Bank of Canada reaction, Finding ideal clients, Role models, Rate increases, More

BoC nearing end of rate increases, but not done yet: CIBC's Tal

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27 October 2022

Top news BoC nearing end of rate increases, but not done yet: CIBC's Tal "They are telling you, 'We have done most of the job, but it's not done yet'" Why is identifying an ideal client so important for brokers? The strategy is especially crucial in the current mortgage market, says executive Extra wiggle room with 35-year amortization With interest rates on the rise, affordability is a big concern for borrowers. In this scenario, the borrower needed help with cashflow to pay off some debt. Our expert BDM worked with the mortgage broker to help lower their client's monthly payments and free up some ratio room. The solution? Refinancing on a 1-year term at 6.19% with a 35-year amortization. Now, the client has an extra $800 monthly to pay off debt. Deal done. Bridgewater Bank Economist outlines the Bank of Canada's likely future rate trajectory The magnitude of further spikes will continue to depend on the national economy's stability, says Sherry Cooper Exec on the value of strong role models "I was inspired by these great bosses, be it male or female, that I've had in my lifetime" New podcast: Top advice for brokers in midst of a changing climate Community Trust director shares recent conversations & what to keep top of mind Community Trust Economists: BoC rate increases have a substantial influence on the labour market However, the central bank should stay its course when it comes to its inflation-moderation strategy, economists say BoC raises alarm on household spending The central bank's rate increases continue to weigh on consumer spending levels How is the Montreal industrial market faring amid slower online sales? The region is still at little risk of oversupply, new Avison Young report says International news Are fixed mortgage rates a good idea? Industry voices concern about fixed rates Major bank hit with $236 million penalty Bank failed to provide promised benefits to customers for 20 years, court rules Mortgage applications continue downward trend as rates hit 21-year high Mortgage demand remains lackluster House prices will fall at least 27%, ANZ warns The OCR may need to go higher still CMP Talk Challenges in Canada's mortgage market It's been a dramatic year - here's how to keep business on track

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