This is a day of deep reflection, honour and respect for all of us across this beautiful land of ours.
It's a day to give thanks for the soldiers who fought for us and our rights long before we were born.
It's a day to send our love and blessings to all those who so proudly serve our countries, both Canada and the United States, standing up for our freedom and our beliefs.
It's a day to send thanks and support not only to our soldiers but to their families and loved ones who proudly wait at home for them to return from their tour of duty.
It's a day to show them how much we care, how much we honour and respect their sons and daughters, fathers, mothers, aunts and uncles who serve their country so that we can live in freedom, our children can live in freedom and our children of the future can live in freedom.
The following came across my desk today and I ask that you read it, think about it, reflect on it and honour the men and women who serve to keep us safe. It came to me with "Taps" playing and I will tell you that it brought me to tears. And so I share it with you.
THE FINAL INSPECTION
The soldier stood and faced God,
Which must always come to pass.
He hoped his shoes were shining,
Just as brightly as his brass.
"Step forward now, you soldier,
How shall I deal with you?
Have you always turned the other cheek?
To My Church have you been true?"
The soldier squared his shoulders and said,
"No, Lord, I guess I ain't.
Because those of us who carry guns,
Can't always be a saint.
I've had to work most Sundays,
And at times my talk was tough.
And sometimes I've been violent,
Because the world is awfully rough.
But, I never took a penny,
That wasn't mine to keep...
Though I worked a lot of overtime,
When the bills got just too steep.
And I never passed a cry for help,
Though at times I shook with fear.
And sometimes, God, forgive me,
I've wept unmanly tears.
I know I don't deserve a place,
Among the people here.
They never wanted me around,
Except to calm their fears.
If you've a place for me here, Lord,
It needn't be so grand.
I never expected or had too much,
But if you don't, I'll understand.
There was a silence all around the throne,
Where the saints had often trod.
As the soldier waited quietly,
For the judgment of his God.
"Step forward now, you soldier,
You've borne your burdens well.
Walk peacefully on Heaven's streets;
You've done your time in Hell."
~Author Unknown~
It's the Soldier, not the reporter WHO has given us the freedom of the press.
It's the Soldier, not the poet, WHO has given us the freedom of speech.
It's the Soldier WHO ensures our right to Life, Liberty, and the Pursuit of Happiness,
Not the politicians.
It's the Soldier who salutes the flag, WHO serves beneath the flag, AND whose coffin is draped by the flag.
If you care to offer the smallest token of recognition and appreciation for the Military,
PLEASE pray for our men and women
WHO have served and are currently serving our country
AND pray for those who have given the ultimate sacrifice for freedom.
God bless our soldiers, sailors and airmen, past and present.
With my love, honour, respect and gratitude,
Mary Wozny
Tuesday, November 11, 2008
Sunday, November 9, 2008
Where Should You Be Investing Now?
What a question! In these troubled times, opportunity still exists to make lots of money in real estate.
If you could easily know, at the push of a button, wherethe absolute best real estate markets in the US are...whatwould that be worth to you? Would it be worth 3 minutesof your time to check it out?
Discover how you can find the hottest real estate markets toinvest in before your competitors even realize that the'Bubble' has holes in it!
Check it out here:
http://www.realestatepress.com?a_aid=83743216
Again, find out how you can find the best real estate markets in the US right now, click on the link below to learn how!
http://www.realestatepress.com?a_aid=83743216
Happy Investing!
Mary Wozny
If you could easily know, at the push of a button, wherethe absolute best real estate markets in the US are...whatwould that be worth to you? Would it be worth 3 minutesof your time to check it out?
Discover how you can find the hottest real estate markets toinvest in before your competitors even realize that the'Bubble' has holes in it!
Check it out here:
http://www.realestatepress.com?a_aid=83743216
Again, find out how you can find the best real estate markets in the US right now, click on the link below to learn how!
http://www.realestatepress.com?a_aid=83743216
Happy Investing!
Mary Wozny
Thursday, October 16, 2008
Take Control of Your Future Health and Wealth Now!
"Everybody stumbles across a golden opportunity at least once in a lifetime. Unfortunately most people just pick themselves up, dust themselves down, and walk away from it."
by Winston Churchill
Following upon the words of Winston Churchill, YOUR 'Golden Opportunity' happens Thursday evening, October 16th at 9:15 pm EST! Mark this date on your calendar now.
The past months have been tough for real estate investors and stock market investors alike. Critical mass was reached and we've seen stock markets around the world crash in the past few weeks.
We've watched as our stock portfolios and retirement accounts lost much of their value. We look and wonder, with all this turmoil and all the losses, when and how will I ever be able to afford to retire? How will I provide for my family? Foreclosures are at an all time high, the economy is verging on recession, GM and Chrysler are talking about merging and jobs are being lost across North America.
Take charge of your future NOW!
I invite you to join me on Thursday evening, October 16th at 9:15 pm EST where I will be interviewing my business partners Heshie and Werner who will show you how you can create an enormously successful business and generate a continuous residual stream of weekly income for yourself and your family and become part of our energetic and dynamic team of entrepreneurs.
Heshie is ranked #12 globally as one of this companies' fastest growing business builders. Werner is the oldest North American to climb Mount Everest as well as the oldest North American to climb the highest peaks on all seven continents! Werner is starring in the upcoming major motion picture 'Back From the Edge".
Starting his climbing experiences at the age of 55, find out what gives Werner not only the health and stamina to make these incredible climbs, but how he creates the wealth that gives him the time freedom and the financial freedom to persue his dreams.
Rarely do I get this excited about an opportunity, but I have to tell you that not only is this one of the best businesses to be in - it just got even better! The company has introduced a bonus program that surpasses anything in the industry!
There is no other way to describe it except by telling you that if you are serious about building a business for yourself and generating a continuous residual income, working with one of the best teams in the industry, then THIS is YOUR GOLDEN OPPORTUNITY.
Join us on the call on Thursday, October 16th, 2008 at 9:15 pm EST, 8:15 pm. CT, 7:15 pm MT and 6:15 pm PT. Print this information and put it by your telephone today:
Call Date: Thursday, October 16th, 2008
Call Time: 9:15 pm Eastern, 8:15 pm Central, 7:15 pm Mountain and 6:15 pm Pacific
Call Dial In: 218-339-4600
Access Code: 200979
The telephone lines are limited so be sure to call in a few minutes ahead of time. The call will be recorded and a replay line will be available.
See you on the call tonight and get ready to rock and roll your way to success by joining me and becoming a part of our vibrant and dynamic team!
Warmly,
Mary Wozny
by Winston Churchill
Following upon the words of Winston Churchill, YOUR 'Golden Opportunity' happens Thursday evening, October 16th at 9:15 pm EST! Mark this date on your calendar now.
The past months have been tough for real estate investors and stock market investors alike. Critical mass was reached and we've seen stock markets around the world crash in the past few weeks.
We've watched as our stock portfolios and retirement accounts lost much of their value. We look and wonder, with all this turmoil and all the losses, when and how will I ever be able to afford to retire? How will I provide for my family? Foreclosures are at an all time high, the economy is verging on recession, GM and Chrysler are talking about merging and jobs are being lost across North America.
Take charge of your future NOW!
I invite you to join me on Thursday evening, October 16th at 9:15 pm EST where I will be interviewing my business partners Heshie and Werner who will show you how you can create an enormously successful business and generate a continuous residual stream of weekly income for yourself and your family and become part of our energetic and dynamic team of entrepreneurs.
Heshie is ranked #12 globally as one of this companies' fastest growing business builders. Werner is the oldest North American to climb Mount Everest as well as the oldest North American to climb the highest peaks on all seven continents! Werner is starring in the upcoming major motion picture 'Back From the Edge".
Starting his climbing experiences at the age of 55, find out what gives Werner not only the health and stamina to make these incredible climbs, but how he creates the wealth that gives him the time freedom and the financial freedom to persue his dreams.
Rarely do I get this excited about an opportunity, but I have to tell you that not only is this one of the best businesses to be in - it just got even better! The company has introduced a bonus program that surpasses anything in the industry!
There is no other way to describe it except by telling you that if you are serious about building a business for yourself and generating a continuous residual income, working with one of the best teams in the industry, then THIS is YOUR GOLDEN OPPORTUNITY.
Join us on the call on Thursday, October 16th, 2008 at 9:15 pm EST, 8:15 pm. CT, 7:15 pm MT and 6:15 pm PT. Print this information and put it by your telephone today:
Call Date: Thursday, October 16th, 2008
Call Time: 9:15 pm Eastern, 8:15 pm Central, 7:15 pm Mountain and 6:15 pm Pacific
Call Dial In: 218-339-4600
Access Code: 200979
The telephone lines are limited so be sure to call in a few minutes ahead of time. The call will be recorded and a replay line will be available.
See you on the call tonight and get ready to rock and roll your way to success by joining me and becoming a part of our vibrant and dynamic team!
Warmly,
Mary Wozny
Wednesday, October 8, 2008
Global Easing In Monetary Policy
In a surprise decision, central banks in the industrialized world announced a coordinated half percentage point easing in monetary policy this morning. The message from all of the central banks was loud and clear: the prospects of significantly slower global growth mean that global infaltions risks are dead.
The coordination and the rate change between regular meetings also infer the urgency of action and the need to restore confidence to the global financial system in the wake of unprecendented turmoil.
