Dear Friends and Clients,
We hope you have all had a heartwarming and family filled Thanksgiving weekend and are enjoying this nice fall weather we've been having.
This has certainly been an interesting month, with the election and the recent stock market downturn.
Most of those who have analyzed the results of our recent federal election seem to feel that the fundamentals of our government are healthy and strong.
Further to the political stability of our nation at this point, it is also worth mentioning on a positive note that interest rates historically are at an extremely attractive level. The projection is for interest rates to come down.
With all the negative sentiment that has been floating around in the media, it's a good thing to sit back and get the real picture.
According to the Royal Bank of Canada, the largest bank in the country:
(1) Canada's banking market is underpinned by solid fundamentals
- #1 for soundness of banks (World Economic Forum)
- #1 for economic strength over past decade among G7 (International Monetary Fund)
- Nine consecutive years of current account surplus
- Ten consecutive years of fiscal surpluses
- Net foreign indebtedness lowest since 1945
- Unemployment remains stable at 6.1%
(2) Canadian mortgage fundamentals are solid
- High mortgage quality
- Low loan-to-value ratios
- Must be fully insured if LTV over 80%
- No sub-prime origination by major banks
- Low delinquencies
So, now that you're breathing a little easier, realising that the sky is not falling...the only stressful thing you have to deal with is finding that perfect Halloween costume! Please check out our article on the top ten Halloween costume ideas for every age group; it should really make that hunt a lot easier.
With Warm Regards,
Bridget, Michael and Adrienne Kassen
