🏡📉 **Market Update: Home Sales Down in May - But There's Good News Ahead!** 📉🏡

May saw a slight dip in home sales, continuing a soft spring season with sales down 0.6% from April and 5.9% from last year. Higher borrowing costs and Bank of Canada uncertainty kept many buyers on the sidelines. However, new listings are on the rise, offering more options for prospective buyers.

📉 Great news for homeowners! 📉

Many mortgage lenders, including three of Canada's Big 6 banks, are cutting fixed mortgage rates—bringing relief to those with upcoming renewals. Rates are dropping from 5%-plus to the 4%-range, making this a prime time to renegotiate or secure a new mortgage.

🌟 **Considering Leaving B.C. Due to Housing Costs? Campbell Mortgages Can Help Nationwide!** 🌟

A recent poll by Angus Reid Institute reveals that one-third of B.C. residents are thinking about moving to another province due to skyrocketing housing costs. With cities like Vancouver, Burnaby, Victoria, and Kelowna among the most expensive in Canada, it's no surprise that many are exploring more affordable options.

### 🌟 Protect Your Future: The Importance of Personal Life, Critical Illness, and Disability Insurance 🌟

Life is unpredictable, and while we can't foresee the future, we can certainly prepare for it. Here's why personal life, critical illness, and disability insurance are essential for safeguarding your and your loved ones' future:

🌟 **Exciting News for Variable-Rate Borrowers!** 🌟

The Bank of Canada has announced a 25-basis-point cut to its overnight target rate, bringing it to 4.75%—the first cut in over four years! This reduction is expected to lower the prime rate to 6.95%, translating into savings for many of you on variable-rate mortgages and HELOCs. 📉💸

📢 Exciting News for Homebuyers and Homeowners! 📢

The Bank of Canada’s upcoming rate decision has everyone talking, and there's a real chance we could see a rate cut soon. But whether the rates drop this week or later, one thing is clear: now is a crucial time for your mortgage decisions.

📉🏠 **Fix or Float? The Mortgage Dilemma is Heating Up! 🏠📉**

As the Bank of Canada gears up for potential rate cuts, homeowners and buyers face the age-old question: to fix or to float? 💭

**Canada's Single-Family Housing Crisis: Hitting 40-Year Lows**

The Government's promises to fix the housing crisis? Pure BS. It's clear now they were lying.

Even those tiny "dog crate" condos are seeing fewer builds nationwide.

2024 is set to hit a 7 or 10-year low for ALL housing starts. 🚫🏗️

🏠📈 Exciting News from the Canadian Housing Market! 📉🏡

The latest report from the Canadian Real Estate Association (CREA) paints a fascinating picture of our current housing landscape. 🇨🇦 Despite a slight dip in home sales, there's been a surge in new listings, creating the "most balanced" market conditions we've seen since before the pandemic hit. 📊✨

🏠 Anticipating Mortgage Defaults: What's the Outlook? How Quickly Will They Rise? And What's the Impact on Property Prices?

For years, Canadian mortgage default rates have remained historically low, defined as 90 days of payment arrears, sitting at less than a quarter of 1% (18 basis points), notably lower than those in the USA. This figure is also below Canada's historic average of 36 basis points. Canadians have maintained a track record of meeting mortgage obligations for several reasons:

Canada has recently made a significant decision to increase its borrowing limit. This move underlines the economic challenges we're confronting as a nation. It's tough watching the strain on individuals and families trying to make ends meet. Despite our best efforts to economize, the sinking value of the Canadian dollar exacerbates these challenges. Over the past decade, the loonie has depreciated nearly 20% compared to the US dollar, which means every day, the purchasing power of our savings diminishes a little bit more.

📉 As recent reports show, Canadians are feeling the pinch with rising credit card and auto loan debts amidst higher interest rates and increasing economic pressures. This is causing concern among lenders as defaults on auto loans are starting to climb, showing signs that not all is well.