Hey there! In this YouTube video, you'll catch mortgage broker Dion Beg from Kanga Mortgage and me, Gary McGowan, a realtor with Keller Williams, diving into a chat about the rising unemployment rates in Canada, the current state of interest rates, and the shortage of new construction. We're breaking down how all of these factors could potentially impact the Canadian economy. Stay tuned for some insightful perspectives! 🏢📈🇨🇦 Download the Buyers, Sellers and Negotiation Guides here: Gary A. McGowan is a licensed REALTOR® on the Toronto Regional Real Estate Board. Agent Innovation, your ultimate Realtor Support Lead Gen partner! Weekly Real Estate Podcast about the strange, funny, insightful things that happen as a Realtor and Investor, Link to podcast: Cool T-Shirts Here: 10% Discount Code: CHATTER10 Download My Property Proforma Template Let’s have a ZOOM Coffee ☕️ to Grow your Business Follow Gary on Instagram 🤳 ------- Powered By: ✅ Ecamm Live: ✅ Restream: ✅ Royalty Free Music: ✅ Tube Buddy, Get One Month Free ✅ Gear I Use: 😎🔥🚀 Thanks for watching!!! ------- DISCLAIMER: This video and description contains affiliate links, which means that if you click on one of the product links, I’ll receive a small commission. But don't worry, it doesn't cost you anything extra 🤙🏼...(read more)
BREAKING: Recession News
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Is Canada Entering A Recession? Mortgage Rates are Going... As the world faces economic uncertainties caused by the global COVID-19 pandemic, many countries have been grappling with the possibility of entering a recession. Canada, with its interconnected economy, is not immune to these concerns. The nation has been experiencing a roller coaster ride over the past year, leading to questions about whether it is on the brink of a recession. One significant factor affecting the Canadian economy is the mortgage rates. Let's examine the current situation and determine whether Canada's economic outlook is pointing towards a recession. Mortgage rates play a crucial role in the overall health of a country's economy, particularly one like Canada where housing is a significant driver of growth. As of late, Canada has been witnessing moderate increases in mortgage rates. This trend is partially a result of the Bank of Canada's cautious approach in raising its overnight lending rate coupled with global factors, such as inflation pressures and fluctuations in international financial markets. While an increase in mortgage rates may not automatically signal a recession, it does impose potential challenges for borrowers and the real estate market. Higher mortgage rates lead to increased borrowing costs, making it more expensive to buy a home or take out a loan for other purposes. This reduction in affordability tends to dampen demand, eventually affecting housing sales and construction activity. A slowdown in these sectors can have a ripple effect throughout the broader economy, signalling turbulent times ahead. However, it is crucial to consider the broader economic indicators before jumping to conclusions. Canada's economic fundamentals remain relatively stable. The country's unemployment rate has been gradually decreasing, and employment levels are bouncing back from the pandemic-induced lows. Additionally, consumer spending has shown resilience, as retail sales have rebounded in recent months. This demonstrates that despite the challenges, Canadians are still actively participating in the market, which could help mitigate the impact of rising mortgage rates. Furthermore, the Canadian government has implemented various stimulus packages and financial aid measures to support individuals and businesses affected by the pandemic. These measures help to stabilize the economy and provide a sense of security during this uncertain time. The government's ability to respond swiftly and effectively to economic challenges contributes to Canada's overall resilience, reducing the likelihood of a recession in the near term. Nonetheless, it is crucial to remain vigilant and monitor economic developments closely. The global recovery from the pandemic remains uncertain, and any significant shocks in the financial markets could impact Canada's economy. Additionally, inflationary pressures and changes in government policies can influence mortgage rates, posing potential risks to the stability of the housing market. In conclusion, while Canada is facing challenges related to increasing mortgage rates, it is not necessarily entering a recession. The country's economic fundamentals, including decreasing unemployment rates and resilient consumer spending, suggest a certain level of stability. Furthermore, government support measures have played a crucial role in mitigating potential economic downturns. However, vigilance and continued monitoring remain vital to understand the evolving economic situation and ensure timely responses if needed. https://inflationprotection.org/are-mortgages-rates-in-canada-indicating-the-onset-of-a-recession/?feed_id=129410&_unique_id=64e28546543da #Inflation #Retirement #GoldIRA #Wealth #Investing #bankofCanada #bankofcanadaannouncement #bankofcanadainterestrate #bankofcanadamonetarypolicy #bankofcanadamortgagerates #canadaeconomycollapse #canadaeconomydocumentary #canadainflationdata #canadainterestrates #canadarealestate2023 #canadarecession #canadaunemploymentrate #canadianeconomycrash #canadianeconomyisdestroyedasoftoday #canadunemploymentrate #interestrates #mortgagerates #mortgagerenewal #realestate #realestatecanada #RecessionNews #bankofCanada #bankofcanadaannouncement #bankofcanadainterestrate #bankofcanadamonetarypolicy #bankofcanadamortgagerates #canadaeconomycollapse #canadaeconomydocumentary #canadainflationdata #canadainterestrates #canadarealestate2023 #canadarecession #canadaunemploymentrate #canadianeconomycrash #canadianeconomyisdestroyedasoftoday #canadunemploymentrate #interestrates #mortgagerates #mortgagerenewal #realestate #realestatecanada
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