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The Friday Finale!

   

December 8th, 2023

Welcome to our newsletter, The Friday Finale!  A simple, quick snapshot of information for you!  Below are recent highlights of news over the past two weeks. 

   
     

Links to News:

Canadian Rents Outpace Income For The First Time in 60 Years: BMO

Canadian real estate prices are still seeing record growth, just not when it comes to sales. A new research note from BMO shows annual growth of rental prices grew at a record pace in October. They note the issue is complicated even further by rents outpacing income growth for the first time in 60 years.  

Canada's Economy Shrank by 0.3% in Third Quarter, StatsCan Says

Canada's economy shrank in the three months up to September, as household spending was flat and exports declined. Statistics Canada reported Thursday that the country's gross domestic product shrank by 0.3 per cent. 

Exports fell by 1.3 per cent and imports declined by 0.2 per cent.

Household spending was flat for the second quarter in a row, and after five consecutive quarterly declines, housing investment increased by two per cent in the quarter.

Scotiabank Profit Falls as Bank Sets Aside Almost $1.3B to Cover Bad Loans

The Bank of Nova Scotia said its profit slumped in the fourth quarter for a variety of reasons, including doubling the amount of money the bank sets aside to potentially write off loans that are in danger of not being paid back.

The bank reported its net income was $1.39 billion for the three-month period up until the end of October. That's down by more than a third from the $2.09 billion it earned the same time last year.

As Expected, Bank of Canada Holds Interest Rate Steady at 5%

The Bank of Canada decided to keep its benchmark interest rate steady at five per cent. The move was widely expected, as after raising its trendsetting rate 10 times since early 2022 to slow down runaway inflation, the bank has been signalling recently that it thinks it may be nearing the end of that hiking cycle. The bank's rate influences the rate that Canadians get on things like variable-rate loans and some savings accounts.

The bank raised the rate to its current level in July, but has stood still ever since, as the Canadian economy shows signs of cooling.

The Green Effect Podcast!

Finance, life, business and everything in between! Brand new content with just myself gabbing away about the real estate world, personal stuff going on in my life, stories as an investor, and whatever else! Come with me on the journey inside my head.

BLOG POST: Green Thoughts

Most Recent Blog:

Unlocking Peace of Mind: The Crucial Role of Home Inspections in Canadian Homebuying

Buying a home is a thrilling adventure, but beneath the surface of excitement lies a landscape of crucial decisions, and perhaps the most pivotal of them all is the home inspection. In the dynamic Canadian real estate market, the importance of completing a comprehensive home inspection cannot be overstated. Let's delve into why this step is an absolute must for every savvy homebuyer.


   
   

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