Canadian Housing Market and Economic Overview (September 2024)By Scott WestlakeOctober 16, 20240 commentsHousing Market Snapshot: Interest Rates: Following the Bank of Canada’s third interest rate cut of the year, national home sales in Canada rose by 1.9% month-over-month in September, the highest level since July 2023. Key Markets: Significant increases ...Read more...
Stronger-Than-Expected September Jobs Report Reduces Prospect Of Larger Rate CutsBy Scott WestlakeOctober 12, 20240 comments Statistics Canada released September employment data today, ...Read more...
Who Needs A No Payment MortgageBy Scott WestlakeOctober 9, 20240 commentsNavigating the financial landscape can be challenging, particularly when it comes to homeownership. There are times in life when having a period of time with no mortgage payment could be a game-changer. Traditionally, the most common way to achieve this was through a reverse mortgage, ...Read more...
Modifications to Stress Test Regulations for Uninsured Mortgages: A Step Toward Fairness for BorrowersBy Scott WestlakeSeptember 30, 20240 commentsSuperintendent Peter Routledge has revealed that the Office of the Superintendent of Financial Institutions (OSFI) will officially announce a significant regulatory change on November 21, 2024, coinciding with the quarterly pilot report. This adjustment will take immediate effect ...Read more...
Breathtaking $5M Oakville Home Looks Like A Nantucket Beach HouseBy Scott WestlakeSeptember 26, 20240 comments This stunning $5 million home in Oakville looks like it was plucked straight from Pinterest — and its price has just been marked down by $400,000. Resting in an utterly ideal location within walking distance of downtown Oakville and the waterfront, 161 Diane Avenue is ...Read more...
Canadian Housing Market Update, Including New 30 Year Amortization & Default Insurance on Home Up To $1.5M!By Scott WestlakeSeptember 17, 20240 commentsPotential homebuyers remain on the sidelines awaiting further rate cuts by the Bank of Canada. As long as home prices are flat, purchasers have no compelling reason to take immediate action. This should change gradually. With new supply on the market, sales should continue to rise ...Read more...
Invest in Your Future: Discover the Solar Resorting Opportunity in Orlando, FloridaBy Scott WestlakeSeptember 12, 20240 commentsThe real estate landscape is evolving, and with it comes a golden opportunity for investors looking to expand their portfolios in vibrant markets. The Vetere Team is proud to introduce the Solar Resorting project in Orlando, Florida—a prime investment for Canadians and Americans ...Read more...
๐ Exciting news! Our latest edition of Fund Magazine is live! ๐By Scott WestlakeSeptember 11, 20240 commentsI am thrilled to announce the launch of our summer edition of Fund Magazine! This publication is not just a magazine; it’s a reflection of my journey and mission to highlight the incredible businesses I’ve partnered with and had wonderful experiences with. Fund Magazine ...Read more...
Bank of Canada Cuts Rates Another Quarter PointBy Scott WestlakeSeptember 5, 20240 comments Today, the Bank of Canada cut the overnight policy rate ...Read more...
Welcome to the September issue of my monthly newsletter!By Scott WestlakeSeptember 3, 20240 comments#monthlynewsletter #mortgagenews #bankofcanada #mortgagerates #ratenews 2024 Fall Market ...Read more...
Rate Forecast: Critical Insights for Purchasing, Renewing, and RefinancingBy Scott WestlakeAugust 30, 20240 commentsDr. Sherry Coopers perspective on rate trends Canada's economy grew a bit more than expected in the second quarter, but falling per-capita gross domestic product and softening household consumption assure the Bank of Canada that it will cut rates for a third consecutive meeting next ...Read more...
Canadian Housing Market Paused In JulyBy Scott WestlakeAugust 15, 20240 comments Despite the continued decline in interest ...Read more...
๐ WOW! I'm thrilled to announce that FC Funding has reached an incredible milestone of 1 BILLION in funded mortgage volume this year! ๐By Scott WestlakeAugust 12, 20240 commentsThis achievement is a testament to the hard work and resilience of our entire team, especially in a challenging market. I am immensely grateful to our clients, referral partners, friends, and family for their unwavering support and trust. This accomplishment wouldn't have been possible ...Read more...
Weaker-Than-Expected July Jobs Report Keeps BoC Rate Cuts In-PlayBy Scott WestlakeAugust 12, 20240 comments#economicupdate #employment #bankofcanada Canadian employment data, released today by Statistics ...Read more...
๐ Welcome to the August Edition of Your Mortgage Newsletter! ๐By Scott WestlakeAugust 5, 20240 commentsAs the summer sun shines in its full glory, I hope you’ve been enjoying the season to the fullest! With August in full swing, it's time to share some insightful strategies that can help you tackle your mortgage and cut down on those pesky energy bills. Let's dive into the good ...Read more...
Monetary Policy Update: Implications for Homebuyers and Mortgage BorrowersBy Scott WestlakeJuly 25, 20240 commentsOn July 24, 2024, the Bank of Canada announced a reduction in its target for the overnight rate to 4.5%. This move comes amidst ongoing adjustments to normalize the central bank's balance sheet. Consequently, the Bank Rate stands at 4.75%, while the deposit rate aligns at 4.5%. As ...Read more...