The common theme in the wording of the central banks statements was that "inflation expectations are diminishing ... the financial crisis has augmented the downside risks to growth and thus has diminished further upside risk to price stability." The Fed notes that 'economic activity has slowed markedly...the intensification of the financial market turmoil is likely to exert additional restraint on spending partly by reducing the abililty to obtain credit.
It's apparent that an easing in monetary policy was needed on a global basis. Expectation is that further rate cuts of a further 50 basis points are in the pipeline and will be announced at the Fed and the Bank of Canada upcoming rate announcements on October 29 and 21 respectively.
Warmly,
Mary Wozny
The coordination and the rate change between regular meetings also infer the urgency of action and the need to restore confidence to the global financial system in the wake of unprecendented turmoil.
The common theme in the wording of the central banks statements was that "inflation expectations are diminishing ... the financial crisis has augmented the downside risks to growth and thus has diminished further upside risk to price stability." The Fed notes that 'economic activity has slowed markedly...the intensification of the financial market turmoil is likely to exert additional restraint on spending partly by reducing the abililty to obtain credit.
It's apparent that an easing in monetary policy was needed on a global basis. Expectation is that further rate cuts of a further 50 basis points are in the pipeline and will be announced at the Fed and the Bank of Canada upcoming rate announcements on October 29 and 21 respectively.
Warmly,
Mary Wozny
Thursday, October 2, 2008
Opportunities In An "Economic Pearl Harbor"
In Omaha, Neb. today, billionaire investor Warren Buffett said the nation has been hit with an “economic Pearl Harbor,” and the government must respond quickly.
Mr. Buffett talked about the nation's ongoing financial woes in an appearance on the The Charlie Rose Show that aired Wednesday night on PBS stations.
“This really is an economic Pearl Harbor,” Mr. Buffett said. “That sounds melodramatic, but I've never used that phrase before. And this really is one.”
He went on to state that in his opinion the nation's economic problems are already starting to be felt by furniture and jewellery stores such as the ones owned by his company, Berkshire Hathaway Inc.
The billionaire predicts that the rest of the Main Street economy will start to have problems if the government's financial bailout plan doesn't pass Congress soon.
“In my adult lifetime, I don't think I've ever seen people as fearful economically as they are now,” the 78-year-old Mr. Buffett said.
The fear in the marketplace has allowed Mr. Buffett to make several sizable investments over the past month in proven companies that needed cash quickly. And Berkshire, which had $31.2-billion (U.S.) cash on hand at the end of June, was ready to invest because, as Mr. Buffett says, he always tries to be greedy when others are fearful.
Following Berkshire's purchase last week of $5-billion in preferred Goldman Sachs shares, Berkshire announced it would be purchasing $3-billion of preferred share of General Electric Co.
Mr. Buffett said he was approached about the GE investment Wednesday morning by someone at Goldman. And Mr. Buffett quickly decided to invest in GE because he's familiar with the company and confident in its long-term prospects.
This goes to show us that capitalism is alive and well in the US. Prudent investors looking for long term real estate investments can capitalize on todays markets and build their portfolios for the future. As crazy as it may sound to some, now is the time to be purchasing discounted real estate using long term strategies for buy and hold.
Mortgage rates are on the rise again making now the time to lock in attractive financing rates on your real estate investments.
Warmly,
Mary Wozny
Mr. Buffett talked about the nation's ongoing financial woes in an appearance on the The Charlie Rose Show that aired Wednesday night on PBS stations.
“This really is an economic Pearl Harbor,” Mr. Buffett said. “That sounds melodramatic, but I've never used that phrase before. And this really is one.”
He went on to state that in his opinion the nation's economic problems are already starting to be felt by furniture and jewellery stores such as the ones owned by his company, Berkshire Hathaway Inc.
The billionaire predicts that the rest of the Main Street economy will start to have problems if the government's financial bailout plan doesn't pass Congress soon.
“In my adult lifetime, I don't think I've ever seen people as fearful economically as they are now,” the 78-year-old Mr. Buffett said.
The fear in the marketplace has allowed Mr. Buffett to make several sizable investments over the past month in proven companies that needed cash quickly. And Berkshire, which had $31.2-billion (U.S.) cash on hand at the end of June, was ready to invest because, as Mr. Buffett says, he always tries to be greedy when others are fearful.
Following Berkshire's purchase last week of $5-billion in preferred Goldman Sachs shares, Berkshire announced it would be purchasing $3-billion of preferred share of General Electric Co.
Mr. Buffett said he was approached about the GE investment Wednesday morning by someone at Goldman. And Mr. Buffett quickly decided to invest in GE because he's familiar with the company and confident in its long-term prospects.
This goes to show us that capitalism is alive and well in the US. Prudent investors looking for long term real estate investments can capitalize on todays markets and build their portfolios for the future. As crazy as it may sound to some, now is the time to be purchasing discounted real estate using long term strategies for buy and hold.
Mortgage rates are on the rise again making now the time to lock in attractive financing rates on your real estate investments.
Warmly,
Mary Wozny
Wednesday, October 1, 2008
Canadian Housing Market - Boom or Bust?
In a talk with the Ontario Economic Council, U.S. economist Robert Shiller states Canada's housing market has been following a similar boom-and-bust path as that seen in the United States, but fundamental differences between the two leave Canada less exposed to the U.S.-style fallout.
“There have been booms in some Canadian cities – Edmonton, Calgary, Vancouver – but maybe [prices] are weakening or actually falling, at least in those boom cities,” he said, noting that the pattern somewhat resembles that seen in many U.S. and foreign markets over the past few years.
He does suggest that the relatively small use of subprime mortgages in Canada should mean the damage in this country will be much less severe.
“There's a difference. We [in the United States] have had a subprime revolution that I don't think took place, to the same extent at least, in Canada.”
Mr. Shiller said a bailout of the seized-up banking sector is an essential first step to cleaning up the mess left by the U.S. housing bubble, but it needs to be followed by financial innovations to support troubled home owners.
“Once we fix the leaky roof, we need to take a look at the foundations,” Mr. Shiller told the summit.
The professor – author of the book Irrational Exuberance and recognized expert on asset bubbles and the housing market – said U.S. legislators must act on the liquidity crunch that is gripping the banks in order to avoid a much longer-lasting economic stagnation. He believes Congress must reverse its decision to reject the proposed $700-billion (U.S.) troubled asset relief program (TARP), despite public anger over what many view as a handout to rich and reckless investors.
“The TARP program is really essential to enact,” he said. “The general public doesn't appreciate the severity of the crisis, and the threat it poses to their jobs and livelihood.”
He further noted that the research conducted on the Great Depression by none other than Ben Bernanke – now the head of the Federal Reserve Board and one of TARP's key architects – has found that a tied-up, illiquid banking system was a major contributor to the extraordinary depth and length of the Depression.
“When you don't have a banking system, you can't do business,” he said.
“We can't think that we want to teach people a lesson,” he said, suggesting that the blame for the housing bubble extends beyond bankers, lawmakers and regulators.
“It was erroneous thinking,” he said, blaming the bubble on a mass cultural shift in its mentality toward investing and housing.
“We've become more an investor culture – make a quick buck,” he said. “People got themselves convinced that home prices could only go up.”
Mr. Shiller's new book, Subprime Solution, came out Sept. 1 – just before a month of ground-shaking upheavals on Wall Street. The book's longer-term prescription for the U.S. housing market would involve help for distressed homeowners as well as major changes to the way the residential mortgage market functions.
“Financial innovation only comes in times of crisis,” he said. “We need to think of our financial institutions in a constructive and innovative way.”
His ideas include a permanent and ongoing system for automatically adjusting mortgage payment terms in times of economic shocks; government-subsidized independent financial advisory services; and new risk-management products that would allow homeowners to manage their long-term risk exposure to home prices, employment income and economic growth.
“In my book, I emphasize bailing out homeowners because they are the ones being hurt most,” he said. “But first, we have to deal with the banking system.”
Meanwhile, former Bank of Canada governor David Dodge joined the chorus of experts who believe U.S. legislators must solve their impasse over a rescue package for the troubled banking sector.
“The U.S. banking system needs to be recapitalized. Ben [Bernanke] understands that as well as anyone,” he said.
“How that is going to be done is another question.” Mr. Dodge made the statement during a break at the summit, a three-day Ontario Chamber of Commerce event that he is co-chairing.
Warmly,
Mary Wozny
“There have been booms in some Canadian cities – Edmonton, Calgary, Vancouver – but maybe [prices] are weakening or actually falling, at least in those boom cities,” he said, noting that the pattern somewhat resembles that seen in many U.S. and foreign markets over the past few years.
He does suggest that the relatively small use of subprime mortgages in Canada should mean the damage in this country will be much less severe.
“There's a difference. We [in the United States] have had a subprime revolution that I don't think took place, to the same extent at least, in Canada.”
Mr. Shiller said a bailout of the seized-up banking sector is an essential first step to cleaning up the mess left by the U.S. housing bubble, but it needs to be followed by financial innovations to support troubled home owners.
“Once we fix the leaky roof, we need to take a look at the foundations,” Mr. Shiller told the summit.
The professor – author of the book Irrational Exuberance and recognized expert on asset bubbles and the housing market – said U.S. legislators must act on the liquidity crunch that is gripping the banks in order to avoid a much longer-lasting economic stagnation. He believes Congress must reverse its decision to reject the proposed $700-billion (U.S.) troubled asset relief program (TARP), despite public anger over what many view as a handout to rich and reckless investors.
“The TARP program is really essential to enact,” he said. “The general public doesn't appreciate the severity of the crisis, and the threat it poses to their jobs and livelihood.”
