Managing Mortgages and Debt

I hope everyone has been enjoying the longer days and relatively warmer weather. Spring is a great time to reflect on last year’s success, clear out the clutter, and refresh your space with a seasonal reset. At CUA, we have a similar focus with our AGM taking place at the end of this month, giving us the opportunity to review the past year and focus on the future.

Earlier this year, Royal Lepage reported that 1.2 million mortgages will be renewed in 2025. Nova Scotians in this scenario are, of course, closely watching interest rates. In March, the Bank of Canada announced a decrease in their overnight rate by 25 basis points to 2.75%. In their communication they advised that if there are further reductions, they would not offset the economic consequences of a protracted trade conflict. While there is significant uncertainty in the current environment, it is heartening to see Canadians coming together, supporting each other and the critical businesses that drive our economy.

The decrease in interest rates is likely good news for those who are renewing their mortgage or considering purchasing their first home. At CUA, we are always here to help. Our Financial Advisors are happy to share the options that will help you meet your financial goals and can review some of our unique mortgage offerings to find the right fit for you.

CUA has mortgage products for all stages of home ownership; whether its first-time homebuyers, families looking to renovate, or business owners wanting to grow their rental portfolio. From our No Down Payment mortgage to our Construction mortgage or our Mobile Home mortgage, CUA’s products can help you reach your dream of home ownership. For more information on our differentiated mortgage products please visit cua.com/mortgages or visit your local branch.

While you’re thinking about spring cleaning, it’s a good idea to apply it to your finances, making sure you add a spending and savings review to your to-do list. Taking a fresh look at your budget and making the necessary changes can take you once step closer to achieving your financial goals. It has recently been reported that many Canadians are navigating credit card debt and regularly carry a balance on their cards. Our featured CUAdvice article this month talks about how to review your finances, sharing best practices for managing debt, creating a budget and being aware of your credit score. Our website also has several tools available to help you determine your financial health and to create a budget.

Finally, I wanted to extend an invite to you for our Annual General Meeting on April 29. The event will take place at 7:00 pm at St. Mary’s Boat Club, which is located at 1641 Fairfield Road in Halifax. Join us to hear about our accomplishments in 2024 and what’s planned for our upcoming year. All CUA members are welcome to attend.

As always, if you have any questions about one of CUA’s products or services, or are looking for support in reaching your financial goals, please reach out to a member of our team at 902.492.6500,book an appointment online or email us at info@cua.com.

Your CEO,