One of the reasons mortgage professionals study economic trends is that, most of the time, the recent past gives us reasonably reliable clues about what might happen in the near future.
That is definitely not the case this year. The COVID-19 pandemic has resulted in extremely volatile shifts in the Canadian housing market and that has made it impossible for anyone to confidently develop forecasts for the housing market.
Mortgage Professionals Canada has released 3 of 4 reports – Rapidly Evolving Expectations in the Housing Market, written by Chief Economist Will Dunning. These reports track shifts in Canadians’ expectations about the housing market in order to monitor the evolving market circumstances.
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The Perils of Dying Without a Will
Only 51 percent of Canadian homeowners reported having up-to-date wills. Thirty-six percent reported not having a will at all. These statistics beg the question, “Do you know what happens to your home if you pass away without a will?”
Recent data (from Angus Reid and Willful) suggests a shocking lack of knowledge among Canadians when it comes to dying without a will. Only 21 percent of those asked the question, got it right – your home will be distributed to an individual’s dependents according to a provincial formula. The other 79 percent included people who mistakenly think their properties will automatically go to their spouse or children (48 percent) or to the government (6 percent), while 24 percent admitted they don’t know.
I work closely with lawyers and financial planners and would be happy to recommend someone to help you protect your home, your family, and your estate. Email me today so you can enjoy peace of mind! After all, we have enough to worry about right now.
Tracy’s Adventures
Dressing Up for Halloween…