He further noted that the research conducted on the Great Depression by none other than Ben Bernanke – now the head of the Federal Reserve Board and one of TARP's key architects – has found that a tied-up, illiquid banking system was a major contributor to the extraordinary depth and length of the Depression.
“When you don't have a banking system, you can't do business,” he said.
“We can't think that we want to teach people a lesson,” he said, suggesting that the blame for the housing bubble extends beyond bankers, lawmakers and regulators.
“It was erroneous thinking,” he said, blaming the bubble on a mass cultural shift in its mentality toward investing and housing.
“We've become more an investor culture – make a quick buck,” he said. “People got themselves convinced that home prices could only go up.”
Mr. Shiller's new book, Subprime Solution, came out Sept. 1 – just before a month of ground-shaking upheavals on Wall Street. The book's longer-term prescription for the U.S. housing market would involve help for distressed homeowners as well as major changes to the way the residential mortgage market functions.
“Financial innovation only comes in times of crisis,” he said. “We need to think of our financial institutions in a constructive and innovative way.”
His ideas include a permanent and ongoing system for automatically adjusting mortgage payment terms in times of economic shocks; government-subsidized independent financial advisory services; and new risk-management products that would allow homeowners to manage their long-term risk exposure to home prices, employment income and economic growth.
“In my book, I emphasize bailing out homeowners because they are the ones being hurt most,” he said. “But first, we have to deal with the banking system.”
Meanwhile, former Bank of Canada governor David Dodge joined the chorus of experts who believe U.S. legislators must solve their impasse over a rescue package for the troubled banking sector.
“The U.S. banking system needs to be recapitalized. Ben [Bernanke] understands that as well as anyone,” he said.
“How that is going to be done is another question.” Mr. Dodge made the statement during a break at the summit, a three-day Ontario Chamber of Commerce event that he is co-chairing.
Warmly,
Mary Wozny
Friday, September 26, 2008
Credit Crunch Fallout Raises Mortgage Rates
As reported in today's Toronto Star, Canadians received more proof yesterday of the global credit crunch hitting home after this country's biggest banks began hiking their residential mortgage rates in an effort to recoup higher funding costs from their customers.
The interest rate increases follow days of forewarning by financial experts, who predicted Canadians would feel the pinch of the financial crisis through higher borrowing costs on consumer loans.
TD Canada Trust was the first of the big domestic lenders to increase mortgage rates both on its' fixed rate mortgage product and its' variable interest rate mortgage. TD Canada Trust claims that the increase now is reflective because the bank has been holding on, that all of the industry in fact has been holding on, trying not to pass the increased costs to the customers, but says that it can't do this anymore.
Banks are grappling with higher funding costs in the wake of last year's subprime mortgage market meltdown in the United States. With the ensuing global credit crunch now in its second year, banks remain wary of lending to each other. The bank says that all mortgages, variable rates mortgages in particular, have become money losers because of the cost of funds due to all the challenges that are going on in the world right now.
Another factor affecting rates is the bond market which has been in a flux ever since the United States announced a $700 billion US bailout plan for American banks. The interest rates on mortgages and other short-term borrowing are set based on the price of bonds. With lower demand for bonds, and fears of inflation, rates have to rise to lure investors.
Warmly,
Mary Wozny
The interest rate increases follow days of forewarning by financial experts, who predicted Canadians would feel the pinch of the financial crisis through higher borrowing costs on consumer loans.
TD Canada Trust was the first of the big domestic lenders to increase mortgage rates both on its' fixed rate mortgage product and its' variable interest rate mortgage. TD Canada Trust claims that the increase now is reflective because the bank has been holding on, that all of the industry in fact has been holding on, trying not to pass the increased costs to the customers, but says that it can't do this anymore.
Banks are grappling with higher funding costs in the wake of last year's subprime mortgage market meltdown in the United States. With the ensuing global credit crunch now in its second year, banks remain wary of lending to each other. The bank says that all mortgages, variable rates mortgages in particular, have become money losers because of the cost of funds due to all the challenges that are going on in the world right now.
Another factor affecting rates is the bond market which has been in a flux ever since the United States announced a $700 billion US bailout plan for American banks. The interest rates on mortgages and other short-term borrowing are set based on the price of bonds. With lower demand for bonds, and fears of inflation, rates have to rise to lure investors.
Warmly,
Mary Wozny
Tuesday, September 9, 2008
Canadian Housing Starts Jump
As reported in today's Globe and Mail, housing starts rebounded sharply in August, with the seasonally adjusted annual rate jumping to 211,000 units from 186,500 in July, far outstripping Bay Street forecasts of about 190,000 states Canada Mortgage and Housing Corp.
Ontario accounted for the entire gain, with starts in the country's most populous province climbing 81 per cent to 86,500 from 47,800 in July, but falling in every other region, CMHC said. The agency attributed the rebound mostly to multiple-unit starts, with those in urban areas jumping 25.2 per cent to 114,700 units, after falling 20.2 per cent in July.
“After a brief pause in July, the volatile multiple segment bounced back to a level of activity that is more consistent with our forecast for this year,” CMHC chief economist Bob Dugan said in a news release. “Most of the volatility in housing starts over the last three months reflected swings in multiple starts in Ontario.”
The July drop marked just the fourth time in 5-1/2 years that the seasonally adjusted annual rate had fallen below 200,000 units.
The unexpectedly strong rebound came a day after figures from Statistics Canada for the value of building permits issued in July also surpassed expectations, rising by 1.8 per cent to $6.4-billion, instead of the 1 per cent forecast by economists, following a 5.3 per cent drop in June.
Still, the CMHC's start figures can be a misleading guide to the state of the housing market and the economy at large, because they often represent investment decisions and sales made by builders and developers a year or two before construction begins.
This does not necessarily mean that housing remains healthy, it should be taken for what it is – a snapback from a previously large decline. The Canadian housing market does have some headwinds that will bring down activity in the next couple of quarters.
This optimism needs to be tempered by the fact that strength in the August housing numbers was narrowly based in the volatile multiples component in Ontario. As well, the earlier deterioration in affordability will likely reassert a downward trend in the starts data going forward for the remainder of this year and through 2009.
However, the pace of decline is modest compared to the drop that has occurred in the U.S., where the 965,000-unit level of starts represents less than half of the recent annual peak in 2005 of 2.073 million units.
CMHC said that nationally, starts of single-family dwellings rose 2 per cent to 71,200 units in August.
Warmly,
Mary Wozny
Ontario accounted for the entire gain, with starts in the country's most populous province climbing 81 per cent to 86,500 from 47,800 in July, but falling in every other region, CMHC said. The agency attributed the rebound mostly to multiple-unit starts, with those in urban areas jumping 25.2 per cent to 114,700 units, after falling 20.2 per cent in July.
“After a brief pause in July, the volatile multiple segment bounced back to a level of activity that is more consistent with our forecast for this year,” CMHC chief economist Bob Dugan said in a news release. “Most of the volatility in housing starts over the last three months reflected swings in multiple starts in Ontario.”
The July drop marked just the fourth time in 5-1/2 years that the seasonally adjusted annual rate had fallen below 200,000 units.
The unexpectedly strong rebound came a day after figures from Statistics Canada for the value of building permits issued in July also surpassed expectations, rising by 1.8 per cent to $6.4-billion, instead of the 1 per cent forecast by economists, following a 5.3 per cent drop in June.
Still, the CMHC's start figures can be a misleading guide to the state of the housing market and the economy at large, because they often represent investment decisions and sales made by builders and developers a year or two before construction begins.
This does not necessarily mean that housing remains healthy, it should be taken for what it is – a snapback from a previously large decline. The Canadian housing market does have some headwinds that will bring down activity in the next couple of quarters.
This optimism needs to be tempered by the fact that strength in the August housing numbers was narrowly based in the volatile multiples component in Ontario. As well, the earlier deterioration in affordability will likely reassert a downward trend in the starts data going forward for the remainder of this year and through 2009.
However, the pace of decline is modest compared to the drop that has occurred in the U.S., where the 965,000-unit level of starts represents less than half of the recent annual peak in 2005 of 2.073 million units.
CMHC said that nationally, starts of single-family dwellings rose 2 per cent to 71,200 units in August.
Warmly,
Mary Wozny
Monday, August 25, 2008
Urgent Plea for Your Help!
First, my apologies as it's been quite a while since I've written to you. It's always interesting the challenges that life tosses our way. As a result, I am coming to you with a plea and asking for your help.
Many of you know that the past few years have been a time of great challenge and change for me. They've also been years of exceptional personal and spiritual growth as well, and honestly, looking back, I wouldn't change any of it. (well ok, maybe a few!!!) I believe there are always lessons we need to learn from these challenges so that we can move to a higher spiritual level. I certainly have and am thankful for the experience.
I was very blessed to have a partner come into my life a year ago who brought me great joy and peace. We were joined together at a 'soulular' level with an incredibly strong and unbreakable connection and I loved him dearly.
Life had different plans for us though. In April he was diagnosed with cancer and after further testing and much consultation with oncologists, it was determined he should have surgery and then chemo. Arrangements were made and I took him in on July 10th for his surgery.
Well by now you may realize that I've been writing in the past tense here .... it didn't go well. Once opened up the cancer was found everywhere. The doctors did what they could but the prognosis was bad. The worst was yet to come when in the recovery room he 'bled out' and was rushed back into surgery to stop the bleeding and try and keep him alive.
Here's what I want you all to really recognize!
