The Bank of Canada announced this morning that it is maintaining its target for the overnight rate at 0.75 per cent. In the press release accompanying the decision, the Bank noted that temporary sector-specific factors as well as pass-through effects from a lower Canadian dollar to import-prices is keeping core inflation close to its 2 per cent target in spite of increasing slack in the economy. The Bank now expects the growth impact of low oil prices to be more front-loaded than assumed in January and for growth to rebound beginning in the second quarter with real GDP growth projected at 2.5 per cent on average through the middle of 2016.  Weak first quarter growth will translate to a widening of the Canadian output gap and downward pressure on projected inflation, but the Bank expects a higher rate of growth in the second half will push the economy back onto its previous trajectory, reaching full-capacity around the end of 2016. 

Since unveiling a surprise interest rate cut in January, each successive Bank of Canada announcement has brought heightened anticipation. However, stable oil prices, a low Canadian dollar and firm core inflation mean that the Bank is likely to take a wait and see approach as to the ultimate impact of low oil prices on the Canadian economy. Monetary policy generally operates with a four to six quarter lag, which is why the Bank opted to reduce its target rate in January to cushion the potential impact of low oil prices. Unless the Bank anticipates further shocks to the economy or a deepening impact on growth and employment arising from the oil sector, it may ultimately hold rates constant for the remainder of the year. 

Copyright British Columbia Real Estate Association. Reprinted with permission.

If you’re relaxing on a Caribbean beach, or enjoying a bus tour through historic Paris, the last thing you want to worry about is your home. Most people know the basics of keeping a home secure while away. Here are some additional tips that are easy to miss:

• Tell your kids not to boast about your fabulous vacation plans, especially on social media. The fewer who know that the house will be empty, the better.

• Ask a neighbour to pick up any mail and flyers dropped at your doorstep. But don’t rely on that alone. Also call the newspaper and post office to temporarily halt delivery.

• You can buy timers to automatically turn lights on and off. However, most will stop working if the power goes out and restart with the incorrect time when the power comes back on. That’s why you should keep at least a couple of lights turned on continuously, and not connected to timers.

• If you’re leaving in the evening, or before dawn, don’t forget to open the blinds. Closed blinds during the day are a dead giveaway that the owners are away.

Finally, experts recommend creating a home security checklist, so you don’t forget anything. That will give you peace-of-mind.

Usually when you list your home, you would prefer to sell it quickly. It’s like being the first one served at a crowded ice cream parlour. It’s satisfying.

However, sometimes there’s more to it than that. There may be a truly urgent reason why you need to find a buyer for your property as soon as possible, such as a sudden job relocation.

If that’s the case, it’s important to explain your situation to your REALTOR®, who will be able to put together an action plan for selling your home quickly and for the best price possible.

During that conversation, ask what you can do to help the process along. For example, you may be able to:

• Spread the word to your friends and other connections on Facebook.
• Canvass your neighbours and tell them about your listing.
• Stage your home so that it’s more attractive to prospective buyers.

When it comes to price, be prepared to be flexible. That doesn’t mean you must settle for a price far below your home’s market value. However, you do need to be prepared to accept a good offer rather than try to hold out for a great one.

Also be open to as many viewings and open houses as possible. Having many prospective buyers come through your home within a short period of time may be a little inconvenient, but the payoff might be an offer!

Finally, work with your REALTOR®. A good REALTOR® will know the local market well and have many ideas for selling your property fast.

Looking for a good REALTOR® like that? Call the Dion-Ivans Real Estate Team today!!