In August, the Teranet–National Bank National Composite House Price IndexTM was up 1.0% from the previous month. It is now the third consecutive month in which the monthly price increase is lower than the previous month (2.8% in May, 2.7% in June and 2.0% in July). The August index was led by six of the 11 constituent markets: Ottawa-Gatineau (2.1%), Hamilton (1.7%), Montreal (2.1%), Quebec City (1.3%), Winnipeg (1.3%) and Victoria (1.3%). Growth was equal to the national average in Halifax (1.0%), while it was more moderate in Vancouver (0.8%), Calgary (0.8%), Toronto (0.7%) and Edmonton (0.6%). This is the sixth consecutive month in which gains were observed in all regions included in the composite index.
The slowdown in price growth can be linked to the slowdown in housing sales reported in recent months by the Canadian Real Estate Association. In fact, when analyzing the 12-month growth in the number of sale pairs used to calculate the 11 metropolitan indices, this is the first time in twelve months that they have not increased in all cities. Moreover, this slowdown in price is expected to continue in the coming months as the unsmoothed composite index adjusted for seasonal effects rose only 0.1% from July.
Source: https://housepriceindex.ca/2021/09/august2021/
(NC) As the Canadian economy recovers from the disruptions caused by COVID-19, it has become clear that a growing number of Canadians are under increased financial stress.
If you are among those facing financial pressures, the following tips and tools can help you gain the upper hand and take charge of your personal finances.
Set up a budget
Setting up a budget is key in all circumstances, especially during an emergency. It will help you to identify your income and expenses, and establish spending and debt repayment plans. If you have money left over, it’s a good idea to create an emergency fund to help you prepare for unexpected events and emergencies.
If you need help getting started, try the Financial Consumer Agency of Canada’s interactive online budget planner. It includes tips, advice and alerts to help you take charge of your personal finances.
Get financial advice
During this uncertain time, it is always best to live within your budget. However, if you are struggling with your finances and you have to borrow money, get financial advice.
A good first step is to speak with your financial institution to find out about borrowing options available to you. They may be able to defer the payments on some of your credit products, such as your mortgage.
A financial professional, such as a licensed financial advisor or an accredited credit counsellor, can also help you develop a plan to deal with an emergency.
Avoid more debt
During uncertain periods, try to avoid taking on more debt. If you must borrow money, do your homework. Make sure you understand the cost of different credit products before you make a decision, and borrow only what you need.
And remember that certain credit products are more expensive than others. For example, a payday loan should be your absolute last resort, as they often carry very high fees.
To learn more about how you can maintain good financial health during challenging times, visit canada.ca/money.
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