Suddenly he had lost his entire bodys' volume of blood. Bag after bag of blood was given to him. That night he had 14 units of whole blood alone, along with many bags of frozen plasma and platelets. By the end, he had 21 units of blood given to him. I watched it flow into him along with other fluids to try and bring his pressure up and replace what he was losing, to sustain him another minute, another hour, another day.
He fought valiantly and courageously for 3 1/2 weeks until his body gave up and nothing more could be done for him. I held him as he passed and closed his eyes when it was over. I was honoured to have been by his side and to help him through this incredibly difficult time. Who knows, I suspect this is the reason the universe brought us together. No one should be alone at times like this and had we not met, he would have been. I'm so very blessed and grateful to have shared this time with him although it was so short.
Our lives can change in a single instant. My plea to you is this - PLEASE GIVE BLOOD. Give the life saving blood that is in such critical demand all over the world. Your local communities will offer blood donor clinics. You can check these out by visiting the American Red Cross in the United States at http://www.redcross.org/donate/give/ or calling 1-800-GIVE-LIFE (1-800-448-3543). In Canada contact the Canadian Blood Services, http://www.bloodservices.ca/ or by calling 1-888-2-DONATE.
It's always interesting to notice how serendipitous life can be. One and a half weeks after I lost my partner, I attended my weekly Rotary meeting. Amazingly, the speaker that day was from Canadian Blood Services with a plea for my Rotary Clubs' help in giving blood and passing the message along.
How timely! I stood up and shared with my fellow Rotarians how true in fact this plea was as I had just lived this. We never know when or how our lives may be touched by someone requiring this life saving fluid. It's established fact that we all will be touched by cancer in our lives, whether ourselves or someone in our family or close to us. Chemo patients often require blood and blood products to help them through their treatment.
Now, I can't give blood due to my own health challenges, but I realized after listening to this speaker that I could give time and I could ask you for your help. I immediately volunteered my time to assist in blood donation clinics or speaking on their behalf and I am spreading the word by asking you.
So there are no excuses and I ask you again, please give blood or give time for this very worthy cause. Who knows, one day you or a loved one could be the patient lying in a hospital bed receiving this precious gift of life. The life you save could be your own!
I thank you all for your support and for giving blood. And I thank everyone who donated the blood that was so vital in keeping my Brian alive for those few short weeks. I carry your kindness in my heart always.
I will be back in touch soon and ask for your patience as I move through the grieving process.
My best wishes and thanks to you all.
Mary Wozny
Many of you know that the past few years have been a time of great challenge and change for me. They've also been years of exceptional personal and spiritual growth as well, and honestly, looking back, I wouldn't change any of it. (well ok, maybe a few!!!) I believe there are always lessons we need to learn from these challenges so that we can move to a higher spiritual level. I certainly have and am thankful for the experience.
I was very blessed to have a partner come into my life a year ago who brought me great joy and peace. We were joined together at a 'soulular' level with an incredibly strong and unbreakable connection and I loved him dearly.
Life had different plans for us though. In April he was diagnosed with cancer and after further testing and much consultation with oncologists, it was determined he should have surgery and then chemo. Arrangements were made and I took him in on July 10th for his surgery.
Well by now you may realize that I've been writing in the past tense here .... it didn't go well. Once opened up the cancer was found everywhere. The doctors did what they could but the prognosis was bad. The worst was yet to come when in the recovery room he 'bled out' and was rushed back into surgery to stop the bleeding and try and keep him alive.
Here's what I want you all to really recognize!
Suddenly he had lost his entire bodys' volume of blood. Bag after bag of blood was given to him. That night he had 14 units of whole blood alone, along with many bags of frozen plasma and platelets. By the end, he had 21 units of blood given to him. I watched it flow into him along with other fluids to try and bring his pressure up and replace what he was losing, to sustain him another minute, another hour, another day.
He fought valiantly and courageously for 3 1/2 weeks until his body gave up and nothing more could be done for him. I held him as he passed and closed his eyes when it was over. I was honoured to have been by his side and to help him through this incredibly difficult time. Who knows, I suspect this is the reason the universe brought us together. No one should be alone at times like this and had we not met, he would have been. I'm so very blessed and grateful to have shared this time with him although it was so short.
Our lives can change in a single instant. My plea to you is this - PLEASE GIVE BLOOD. Give the life saving blood that is in such critical demand all over the world. Your local communities will offer blood donor clinics. You can check these out by visiting the American Red Cross in the United States at http://www.redcross.org/donate/give/ or calling 1-800-GIVE-LIFE (1-800-448-3543). In Canada contact the Canadian Blood Services, http://www.bloodservices.ca/ or by calling 1-888-2-DONATE.
It's always interesting to notice how serendipitous life can be. One and a half weeks after I lost my partner, I attended my weekly Rotary meeting. Amazingly, the speaker that day was from Canadian Blood Services with a plea for my Rotary Clubs' help in giving blood and passing the message along.
How timely! I stood up and shared with my fellow Rotarians how true in fact this plea was as I had just lived this. We never know when or how our lives may be touched by someone requiring this life saving fluid. It's established fact that we all will be touched by cancer in our lives, whether ourselves or someone in our family or close to us. Chemo patients often require blood and blood products to help them through their treatment.
Now, I can't give blood due to my own health challenges, but I realized after listening to this speaker that I could give time and I could ask you for your help. I immediately volunteered my time to assist in blood donation clinics or speaking on their behalf and I am spreading the word by asking you.
So there are no excuses and I ask you again, please give blood or give time for this very worthy cause. Who knows, one day you or a loved one could be the patient lying in a hospital bed receiving this precious gift of life. The life you save could be your own!
I thank you all for your support and for giving blood. And I thank everyone who donated the blood that was so vital in keeping my Brian alive for those few short weeks. I carry your kindness in my heart always.
I will be back in touch soon and ask for your patience as I move through the grieving process.
My best wishes and thanks to you all.
Mary Wozny
Wednesday, July 9, 2008
Canadian Government Revamps Mortgage Rules!
Important new rules from Ottawa today regarding mortgage regulations and guidelines!
In an effort to avoid the sort of housing meltdown that has damaged the U. S. economy, the Finance Department today said it was reducing the maximum amortization period for new government-backed mortgages to 35 years from the previously allowed 40 years.
The government states that Canada's housing and mortgage markets are performing better than the United States and the new ruling which will come in effect October 15th, 2008 will assure the continuation of this. They state that the historically prudent and cautious approach taken by the Canadian financial institutions to morgage lending, combined with a sound supervisory regime, has allowed Canada to maintain strong and secure housing and mortgage markets.
New regulations will require a consistent credit score for mortgages the government backs along with a minimum level of loan documentation standards to evidence property values and borrowers' income. The final change will be a capping at 45% on a borrower's debt-service ratio.
These changes will take force on October 15th, 2008 and means that people looking to purchase or refinance their home with a high ratio mortgage need to act quickly!
Contact Mary Wozny, 877-446-9791or email mwozny@mortgagealliance.com today to secure your financing before these new rules come into effect.
Warmly,
Mary Wozny
In an effort to avoid the sort of housing meltdown that has damaged the U. S. economy, the Finance Department today said it was reducing the maximum amortization period for new government-backed mortgages to 35 years from the previously allowed 40 years.
The government states that Canada's housing and mortgage markets are performing better than the United States and the new ruling which will come in effect October 15th, 2008 will assure the continuation of this. They state that the historically prudent and cautious approach taken by the Canadian financial institutions to morgage lending, combined with a sound supervisory regime, has allowed Canada to maintain strong and secure housing and mortgage markets.
New regulations will require a consistent credit score for mortgages the government backs along with a minimum level of loan documentation standards to evidence property values and borrowers' income. The final change will be a capping at 45% on a borrower's debt-service ratio.
These changes will take force on October 15th, 2008 and means that people looking to purchase or refinance their home with a high ratio mortgage need to act quickly!
Contact Mary Wozny, 877-446-9791or email mwozny@mortgagealliance.com today to secure your financing before these new rules come into effect.
Warmly,
Mary Wozny
Thursday, June 26, 2008
Canadian Housing Market is Cooling
According to Toronto Dominions recent economic report, after a long run of rapidly-rising prices, the Canadian housing market has cooled to the point that it is no longer a sellers' market. “The long-awaited end of the Canadian housing boom has occurred, reflecting more moderate demand and increased supply of properties for sale.”
“The year-over-year price growth for existing homes in Canada's major markets fell to only 1.1 per cent in May, down from 8.6 per cent just four months earlier,” the TD economists wrote.
“The trend has been broadly based, but is has been particularly sharp in some of the markets that had experienced the most dramatic price growth. Calgary and Edmonton home prices in April and May fell to below year-earlier levels.”
The TD economists said they had expected the slowdown to occur before now, but “housing remained stronger for longer than we had anticipated, largely due to increased affordability through new financing options, such as no money down or extended amortization.”
Regional economic strength related to the commodity boom also helped to fuel “unsustainably elevated home price growth in the west,” they wrote.
Last month, the Canadian Real Estate Association reported that resale home listings across Canada rose by 17.7 per cent in April from a year earlier – pushing the number of home listings to the highest level on record.
“Most of Canada's major housing markets have moved out of sellers' territory to more balanced markets.”
However, the Canadian housing market remains fundamentally strong, unlike the U.S. market, where the National Association of Realtors reported Thursday that median home prices continued to fall. The median price of an existing U.S. home sold in May was $208,600 (U.S), down 6.3 per cent from a year earlier – fallout from the subprime mortgage crisis.
In Canada, the TD economists forecast an average existing home price of $313,300 (Canadian) in 2008, up 2 per cent from last year's average.
