ve experienced, the future looks promising. What impact ...Read more...

Housing Dampened Economy in Q2

By Scott WestlakeAugust 31, 20210 comments

#economicupdate #drsherrycooper #mortgagerates #August2021 #SW #TWT #DLC #scottwestlake

For more information on how this article impacts your current or future mortgage needs, contact scott@thewestlaketeam.com This morning's Stats Canada release showed ...Read more...

Annual Inflation Hits 3.7% in Canada--A New Election Issue

By Scott WestlakeAugust 19, 20210 comments

#economicupdate #sherrycooper #SW #TWT #DLC

This morning's Stats Canada release showed that the July CPI surged to a 3.7% year-over-year pace, well above the 3.1% pace recorded in June. This is now the fourth consecutive month ...Read more...

Canada's Jobs Recovery Continued in July

By Scott WestlakeAugust 7, 20210 comments

#economicupdate #drsherrycooper #mortgagerates #June2021 #SW #TWT #DLC #scottwestlake

Canada’s labour market continued its recovery in July as health restrictions were lifted, but the gains were shy of expectations. The report signals the economic rebound is ...Read more...

The Slowdown In Canadian Housing Continued in June

By Scott WestlakeJuly 16, 20210 comments

#housingupdate #marketupdate #economicupdate #mortgaegbroker #SW #TWT #DLC

Today the Canadian Real Estate Association (CREA) released statistics showing national existing home sales fell 8.4% nationally from May to June 2021, marking the ...Read more...

The Slowdown In Canadian Housing Continued in May

By Scott WestlakeJune 15, 20210 comments

#mortgagesnews #economicupdate #SW #TWT #DLC

For more information on how this information impacts your current or future mortgage, please contact our team --> scott@thewestlaketeam.com Today, the Canadian Real ...Read more...

Are We Starting To See A Slowdown In Canadian Housing

By Scott WestlakeMay 18, 20210 comments

#economicupdate #drsherrycooper #mortgagerates #Mayhomesales #SW #TWT #DLC #scottwestlake

For more information on this article or to connect with our team for your upcoming mortgage needs, contact scott@thewestlaketeam.com Starting to See a Slowdown in Canadian ...Read more...

Bank of Canada Still Expects No Rate Increases Until 2023

By Scott WestlakeJanuary 22, 20210 comments

#boc #rateupdate #twt #dlc

The Bank of Canada, this morning, released its January Monetary Policy Report (MPR), showing they expect to keep overnight interest rates at its “effective lower bound” of 0.25% until 2023 (see chart below). To reinforce this commitment and keep interest rates low across ...Read more...

Federal Fiscal Update--Finance Minister Freeland's Debut

By Scott WestlakeDecember 1, 20200 comments

#firscalupdate #drsherrycooper #scottwestlake #twt #dlc

Justin Trudeau’s government, which has delivered the biggest COVID-19 fiscal response in the industrialized world, announced plans for another dose of stimulus and ...Read more...

Canadian Housing Market Very Strong in July

By Scott WestlakeAugust 18, 20200 comments

#julyhousingupdate #realestatenews #drsherrycooper #scottwestlake #twt #dlc

Some great commentary from our Chief Economist Dr. Sherry Cooper. With a very hot housing market in July it is a good reminder of the importance of surrounding yourself with a great team when purchasing a home. The combination of a solid realtor, mortgage broker & lawyer ...Read more...

Oakville Housing Market Outlook and An Oakville Mortgage Brokers Perspective

Oakville Housing Market Outlook & An Oakville Mortgage Brokers Perspective

By Scott WestlakeNovember 28, 20190 comments

#oakvillehousingmarket #housingupdate #twt #thewestlaketeam #luxuryrealestate #luxurymortgagebroker #mortgagebroker #dlc #scottwestlake #oakville

"Re/Max is forecasting continuing balance conditions for the Oakville housing market in 2020." What we look at is a Mortgage Brokerage is whats driving demand. According to the statistics below, "move-up-buyers" are driving this demand. The reason this is ...Read more...

September Data Confirm That Housing Is in Full Rebound

By Scott WestlakeOctober 16, 20190 comments

#economicupdate #realestateupdate #drsherrycooper #dlc #twt #thewestlaketeam #mortgagenews

Great article by our Chief Economic Officer Dr. Sherry Cooper: "Statistics released today by the Canadian Real Estate Association (CREA) show that national home sales rose for the seventh consecutive month. Activity rose another 0.6% month-over-month in September to 512,000 units ...Read more...

Bank of Canada Reduces Prospects of Rate Hike

By Scott WestlakeMarch 6, 20190 comments

#BoC #mortgagerateupdate #twt #thewestlaketeam #scottwestlake #dlc #mortgagenews

BANK OF CANADA REDUCES PROSPECTS OF A RATE HIKE In a very dovish statement, the Bank of Canada acknowledged this morning that the slowdown in the Canadian economy has been deeper and more broadly based than it had expected earlier this year. The Bank had forecast weak exports and ...Read more...

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