My Dear Clients, what a year 2021 has been!
Pandemic uncertainty threw us for a loop, but we are still here and holding on. We’ve seen fires and floods and continue to rebuild. Some have lost loved ones, homes, and businesses.
In spite of it all, we remain steadfast in our quality commitment to our clients. Please read our Year in Review below to learn all about our setbacks and successes at the end of the year for The Mortgage Center TMK.
Also, please take a brief moment to vote in our Community Outreach Poll to decide where a donation will be made to help our local community and surrounding areas recover from the devastation and loss of the past year.
2021 Year in Review
The Mortgage Center TMK has had its fair share of ups and downs along with the economy and community of British Columbia. Let’s take a look at our recap over the past year.
Fiscal Impact
Interest rates were at historic lows all year while fixed rates saw gradual increases in the past few weeks. Lower interest rates enabled many to take advantage of refinancing their current loan for a lower rate.
The Bank of Canada announced its key lending rate increase will take effect as soon as April 2022, due to Canada’s high COVID-19 vaccination levels, solid employment rates, and strong economic growth, effectively ending its bond-buying program.
With the rise of the key rate, the prime rate is also expected to go up, which will have a subsequent influence on the variable rates. The Bank of Canada’s current overnight rate is holding steady at 0.25%.
Inflation is expected to remain above range through most of 2022 with relation to supply constraints and higher energy prices. It is predicted to decrease toward the end of 2022, declining from a projected 4.8% in 2021’s fourth quarter to just 2.1% in the latter half of 2022.
Mortgage and Housing Market
COVID-19 brought many challenges and hardships, but with it, a great deal of support and resources also became available to help those most impacted by job termination, financial struggles, business expenses and operating costs, and housing or mortgage difficulties.
Canadian banks and lenders initiated a number of new policies to help protect homeowners from losing their houses during an uncertain time. This assistance bolstered the economy in an otherwise troublesome period and allowed people to stay in their homes through deferred mortgage payment and foreclosure and eviction protection programs, loan extensions, and no penalty fees enforced for bounced payments. One bank even had the option to skip a payment.
It was often dependent upon the bank and the unique situation specific to a particular borrower, on a case-by-case basis, but banks were more willing than ever to assist throughout the duration of a crucial and ongoing crisis. Especially when backed by ongoing emergency monthly government relief stipends to eligible households, as well as loans, grants, and other subsidies.
This has allowed the housing market to maintain a foothold and set the stage for the prospective opportunity to make a gradual comeback in the year ahead. The potential for overall growth looks promising as the economy makes its way towards recovery.
Extraordinary Accomplishments in 2021
The Mortgage Center TMK was voted one of the Top 50 Mortgage Brokers across Canada in 2020 by Canadian Mortgage Professionals Magazine. I am thrilled that my team’s commitment to excellence has been recognized by such a prestigious publication. I am proud of all they have achieved in the face of so many obstacles.
The Mortgage Center TMK was also voted Best Business of 2021 by Three Best Rated in Port Coquitlam, B.C.
In addition to this, our company achieved a record-breaking volume in 2021. My team has funded over $1 billion in mortgages. As my valued clients, you have contributed to my success over the years and for that, I am so grateful.
Socioeconomic Impact
This year has in no way been easy by any means. Many have still been impacted by the COVID-19 pandemic. Countless lives have been lost to this deadly virus. Others still continue to fight through the after-effects of exposure to COVID and the toll it has taken on their body.
On top of all of that, the B.C. province was ravaged by wildfires, with more than 1,600 fires burning nearly 8,700 kilometres of land from April through September. The entire village of Lytton was eradicated. It was the third-worst wildfire season on record.
Now that fire season is over, we face an even bigger challenge, the heavy flooding that follows a difficult fire season. This, in turn, is resulting in mudslides and landslides as well.
Community Outreach Poll
So this year, rather than spending money on Christmas Cards and stamps, I have decided to opt for a cash donation to a particular charity instead, as is customary with The Mortgage Center TMK’s history of community giving. I am reaching out and asking YOU, my clients, to take a minute to take part and have a say of where you would like to see the cash donation go to by voting below for one of the following:
I will also be working with my two oldest grandchildren Mila and Branson, who are both 4 years old, in stuffing CARE package stockings to give out to the homeless and less fortunate, along with a bagged lunch, the week of December 19th. They will be joining me as we deliver and put smiles on people’s faces because we all deserve to SMILE.
Best Wishes for a New 2022
To close out this year in review newsletter, I just want to say that I am so thankful for everything that was accomplished this year despite the circumstances.
We at The Mortgage Center are like a family and our clients are an extension of that family. PLEASE take part in our poll, as a valued client, I want to hear from you and have your vote count.
This Holiday season, take time to appreciate life, offer gratitude, and spread kindness. From everyone here at The Mortgage Center TMK, stay healthy. And may 2022 bring us all Peace, Joy, Prosperity, and Health!