Canadians, the TD economists said, are “cashing in, not foreclosing.
“... It should be stressed that the rise in listings does not reflect homeowners of principal dwellings desperate to sell, and this is the dominant difference between the Canadian and U.S. experience,” they wrote in their report, Canada's Housing Boom Comes to an End.
“Indeed, the U.S. has been characterized by an abnormal rise in delinquencies and foreclosures or large negative equity positions. In Canada, speculators may be quickly dumping properties on the market to get out while the times are good, but individuals that have a principal dwelling are not under financial duress.
“Canadian consumers are nowhere nearly as leveraged through their home equity as American consumers are.”
Throughout the rest of this year and 2009, most regional housing markets in Canada “will see low to mid single-digit gains, but Saskatchewan and Manitoba will continue to post double-digit gains in the near term, followed by a significant cooling in 2009 – with the risk of a mild price correction in the major cities that have recently experienced extraordinary price growth,” the TD economists said.
“Alberta will have further weakness in the near term, as Calgary and Edmonton will likely see prices continue to fall for another three or four quarters, dropping 8 per cent to 10 per cent from their peak, after which prices should stabilize and start rising at a low single-digit pace.”
Warmly,
Mary Wozny
“The year-over-year price growth for existing homes in Canada's major markets fell to only 1.1 per cent in May, down from 8.6 per cent just four months earlier,” the TD economists wrote.
“The trend has been broadly based, but is has been particularly sharp in some of the markets that had experienced the most dramatic price growth. Calgary and Edmonton home prices in April and May fell to below year-earlier levels.”
The TD economists said they had expected the slowdown to occur before now, but “housing remained stronger for longer than we had anticipated, largely due to increased affordability through new financing options, such as no money down or extended amortization.”
Regional economic strength related to the commodity boom also helped to fuel “unsustainably elevated home price growth in the west,” they wrote.
Last month, the Canadian Real Estate Association reported that resale home listings across Canada rose by 17.7 per cent in April from a year earlier – pushing the number of home listings to the highest level on record.
“Most of Canada's major housing markets have moved out of sellers' territory to more balanced markets.”
However, the Canadian housing market remains fundamentally strong, unlike the U.S. market, where the National Association of Realtors reported Thursday that median home prices continued to fall. The median price of an existing U.S. home sold in May was $208,600 (U.S), down 6.3 per cent from a year earlier – fallout from the subprime mortgage crisis.
In Canada, the TD economists forecast an average existing home price of $313,300 (Canadian) in 2008, up 2 per cent from last year's average.
Canadians, the TD economists said, are “cashing in, not foreclosing.
“... It should be stressed that the rise in listings does not reflect homeowners of principal dwellings desperate to sell, and this is the dominant difference between the Canadian and U.S. experience,” they wrote in their report, Canada's Housing Boom Comes to an End.
“Indeed, the U.S. has been characterized by an abnormal rise in delinquencies and foreclosures or large negative equity positions. In Canada, speculators may be quickly dumping properties on the market to get out while the times are good, but individuals that have a principal dwelling are not under financial duress.
“Canadian consumers are nowhere nearly as leveraged through their home equity as American consumers are.”
Throughout the rest of this year and 2009, most regional housing markets in Canada “will see low to mid single-digit gains, but Saskatchewan and Manitoba will continue to post double-digit gains in the near term, followed by a significant cooling in 2009 – with the risk of a mild price correction in the major cities that have recently experienced extraordinary price growth,” the TD economists said.
“Alberta will have further weakness in the near term, as Calgary and Edmonton will likely see prices continue to fall for another three or four quarters, dropping 8 per cent to 10 per cent from their peak, after which prices should stabilize and start rising at a low single-digit pace.”
Warmly,
Mary Wozny
Wednesday, June 25, 2008
US Federal Reserve Holds Rates Steady
The Federal Reserve, navigating treacherous economic waters, decided on Wednesday to leave a key interest rate unchanged, bringing an end to a string of consecutive rate cuts. The decision to leave rates unchanged had been widely expected by financial markets.The central bank announced that it was keeping the federal funds rate, the interest rate that banks charge each other, at 2 per cent, marking the first time in 10 months that the central bank has failed to reduce interest rates at one of its regular meetings.
The Fed is confronted with the twin perils of a possible recession and rising inflation pressures, stemming from this year's surge in oil and food prices.
In a brief statement explaining the decision, Fed Chairman Ben Bernanke and his colleagues cited both the threats to growth and rising inflation pressures as problems confronting the economy at the moment. The statement said that the downside risks to growth “appear to have diminished somewhat” while adding that “the upside risks to inflation and inflation expectations have increased.
Because of the Fed's decision, short-term borrowing costs on millions of consumer and business loans tied to banks' prime lending rate will remain unchanged. The prime rate is currently at 5 per cent, its lowest level since late 2004.
Investors are split about the Fed's actions for the rest of the year. Some analysts believe the Fed could start raising rates, possibly as soon as the next meeting in August because of concerns about inflation. Other economists argue that the weak economy and rising unemployment will keep the Fed on the sidelines until at least after the November elections.
While saying that the upside risks to inflation have increased, the central bank repeated its forecast that it expected “inflation to moderate later this year and next year.”
The opposing forces of weak growth and recession put the central bank in a bind. Its main policy tool — changes in interest rates — can only address one of those problems at a time. The Fed can cut interest rates to spur consumer and business spending and economic growth or it can raise interest rates to slow spending and growth and ease inflation pressures.
The Bush administration is hoping that the government's $168-billion (U.S.) economic stimulus program, which is sending rebate payments to 130 million households, will help dissolve some of the gloom and bolster consumer spending in the months ahead.
Other analysts, however, said they believed Mr.Bernanke wanted to send out a strong anti-inflation warning, especially since it was coupled with a comment in an earlier speech about the Fed chief's concerns that the weak U.S. dollar was adding to U.S. inflation problems. The remarks taken together had the impact of bolstering the dollar, which had been tumbling.
The Fed is making an effort to convince the markets that the central bank is serious about fighting inflation without having to start raising interest rates at a time when the economy remains very weak.
The last thing the central bank wants is a repeat of the 1970s, when successive oil price shocks did trigger a wage-price spiral that sent inflation soaring and was only subdued when the Fed under Paul Volcker pushed interest rates to levels not seen since the Civil War.
Rocky times are ahead and investors must use prudence and care to successfully navigate through them.
Warmly,
Mary Wozny
The Fed is confronted with the twin perils of a possible recession and rising inflation pressures, stemming from this year's surge in oil and food prices.
In a brief statement explaining the decision, Fed Chairman Ben Bernanke and his colleagues cited both the threats to growth and rising inflation pressures as problems confronting the economy at the moment. The statement said that the downside risks to growth “appear to have diminished somewhat” while adding that “the upside risks to inflation and inflation expectations have increased.
Because of the Fed's decision, short-term borrowing costs on millions of consumer and business loans tied to banks' prime lending rate will remain unchanged. The prime rate is currently at 5 per cent, its lowest level since late 2004.
Investors are split about the Fed's actions for the rest of the year. Some analysts believe the Fed could start raising rates, possibly as soon as the next meeting in August because of concerns about inflation. Other economists argue that the weak economy and rising unemployment will keep the Fed on the sidelines until at least after the November elections.
While saying that the upside risks to inflation have increased, the central bank repeated its forecast that it expected “inflation to moderate later this year and next year.”
The opposing forces of weak growth and recession put the central bank in a bind. Its main policy tool — changes in interest rates — can only address one of those problems at a time. The Fed can cut interest rates to spur consumer and business spending and economic growth or it can raise interest rates to slow spending and growth and ease inflation pressures.
The Bush administration is hoping that the government's $168-billion (U.S.) economic stimulus program, which is sending rebate payments to 130 million households, will help dissolve some of the gloom and bolster consumer spending in the months ahead.
Other analysts, however, said they believed Mr.Bernanke wanted to send out a strong anti-inflation warning, especially since it was coupled with a comment in an earlier speech about the Fed chief's concerns that the weak U.S. dollar was adding to U.S. inflation problems. The remarks taken together had the impact of bolstering the dollar, which had been tumbling.
The Fed is making an effort to convince the markets that the central bank is serious about fighting inflation without having to start raising interest rates at a time when the economy remains very weak.
The last thing the central bank wants is a repeat of the 1970s, when successive oil price shocks did trigger a wage-price spiral that sent inflation soaring and was only subdued when the Fed under Paul Volcker pushed interest rates to levels not seen since the Civil War.
Rocky times are ahead and investors must use prudence and care to successfully navigate through them.
Warmly,
Mary Wozny
Wednesday, June 18, 2008
Modest Increase Foreseen for Mortgage Rates
As reported in the Globe and Mail, Canadians should be prepared for a modest hike in mortgage rates as the Bank of Canada turns its attention away from stimulating the economy and toward curbing inflation.
This prospect, combined with other rising costs, will likely cause more homeowners to opt for the security of locking in their mortgages.
That will be the case even though, for now, variable rates are still at least a percentage point cheaper.
The surprise decision last week by the central bank to freeze rather than cut its key lending rate hasn't hit mortgage rates yet.
However, fixed-rate mortgages, which move in tandem with long-term bond yields, should creep up in the next six months as the bond market is hit by concerns about the rising cost of living, said Benjamin Tal, senior economist at CIBC World Markets Inc.
