As first recorded by Thomas Tusser in a 16th Century poem, “Sweet April showers Do spring May flowers.” After the proverbial showers that Nova Scotians have experienced over the last two years since the onset of the pandemic, most are eagerly awaiting the literal and figurative sunnier days.

As Nova Scotia continues its recovery from the social instability of the COVID-19 pandemic, we are seeing changes that have created a new instability in the economy. After months of cautious spending, Canadians ended 2021 with a 9.1% increase in household consumption when compared to the previous year. This was closely followed by the March 2022 announcement that the inflation rate hit 6.7%, the highest level in over 30 years. Additionally, Canadians across the country have seen rising costs of home ownership for the past two years.

May is National Moving Month and is generally the time when the busy spring real estate season begins. In Nova Scotia, we have seen a massive housing inventory shortage over the past two years, with market prices increasing 26% in 2021 alone, which is further compounded by the high inflation rate. As interest rates climb in an effort to slow inflation, many Nova Scotian families may be questioning if home ownership is a possibility for them.

At CUA, we have a number of unique mortgage products to help make your home-buying a reality. These include our No-Down Payment Mortgage, the Cash Back Mortgage and the Purchase Plus Improvements Mortgage. While we all need to be mindful of a changing economy and protect ourselves and our financial futures, there are still opportunities to achieve your financial goals.

As we’re considering those opportunities for the future, we should also acknowledge the successes and accomplishments that took place over the past year. I recently shared at our Annual General Meeting (AGM) on April 26^th that I take great pride in the dedication of our CUA staff. Their commitment to going above and beyond in support of our members throughout the challenging past year showcases our strong team and promise of being the better way to bank. I would also like to welcome our newest directors, Joyce Carter and Malcolm Fraser, who joined the Board following the AGM for a three-year term.

If you have questions about interest rates, mortgages, or any other financial matters, please reach out to us at 902.492.6500 or info@cua.com.