March inflation statistics (always released the following month) were not rosy – and neither were the headlines, with the CBC calling the increase the largest annual increase in the cost of living since the GST was created. Our inflation rate at 6.7% is now the highest since 1991, and was up 1% from February numbers. This was a huge one month spike. The biggest underlying price increases recorded were for gas, housing, rent, and car purchases. Declines were noted in phone bills, tool costs, and license plate stickers (which have been completely phased out in Ontario). Every Tembo customer with a car should expect a refund for the cost of any sticker purchases or extensions done since the onset of COVID – cheques are on their way.
Tembo has been talking about inflation for years. We’ve always cautioned our clients and our community to keep a close eye on it and to never take low inflation for granted. We were skeptical of the Bank of Canada position that it would all be ‘transitory,’ and we’ve been proved right. The consensus from market watchers, the financial community, and even big bank economists, is that we’re due for 3-4 more BOC rate increases this year. So we could see 2-3% BOC rates by the start of 2023. The view of ‘transitory inflation’ has now shifted to high inflation followed by a recession next year – this is the position now splattered all over the financial press. The market is changing, but with that change, opportunities will arise.
So if you’re in Ontario and have plenty of housing equity, and want to buy a home now or need a deposit for a son or daughter who sees this as a good time to get in, consider a private second mortgage with Tembo Financial. If you’re self-employed and need a private mortgage because the banks will take forever to green-light you (and charge you even more than before), consider a private mortgage with Tembo. We offer private mortgages throughout Ontario, Toronto, and Ottawa. There are more and more stories of Canadians being increasingly worried of higher rates affecting their credit cards, lines of credit, and car payments. Consider consolidating your debt (which is going to cost more and more to service now) and look at the option of a bad credit private mortgage. We can help you consolidate 5 credit payments into 1, and improve your financial situation.
Through a second mortgage with Tembo you can renovate your home, go on a trip, buy that nice car you’ve always wanted, or help a relative with a deposit for a townhouse – the possibilities are endless. Our private mortgages have helped countless self-employed workers in Ontario access their housing equity quickly. Many of our customers no longer worry about higher credit card bills – they’ve consolidated all of their loans into one payment. We’re entering a period of transition, but you always have options with Tembo. Take advantage to access your equity, consolidate your debts, pay down liabilities fast, and simplify your debt payments – please visit www.tembofinancial.com and give us a call at 1-844- 238-6717!