“The No. 1 enemy of the bond market and long-term rates is inflation,” Mr. Tal said. Variable-rate mortgages are tied to the prime rate set by the banks for their best customers. It fluctuates with the Bank of Canada's key lending rate, and Mr. Tal said he expects the central bank will raise rates next year as it moves to curb inflation.
Mortgage rates will likely start heading up in the near term, although the increase should be a moderate quarter to half a percentage point, said Gerald Soloway, chief executive officer of Home Capital Group Inc., which provides alternative mortgages through its principal subsidiary, Home Trust Co.
“I don't think it will be dramatic. I think there will be a modest increase,” Mr. Soloway said. The current volatility in the economy reinforces his view that the bulk of his company's clients, including people on fixed incomes or on a tight budget, should lock in for the longer term, Mr. Soloway said.
“I really don't think that the average homeowner is equipped to speculate on interest rates. I think fixed is a much better option for people getting a mortgage today. Why not have the certainty and protect the investment in your house?”
With both fixed and floating rates expected to rise, CIBC's Mr. Tal, a long-term proponent of variable mortgages, said he now sees a window of opportunity for homeowners to lock in for the next five years.
For all your mortgage needs go to www.MaryWozny.com today and apply online now!
Warmly,
Mary Wozny
This prospect, combined with other rising costs, will likely cause more homeowners to opt for the security of locking in their mortgages.
That will be the case even though, for now, variable rates are still at least a percentage point cheaper.
The surprise decision last week by the central bank to freeze rather than cut its key lending rate hasn't hit mortgage rates yet.
However, fixed-rate mortgages, which move in tandem with long-term bond yields, should creep up in the next six months as the bond market is hit by concerns about the rising cost of living, said Benjamin Tal, senior economist at CIBC World Markets Inc.
“The No. 1 enemy of the bond market and long-term rates is inflation,” Mr. Tal said. Variable-rate mortgages are tied to the prime rate set by the banks for their best customers. It fluctuates with the Bank of Canada's key lending rate, and Mr. Tal said he expects the central bank will raise rates next year as it moves to curb inflation.
Mortgage rates will likely start heading up in the near term, although the increase should be a moderate quarter to half a percentage point, said Gerald Soloway, chief executive officer of Home Capital Group Inc., which provides alternative mortgages through its principal subsidiary, Home Trust Co.
“I don't think it will be dramatic. I think there will be a modest increase,” Mr. Soloway said. The current volatility in the economy reinforces his view that the bulk of his company's clients, including people on fixed incomes or on a tight budget, should lock in for the longer term, Mr. Soloway said.
“I really don't think that the average homeowner is equipped to speculate on interest rates. I think fixed is a much better option for people getting a mortgage today. Why not have the certainty and protect the investment in your house?”
With both fixed and floating rates expected to rise, CIBC's Mr. Tal, a long-term proponent of variable mortgages, said he now sees a window of opportunity for homeowners to lock in for the next five years.
For all your mortgage needs go to www.MaryWozny.com today and apply online now!
Warmly,
Mary Wozny
Saturday, April 26, 2008
Is The Credit Crunch Pushing the US Federal Reserve To Its' Limit?
Update for investors - Since the onset of the global credit crunch in August 2007, the US Federal Reserve has resorted to a slew of innovative and sometimes unconventional approaches to dealing with the problems faced by distressed financial institutions.
The effort has been part of the Fed's attempt to stave off a full-fledged financial sector meltdown and to blunt the adverse impact of the ongoing disruptions on US economic activity. Despite the massive amounts of liquidity injected into the money market, it doesn't appear that the measures introduced will pose any significant inflationaary risks to the US economy.
Analysts don't believe that the Fed's ability to provide futher liquidity injections into the financial system is compromised by its current level of commitment. Should the Fed's cupboard become bare, there are several options that it can pursue to address any shortcoming it may face.
Ensuring stability in the financial markets has enormous implications for the economic wellbeing and prosperity for any society such that it becomes imperative for it be be pursued at reasonable costs.
Warmly,
Mary Wozny
The effort has been part of the Fed's attempt to stave off a full-fledged financial sector meltdown and to blunt the adverse impact of the ongoing disruptions on US economic activity. Despite the massive amounts of liquidity injected into the money market, it doesn't appear that the measures introduced will pose any significant inflationaary risks to the US economy.
Analysts don't believe that the Fed's ability to provide futher liquidity injections into the financial system is compromised by its current level of commitment. Should the Fed's cupboard become bare, there are several options that it can pursue to address any shortcoming it may face.
Ensuring stability in the financial markets has enormous implications for the economic wellbeing and prosperity for any society such that it becomes imperative for it be be pursued at reasonable costs.
Warmly,
Mary Wozny
Friday, April 25, 2008
Bank of Canada Lowers Prime by 0.50%
For the second time in a row, the Bank of Canada has cut the overnight rate by 50bps, bringing the target rate to 3.00%. This is now the first time since 2001 - when Canada was last concerned about the fallout from a U. S. recession - that the Bank has seen fit to cut rates by a full percentage point in just six weeks time.
While the latest statistics have underscored a resurgent strength in Canadian home construction, manufacturing and international trade, the Bank is looking past these red herrings and has their sights set squarely on the formidable risks looming over the horizon.
The Bank noted that buoyant growth in domestic demand has been substantially offset by the fall in net exports. Due to a 'deeper and more protracted slowdown in the U.S. economy', this drag from trade is expected to remain. Low levels of unemployment and aggressive easing from the Bank to date highlights why many Canadians have remained fairly sheltered from the U. S. and financial centered woes.
When the updated Monetary Policy Report is reported, it is expected to report dramatically lower expectations for the U.S. and global growth compared with January forecasts. The Bank hopes to ease these pressures. Lower rates will help shield the economy from externally-driven weaknesses, but the imbalances in the financial sector continue to impair short term borrowing.
The Banks forecast for Canadian economic growth in 2008 and 2009 still seems optimistic which is a good sign overall.
Warmly,
Mary Wozny
While the latest statistics have underscored a resurgent strength in Canadian home construction, manufacturing and international trade, the Bank is looking past these red herrings and has their sights set squarely on the formidable risks looming over the horizon.
The Bank noted that buoyant growth in domestic demand has been substantially offset by the fall in net exports. Due to a 'deeper and more protracted slowdown in the U.S. economy', this drag from trade is expected to remain. Low levels of unemployment and aggressive easing from the Bank to date highlights why many Canadians have remained fairly sheltered from the U. S. and financial centered woes.
When the updated Monetary Policy Report is reported, it is expected to report dramatically lower expectations for the U.S. and global growth compared with January forecasts. The Bank hopes to ease these pressures. Lower rates will help shield the economy from externally-driven weaknesses, but the imbalances in the financial sector continue to impair short term borrowing.
The Banks forecast for Canadian economic growth in 2008 and 2009 still seems optimistic which is a good sign overall.
Warmly,
Mary Wozny
Saturday, April 19, 2008
Divorce and Your Credit
With the record high divorce rates in Canada and the United States, one should ask themselves how will a divorce impact my credit report?
A divorce decree alone will have no impact on jointly held accounts that are a part of your credit report. For joint accounts, including credit cards, car loans, home mortgages and lines of credit, you and your ex-spouse continue to have joint liability. You are both responsible, and if one of you defaults, creditors will seek payment from the other.
Just because your divorce may be finalized and you think that "finally it's all over!" the reality is that if you were a co-signer on anything with your previous spouse then you are still liable for these debts. Failure on the part of either party to make payments on time and/or pay off these debts will result in your own personal credit being potentially ruined! Often this happens and you are not even aware of it!
Check your own personal credit and FICO/Beacon Score to avoid these surprises before it's too late.
In Canada, you may check your credit online using the link to Trans Union at www.MaryWozny.com.
Warmly,
Mary Wozny
A divorce decree alone will have no impact on jointly held accounts that are a part of your credit report. For joint accounts, including credit cards, car loans, home mortgages and lines of credit, you and your ex-spouse continue to have joint liability. You are both responsible, and if one of you defaults, creditors will seek payment from the other.
Just because your divorce may be finalized and you think that "finally it's all over!" the reality is that if you were a co-signer on anything with your previous spouse then you are still liable for these debts. Failure on the part of either party to make payments on time and/or pay off these debts will result in your own personal credit being potentially ruined! Often this happens and you are not even aware of it!
Check your own personal credit and FICO/Beacon Score to avoid these surprises before it's too late.
In Canada, you may check your credit online using the link to Trans Union at www.MaryWozny.com.
Warmly,
Mary Wozny
Tuesday, March 18, 2008
US Feds Slash Interest Rates
As reported in the Globe and Mail this afternoon, the U.S. Federal Reserve Board slashed interest rates by three-quarters of a percentage point Tuesday and left the door open to more cuts, moving aggressively to stem a financial market meltdown and avert an economic recession.
Under the watch of Chairman Ben Bernanke, the Federal Open Market Committee voted at its scheduled meeting to bring the benchmark U.S. federal funds lending rate down to 2.25 per cent. The Fed's decision was not unanimous, with two of 10 policy makers dissenting in favour of “less aggressive action.”
In the statement accompanying the decision, the Fed said that the outlook for economic activity has weakened further, consumer spending has slowed and labour markets have softened. “Financial markets remain under considerable stress, and the tightening of credit conditions and the deepening of the housing contraction are likely to weigh on economic growth over the next few quarters.”
The central bank also noted that although it expects inflation to moderate in the coming quarters, uncertainty over the outlook for inflation has increased.
