Here’s our 2023 year in review!

As we reach the last few weeks of the year, it’s time for our 2023 year in review! This was another big year for us as a team, for the housing market, and for the Canadian economy. Here are some of the top items we want to review, as well as how we can start getting ready for 2024.

2023 at the Clinton Wilkins Mortgage Team

We were lucky to experience more growth in our small but mighty team this year! We added three more impressive professionals to our ranks in 2023: Greg Young, Sean Fleming, and Blair Patterson. Sean and Blair became our newest Associate Mortgage Brokers, each bringing a unique professional background to the table. Greg joined us as a Senior Fulfillment Advisor, also bringing with him a long background in customer service. We are so thrilled to have these three as part of our team!

It was also a busy year for mortgages! We’re on track to round off 2023 with over 690 units, valued at over $230 million. As always, we owe this success to our partners, clients, and dedicated team members!

Interest rate movements

This was another busy year for the Bank of Canada. Since January, we have seen the overnight lending rate jump up 0.75 points, beginning at 4.25 per cent and ending at 5.00 per cent. These increases also happened in little bursts, so there was a lot of uncertainty all year. The good news is the central bank has acknowledged inflation levels are reaching their targets, and we have likely left interest rate hikes behind us for now. The next time interest rates move, they should start trending down. This will come as a relief to all!

Entering the market in 2023

The housing market was fairly busy in 2023. Despite periods of rate hikes, the Halifax area experienced a pretty steady stream of buying and selling. Home buyers were dealing with higher mortgage rates than we have seen in previous years, but the sheer volume of competition and inflated housing prices have settled. For many buyers, mortgage rates became the big focus, as opposed to worries over climbing property prices. 

Of course, we emphasized the importance of using a mortgage broker for your buying needs this year. It’s always a good idea to consult a broker about your housing needs before entering the market.

Getting ready for 2024

As we exit 2023, we can start looking ahead to 2024. While we are all happy to know the days of rate hikes are likely over, this also means we may be heading towards an economic downturn. Talks of a recession have been floating around for over a year, and many people believe it will set in next year. We recommend everyone, especially home owners, start thinking about their budgeting and savings strategies. This kind of preparation will help limit stress in the new year, and give you a clear outline on how to manage your finances in 2024.

Thank you for another great year!

As always, we want to end the year with a huge thank you. This has been another exciting year, and we couldn’t have done it without the support of our clients and partners. Your support means the world, and we look forward to being your trusted mortgage advisor in the new year.

From the entire group here at the Clinton Wilkins Mortgage Team, happy holidays! We hope you have an excellent season and a fantastic start to 2024.

If you have any questions about your mortgage, get in touch with us at Clinton Wilkins Mortgage Team! You can call us at (902) 482-2770 or contact us here.