Page 38 - Sports Energy News, Cornwall, Issue No 126

38 Issue #126 July 2023 www.sportsenergynews.com

Neighbourly Advice Fr om Our Local Pr ofessionals
Neighbourly Advice From Our Local Professionals

have reported experiencing pain due to the The real issues, especially for the fixed-
By Brian Johnston Bank of Canada’s elevated interest rates, rate borrowers, are going to come in 2025
Mortgage Specialist
the impact of higher payments on those or 2026, when their mortgages have to be
with fixed-rate plans might be delayed, refinanced, so there’s still a little bit of
ixed-rate mortgage holders yet to feel according to Chris Wolfe, managing runway before we see a lot of the issues
Fimpact of higher rates, says analyst. director and head of North American begin to emerge.

Those borrowers should brace themselves banks at Fitch Ratings. The likely immediate market effect is
for payment shock within a few years’ In an interview with BNN Bloomberg, a greater reluctance among variable-
time. Wolfe warned that fixed-rate borrowers rate holders to switch towards fixed-
While variable-rate mortgage holders will need to brace themselves for payment rate products – a phenomenon that other
shock within a few years’ time. Continued on page 42

home. During the seller’s market, things offer with less conditions, then he is at
By Michael VanderMeer
Real Estate Agent sold so fast that, for the most part, sellers liberty to accept that offer and notify the
were not accepting offers conditional upon first offer, which will then have a limited
the sale of a home. Now that the market time to remove their condition’s, failing
THE RETURN OF THE ESCAPE has balanced out and it’s taking longer to which their offer will become null and
CLAUSE sell a home, we are seeing sellers accept void. The length of the escape clause
Over that last several years we have not these offers again. is negotiated between the parties at the
seen escape clauses on offers. An escape The escape clause allows the seller to time of the offer, which usually runs 24-
clause is generally used when conditions continue to offer the property for sale and 72 hours and can exclude stat holidays
in an offer exceed ten days, which is if he does receive another satisfactory and weekends. If the buyer waives his
usually when someone needs to sell a Continued on page 42

expectations be so important to one’s achieve average market returns. The
Max Ming P.Eng. CFP ®
Financial Planner long-term experience? reason for this is that as short-term events
First and foremost, setting realistic arise, it can become easy for investors to
Setting Realistic Expectations expectations is central to confidence, shift expectations and lose sight of the
“Expectations are like a debt that must be commitment, and happiness in any aspect longer term.
repaid before you get any joy out of what of life… including finances. If we know Take interest rates for an example. We’ve
you’re doing.” – Morgan Housel that market declines are inevitable, but seen the Bank of Canada rate go from
We spend a lot of time speaking about temporary; then we know that markets 0.25% in January 2022 to 4.75% today,
managing emotions and investor don’t create losses, behaviour does. the highest in nearly two decades and
a shock to the system for many people.
behaviour, and a big part of that conversation revolves around Studies consistently conclude that the
setting investors expectations. Now, why would setting realistic average investor considerably fails to Continued on page 42

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