“Today's policy action, combined with those taken earlier, including measures to foster market liquidity, should help to promote moderate growth over time and to mitigate the risks to economic activity,” the Fed said. “However, downside risks to growth remain.”
Charmaine Buskas, a senior economic strategist with TD Securities, said the tone of the Fed's statement points to further rate cuts, with the central bank noting that it will “act in a timely manner as needed to promote sustainable economic growth” and price stability.
“Given that credit markets remain in a fundamental paralysis, and the economy continues to unwind, we are of the view that the Fed will remain in an easing cycle for the next few meetings,” Ms. Buskas said. “The key issue is to first unclog the credit markets and get the wheels turning again.”
Ian Shepherdson, the chief U.S. economist at High Frequency Economics, said that by April 30 Mr. Bernanke should be able to extract another 50-basis-point cut from his more reluctant colleagues. “This will all make no difference to the near-term data, but it is a necessary precondition for recovery, eventually.”
Tuesday's cut is the sixth time in as many months that the U.S. central bank has lowered the federal funds rate, which is now at its lowest level since December, 2004. The rate was 5.25 per cent in August, when the troubles with U.S. subprime loans first escalated and began spreading to capital markets and the wider economy.
Although Tuesday's 75-basis point reduction is large by historical standards, it is bound to disappoint some investors. The Fed also eased rates by 75 basis points at an inter-meeting move two months ago.
Fed-funds futures had priced in a full percentage-point cut after this weekend's stunning near-collapse of investment bank Bear Stearns Cos. Inc. sent shockwaves through markets.
Stock markets in both Canada and the U.S. pared gains immediately after the Fed announcement, although both recovered in the final hour of Tuesday's trading session.
Global credit jitters escalated this past weekend when JPMorgan Chase & Co. agreed to step in to buy Bear Stearns for just $2 (U.S.) a share after the Fed said it would backstop the deal. The central bank announced that it would provide funds to any other troubled investment dealers for the first time since the Great Depression, moving away from its traditional policy of only lending to large commercial banks.
Over the weekend, the Fed also made an emergency quarter-point cut to its discount rate to 3.25 per cent.
Mr. Bernanke has been pulling out all of the stops, taking new and extreme steps in his efforts to ease the credit crunch, set financial institutions on a more stable footing and calm financial and stock markets. Fears that the Bear Stearns situation could trigger similar meltdowns at other financial companies sent Canada's equity market into a tailspin on Monday.
Bank of Canada Governor Mark Carney has said that while he is monitoring the situation, Canada's monetary policy will be driven by domestic conditions, not by panic in global financial markets or external credit problems.
The central bank lowered Canada's rates by a half-point to 3.5 per cent on March 4, citing a weaker-than-expected U.S. economy. According to a spokesman, the last time in modern history that the Bank of Canada slashed rates by 75 basis points was on Oct. 23, 2001.
Warmly,
Mary Wozny
Under the watch of Chairman Ben Bernanke, the Federal Open Market Committee voted at its scheduled meeting to bring the benchmark U.S. federal funds lending rate down to 2.25 per cent. The Fed's decision was not unanimous, with two of 10 policy makers dissenting in favour of “less aggressive action.”
In the statement accompanying the decision, the Fed said that the outlook for economic activity has weakened further, consumer spending has slowed and labour markets have softened. “Financial markets remain under considerable stress, and the tightening of credit conditions and the deepening of the housing contraction are likely to weigh on economic growth over the next few quarters.”
The central bank also noted that although it expects inflation to moderate in the coming quarters, uncertainty over the outlook for inflation has increased.
“Today's policy action, combined with those taken earlier, including measures to foster market liquidity, should help to promote moderate growth over time and to mitigate the risks to economic activity,” the Fed said. “However, downside risks to growth remain.”
Charmaine Buskas, a senior economic strategist with TD Securities, said the tone of the Fed's statement points to further rate cuts, with the central bank noting that it will “act in a timely manner as needed to promote sustainable economic growth” and price stability.
“Given that credit markets remain in a fundamental paralysis, and the economy continues to unwind, we are of the view that the Fed will remain in an easing cycle for the next few meetings,” Ms. Buskas said. “The key issue is to first unclog the credit markets and get the wheels turning again.”
Ian Shepherdson, the chief U.S. economist at High Frequency Economics, said that by April 30 Mr. Bernanke should be able to extract another 50-basis-point cut from his more reluctant colleagues. “This will all make no difference to the near-term data, but it is a necessary precondition for recovery, eventually.”
Tuesday's cut is the sixth time in as many months that the U.S. central bank has lowered the federal funds rate, which is now at its lowest level since December, 2004. The rate was 5.25 per cent in August, when the troubles with U.S. subprime loans first escalated and began spreading to capital markets and the wider economy.
Although Tuesday's 75-basis point reduction is large by historical standards, it is bound to disappoint some investors. The Fed also eased rates by 75 basis points at an inter-meeting move two months ago.
Fed-funds futures had priced in a full percentage-point cut after this weekend's stunning near-collapse of investment bank Bear Stearns Cos. Inc. sent shockwaves through markets.
Stock markets in both Canada and the U.S. pared gains immediately after the Fed announcement, although both recovered in the final hour of Tuesday's trading session.
Global credit jitters escalated this past weekend when JPMorgan Chase & Co. agreed to step in to buy Bear Stearns for just $2 (U.S.) a share after the Fed said it would backstop the deal. The central bank announced that it would provide funds to any other troubled investment dealers for the first time since the Great Depression, moving away from its traditional policy of only lending to large commercial banks.
Over the weekend, the Fed also made an emergency quarter-point cut to its discount rate to 3.25 per cent.
Mr. Bernanke has been pulling out all of the stops, taking new and extreme steps in his efforts to ease the credit crunch, set financial institutions on a more stable footing and calm financial and stock markets. Fears that the Bear Stearns situation could trigger similar meltdowns at other financial companies sent Canada's equity market into a tailspin on Monday.
Bank of Canada Governor Mark Carney has said that while he is monitoring the situation, Canada's monetary policy will be driven by domestic conditions, not by panic in global financial markets or external credit problems.
The central bank lowered Canada's rates by a half-point to 3.5 per cent on March 4, citing a weaker-than-expected U.S. economy. According to a spokesman, the last time in modern history that the Bank of Canada slashed rates by 75 basis points was on Oct. 23, 2001.
Warmly,
Mary Wozny
Tuesday, March 11, 2008
Central Banks Move to Ease Credit Crunch
According to reports in Toronto's Globe and Mail today, the Bank of Canada joined forces with U.S. and European central banks Tuesday, injecting markets with billions of additional liquidity relief in a continued and co-ordinated bid to ease a global credit shortage.
Just before equity markets opened in North America, Canada's central bank said it will inject $4-billion worth of liquidity into the markets in two parts through its Special Purchase and Resale Agreements. The first injection, worth $2-billion, will be made on March 20 with the securities set to be sold back on April 17, while the second is scheduled for April 3, to be paid back on May 1st.
The central bank said the 28-day purchases, which mirror moves it made in December, are “part of its continuing provision of liquidity in support of the efficient functioning of financial markets.”
Canada's central bank co-ordinated Tuesday's action with the U.S. Federal Reserve, the European Central Bank, the Bank of England and the Swiss central bank. The synchronized global bank action is an effort to provide help in a global credit crises that threatens to push the U.S. economy into its first recession since 2001 if it hasn't already.
The Federal Reserve said Tuesday it will make up to $200-billion (U.S.) in cash available to cash-strapped financial institutions, also for 28 days as opposed to overnight.
“Pressures in some of these markets have recently increased again,” the Fed said in a statement. “We all continue to work together and will take appropriate steps to address those liquidity pressures.”
Just before equity markets opened in North America, Canada's central bank said it will inject $4-billion worth of liquidity into the markets in two parts through its Special Purchase and Resale Agreements. The first injection, worth $2-billion, will be made on March 20 with the securities set to be sold back on April 17, while the second is scheduled for April 3, to be paid back on May 1st.
The central bank said the 28-day purchases, which mirror moves it made in December, are “part of its continuing provision of liquidity in support of the efficient functioning of financial markets.”
Canada's central bank co-ordinated Tuesday's action with the U.S. Federal Reserve, the European Central Bank, the Bank of England and the Swiss central bank. The synchronized global bank action is an effort to provide help in a global credit crises that threatens to push the U.S. economy into its first recession since 2001 if it hasn't already.
The Federal Reserve said Tuesday it will make up to $200-billion (U.S.) in cash available to cash-strapped financial institutions, also for 28 days as opposed to overnight.
“Pressures in some of these markets have recently increased again,” the Fed said in a statement. “We all continue to work together and will take appropriate steps to address those liquidity pressures.”
Sunday, March 9, 2008
Divorce and Your Credit
With the record high divorce rates in Canada and the United States, one should ask themselves how will a divorce impact my credit report?
A divorce decree alone will have no impact on jointly held accounts that are a part of your credit report. For joint accounts, including credit cards, car loans, home mortgages and lines of credit, you and your ex-spouse continue to have joint liability. You are both responsible, and if one of you defaults, creditors will seek payment from the other.
Just because your divorce may be finalized and you think that "finally it's all over!" the reality is that if you were a co-signer on anything with your previous spouse then you are still liable for these debts. Failure on the part of either party to make payments on time and/or pay off these debts will result in your own personal credit being potentially ruined! Often this happens and you are not even aware of it!
Check your own personal credit and FICO/Beacon Score to avoid these surprises before it's too late.
In Canada, you may check your credit online using the link to Trans Union at www.MaryWozny.com.
