Page 15 - Sports Energy News, Cornwall, Issue No 130

www.sportsenergynews.com Issue #130 November 2023 15

M. VanderMeer Continued from page 12 Max Ming Continued from page 12 Brian Johnston Continued from page 12 the amount of stress,” she said.
remove & store them for the winter The sooner you take steps to invest According to the Bank’s own data, She pointed to delinquencies, which,
to prevent possible damage. Check in your future, the more time your 40% of mortgage-holders have while rising slowly, still remain
the caulking around your doors and money has to grow and benefit already seen their mortgage renewed below pre-pandemic levels.
windows - if not in decent shape, this from the power of compounding. at a higher rate. Rogers added that many
can lead to heat loss and damage. The longer you have to invest, the
Senior Deputy Governor Carolyn homeowners have so far been able
FIREPLACES & CHIMNEYS less of a concern volatility should Rogers noted consumer surveys
- Fireplaces and chimneys should be, and it is important to have a and news reports are highlighting to manage higher monthly payments
be cleaned, and if your chimney is plan in place to generate the growth some of the extreme cases of stress thanks in part to excess savings
brick make sure that the mortar is you need to retire comfortably and where borrowers are renewing at they had accumulated during the
all intact. For those of you with gas outpace inflation. Make sure you “significantly higher” rates. pandemic. “A lot of Canadians are
fireplaces, you should have them have a plan in place with your actually paying down their mortgage
checked before the heating system. advisor to account for this. As But she also told the senate or taking some of that savings and
FOUNDATIONS & EXTERIOR Eleanor Roosevelt once said, “it committee that the Bank’s data paints paying down the mortgage, either in
- Check your foundation for cracks takes as much energy to wish as it a different picture of households a lump sum, or that savings is helping
- ice can form in them over the does to plan.” Begin taking steps so far being able to manage their them support higher payments.”
winter and further deteriorate your today. payments.
foundation. If your home is brick, Disclaimer: Equity Associates “When we look at the data that we She also pointed to higher wages
check that all mortar is in place as the Inc. is registered as a Mutual monitor to see the degree of stress and the fact that many households
same thing can happen. Any holes in Fund Dealer & an EMD Dealer in that’s being put on households— have seen the value of their home
siding should also be properly fixed selected provinces. The opinions certainly there’s pressure and we equity increase as other factors that
to avoid winter damage expressed in this communication wouldn’t want to minimize it—but have helped them deal with higher
These are just a few items that came are those of the writer and do not we’re not seeing anything in the data rates.
to the top of my head that should be necessarily reflect those of Equity that would suggest that households THANKS FOR KEEPING
checked before the snow flies. Associates Inc. are under a significant increase in BUSINESS LOCAL