Page 12 - Sports Energy News, Cornwall, Issue No 129

12 Issue #129 October 2023 www.sportsenergynews.com

Neighbourly
Neighbourly Advice From Our Local Professionals
Advice Fr
om Our
ofessionals
Local Pr
Frank Guse confirmed the bank has already line with what we would have seen in 2019,”
By Brian Johnston
Mortgage Specialist navigated a substantial number of mortgage he noted. “So, there are no areas of concern
renewals at higher interest rates, totaling that we are seeing so far emerging because
CIBC sees “no areas of concern” as approximately $25 billion year-to-date, clients are absorbing higher payments at
100,000 mortgage clients renewed at impacting close to 100,000 clients. renewal.”
higher rates so far this year. .rates “We are monitoring that cohort very, The bank confirmed that another $37 billion
CIBC reports that its mortgage clients are so very closely from a delinquency rate worth of mortgages will be renewed over
far managing to absorb the payment shocks perspective,” he said, with specific attention the next twelve months.
as their mortgages come up for renewal at being paid to performance over the past six However, Guse said the bank is confident
higher rates. The bank made the comments to eight months.
that clients will continue to be able to handle
during its third-quarter earnings call, where Chief Risk Officer “Those clients are performing broadly in Continued on page 13

By Michael VanderMeer if you did not want to be tied down professional. Under customer service
Real Estate Agent to a long term contract, or in the case we could still show you any house on
of buyers, the possibility of having the market and we could draft offers
CHANGES IN THE ROLES
to pay commission, then we could for you. Now if you do not want to
OF A REALTOR - NO MORE
sign a customer service agreement be contracted to an agent you must
CUSTOMER REPRESENTATION
which meant we were not working ‘self-represent’ yourself and agents
Our governing body has decided
for you and there were certain areas can be of no help to you other than
that Realtors can no longer provide
of expertise that was not provided, show you listings from their own
customer service to consumers as
but we still had to remain honest and company - we now cannot even show
they felt it was too confusing to the consumer. In the past Continued on page 15

sensitive to interest rates. When interest Opportunity cost – may miss out on
Max Ming P.Eng. CFP ®
Financial Planner rates are lower, investors look for yield potential investment gains in other assets
in “riskier” assets. When rates are higher,
CASH – NOT A LONG-TERM Low returns – cash does not command
it is common for investors to reduce their risk premium, resulting in lower long-
INVESTMENT exposure to these same “riskier” assets.”
With interest rates rising over the past term returns
Said another way: When interest rates are
year, some people are certainly tempted Tax implications – interest earned on
by the thought of moving a portfolio into higher, investors ditch the equities that cash holdings may be subject to higher
cash (High interest savings, GIC, etc..). have served them well for the feeling of taxation
safety perceived with cash.
To mitigate these risks, have an investment
There was a good article in the Globe and Mail by Ben Felix last Remember, holding cash as a long-term
plan and stick with it. Remember, having
month discussing this particular idea. He says; investor comes with several other risks; a diversified portfolio, with a proper
“It is well documented that investors exposure to stocks is Inflation - loss of purchasing power
Continued on page 15

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“Not intented to solicit properties already listed for sale”