A divorce decree alone will have no impact on jointly held accounts that are a part of your credit report. For joint accounts, including credit cards, car loans, home mortgages and lines of credit, you and your ex-spouse continue to have joint liability. You are both responsible, and if one of you defaults, creditors will seek payment from the other.
Just because your divorce may be finalized and you think that "finally it's all over!" the reality is that if you were a co-signer on anything with your previous spouse then you are still liable for these debts. Failure on the part of either party to make payments on time and/or pay off these debts will result in your own personal credit being potentially ruined! Often this happens and you are not even aware of it!
Check your own personal credit and FICO/Beacon Score to avoid these surprises before it's too late.
In Canada, you may check your credit online using the link to Trans Union at www.MaryWozny.com.
Thursday, March 6, 2008
Bank of Canada Lowers Prime Lending Rates!
In a widely anticipated move, the Bank of Canada reduced its' Prime lending rate by 50 Bps in response to the recent signs of weakening economic conditions and following extremely weak economic figures for the fourth quarter of 2007.
With overwhelming evidence of deteriorating economic conditions in the United States, Canada cannot escape the fallout from the U.S. economic slump which has been a large contributor to the strenthening in the Canadian dollar and has led to weaker demand for Canadian exports. The Bank of Canada noted that "the deterioration in the economic and financial conditions in the United States can be expected to have significant spillover effects on the global economy".
Fortunately for Canadians, inflation in Canada is under control, thus providing the monetary authority the flexibility to lower rates now, with an anticpation of more rate cuts to come. This should help the Canadian economy weather the headwinds and fallout coming from the United States.
To take advantage of the lower rates and an alternate strategy to save you money on your mortgage costs today, contact Mary Wozny at 705-446-9791, email mwozny@mortgagealliance.com, or apply online today at www.MaryWozny.com.
With overwhelming evidence of deteriorating economic conditions in the United States, Canada cannot escape the fallout from the U.S. economic slump which has been a large contributor to the strenthening in the Canadian dollar and has led to weaker demand for Canadian exports. The Bank of Canada noted that "the deterioration in the economic and financial conditions in the United States can be expected to have significant spillover effects on the global economy".
Fortunately for Canadians, inflation in Canada is under control, thus providing the monetary authority the flexibility to lower rates now, with an anticpation of more rate cuts to come. This should help the Canadian economy weather the headwinds and fallout coming from the United States.
To take advantage of the lower rates and an alternate strategy to save you money on your mortgage costs today, contact Mary Wozny at 705-446-9791, email mwozny@mortgagealliance.com, or apply online today at www.MaryWozny.com.
Saturday, March 1, 2008
Women Homebuyers
Savvy single women appear to be buying homes more frequently and at a younger age than ever before, and that has turned the industry's attention to this potentially lucrative consumer group in the softening residential real estate market.
Women are more likely to attend university and more willing to leave the parental nest than their male counterparts. According to new data, 37 percent of single women who have never been married now own their own home.
A desire for financial security, their gowing clout in the workplace and a desire to strike out on their own is helping drive this trend, which is showing significant year-over-year growth. Some researches believe that this is a revolution that will likely change the face of Canadian housing, with the average age of the first time women buyer at 29. Women buying homes are also showing a marked interest in buying the "fixer-upper" home and becoming proficient in dealing with renovation centres.
To deal with a professional empathetic to the specific needs of women today and to access our Right Mortgage for Women, visit http://www.marywozny.com/ today.
Women are more likely to attend university and more willing to leave the parental nest than their male counterparts. According to new data, 37 percent of single women who have never been married now own their own home.
A desire for financial security, their gowing clout in the workplace and a desire to strike out on their own is helping drive this trend, which is showing significant year-over-year growth. Some researches believe that this is a revolution that will likely change the face of Canadian housing, with the average age of the first time women buyer at 29. Women buying homes are also showing a marked interest in buying the "fixer-upper" home and becoming proficient in dealing with renovation centres.
To deal with a professional empathetic to the specific needs of women today and to access our Right Mortgage for Women, visit http://www.marywozny.com/ today.
Monday, February 11, 2008
Using Your RRSPs Toward a New Home
Most of us think about building retirement savings for the future. Too often, we forget that as first time homebuyers, we can get our retirement savings working for us a little earlier. Although sometimes things seem out of reach, on closer examination there is a solution around the corner. Purchasing that first home may be a lot more feasible than we imagine. By using your RRSPs for a down payment for example, you may be able to buy a home sooner.
The Federal Government has established a program where first time homebuyers can take advantage of savings they have accumulated in their RRSPs for the purchase of their first home. The program allows each participant to withdraw up to $20,000 in RRSPs to finance the purchase under the First Time Homebuyers’ Program ($40,000 per couple). The great news is that you have 15 years to pay it back!!
For those purchasers who already have the down payment saved, purchasing an RRSP with those funds may go financially further for you than the initial down payment. The transaction would also get you a tax deduction for the year in which the contribution was made. Potentially, at tax time, you would be eligible for a tax refund due to the RRSP contribution. The tax refund would represent additional funds that could be used for other incidentals and closing costs. One factor that is very important to remember here is that the RRSP funds must be on deposit for 90 days to be eligible.
The payback period is monitored and regulated by the Federal Government. They will remind you annually the amount that is required to be deposited in to your RRSP. As long as the program is adhered to, you have 15 years to repay with no penalty. It is borrowing from your golden years but not depleting your retirement savings.
Ask Mary Wozny, your Mortgage Alliance professional about other ideas to make your purchase a little easier.
For more information on the First Time Homebuyers’ Program please visit www.ccra.ca
The Federal Government has established a program where first time homebuyers can take advantage of savings they have accumulated in their RRSPs for the purchase of their first home. The program allows each participant to withdraw up to $20,000 in RRSPs to finance the purchase under the First Time Homebuyers’ Program ($40,000 per couple). The great news is that you have 15 years to pay it back!!
For those purchasers who already have the down payment saved, purchasing an RRSP with those funds may go financially further for you than the initial down payment. The transaction would also get you a tax deduction for the year in which the contribution was made. Potentially, at tax time, you would be eligible for a tax refund due to the RRSP contribution. The tax refund would represent additional funds that could be used for other incidentals and closing costs. One factor that is very important to remember here is that the RRSP funds must be on deposit for 90 days to be eligible.
The payback period is monitored and regulated by the Federal Government. They will remind you annually the amount that is required to be deposited in to your RRSP. As long as the program is adhered to, you have 15 years to repay with no penalty. It is borrowing from your golden years but not depleting your retirement savings.
Ask Mary Wozny, your Mortgage Alliance professional about other ideas to make your purchase a little easier.
For more information on the First Time Homebuyers’ Program please visit www.ccra.ca
Saturday, February 9, 2008
Canadian Housing Starts Surge!
As posted in todays Toronto's Globe and Mail, new data out shows that housing starts in Canada jumped in January, yet another sign that the Canadian market continues strong while the U.S. market melts down.
Housing starts rose to 222,700 on a seasonally adjusted and annual basis, Canada Mortgage and Housing Corp. said Friday, up from 184,700 in December and more than economists had forecast.
“Historically low mortgage rates, solid employment and income growth, as well as a high level of consumer confidence, continue to underpin the high level of housing starts,” said Bob Dugan, chief economist at CMHC's Market Analysis Centre, adding that January's starts rebounded to a level more consistent with 2008 expectations of 211,700.That would mark the seventh consecutive year of starts above 200,000.
The Canadian housing market is expected to remain in fairly good shape in 2008 and to remain an important source of economic activity in Canada, says economics strategist Millan Mulraine of TD Securities. “Though we expect it to fall below the blistering pace recorded in 2007. This is on account of the favourable labour market conditions, the continued strong growth in labour income and the expected drop in mortgage rates, as the Bank of Canada continues to lower the policy rate.”
Housing starts rose to 222,700 on a seasonally adjusted and annual basis, Canada Mortgage and Housing Corp. said Friday, up from 184,700 in December and more than economists had forecast.
“Historically low mortgage rates, solid employment and income growth, as well as a high level of consumer confidence, continue to underpin the high level of housing starts,” said Bob Dugan, chief economist at CMHC's Market Analysis Centre, adding that January's starts rebounded to a level more consistent with 2008 expectations of 211,700.That would mark the seventh consecutive year of starts above 200,000.
The Canadian housing market is expected to remain in fairly good shape in 2008 and to remain an important source of economic activity in Canada, says economics strategist Millan Mulraine of TD Securities. “Though we expect it to fall below the blistering pace recorded in 2007. This is on account of the favourable labour market conditions, the continued strong growth in labour income and the expected drop in mortgage rates, as the Bank of Canada continues to lower the policy rate.”
Friday, February 8, 2008
Banks Cut Prime Lending Rate!
After a rate cut by the Bank of Canada last Tuesday, Canada's big banks have cut their prime lending rates as well. The new Prime Lending Rate is 5.75% effective February 1, 2008.
The big banks and most of the private lenders have followed the Bank of Canada and cut their lending rates to consumers for mortgage financing.
Whether you are looking for a Fixed Rate mortgage or a Variable Rate Mortgage, a professional Mortgage Consultant can find the right mortgage and the best rate to meet your specific needs and risk tolerance.
The big banks and most of the private lenders have followed the Bank of Canada and cut their lending rates to consumers for mortgage financing.
Whether you are looking for a Fixed Rate mortgage or a Variable Rate Mortgage, a professional Mortgage Consultant can find the right mortgage and the best rate to meet your specific needs and risk tolerance.
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