Financially Flourish This Spring

Spring is in the air and with the warmer weather comes new life and opportunities. One of the most exciting new beginnings is unlocking your dreams of homeownership. With May 1 designated as ‘New Homeowners Day’, I want to express my sincerest congratulations to all new 2024 CUA mortgage members on your exciting new journey. Homeownership is a major life event worth celebrating, whether you just got your first mortgage approval, the keys to your new place or finally finished the renovations on your dream home.

While not everyone is in the position to acquire a mortgage, CUA can help you plan for your future to ensure those dreams become reality. With flexible mortgage options, including products such as the New Construction Mortgage and Purchase Plus Improvements Mortgage, you can feel confident taking the next step towards purchasing a home. Likewise, we offer unique services like the Best Fit Account Guarantee and the CUA Credit Card Picker to personalize your banking experience. Whether you need help selecting a mortgage product, strategizing a credit building plan or reducing total debt, CUA is dedicated to making your home ownership dreams a reality. Reach out to a member of our team to start that planning process.

If you’re in the market for a new home, there may be good things to come. According to the Bank of Canada, inflation is showing signs of lowering to a sustainable level and with that, interest rates may decline. The Bank of Canada reviews interest rates on a fixed schedule of eight times per year, with the last six decisions holding the overnight rate at 5%. The next decision date is June 5, 2024, and some experts are indicating that a decrease is “very likely”. While rates will not be returning to previously low levels, a gradual decrease from the current rate is expected over time. Experts also forecast strong housing activity over the course of this year. If homeownership is your goal, now could be the right time to consider your options.

CUA held its Annual General Meeting (AGM) on April 30. This event was a wonderful opportunity for members to learn about our accomplishments in 2023 and our plans for 2024. The theme of this event was CUA’s Core Values, focusing on the four values that guide our interactions with members, with each other and the broader community: Integrity, Caring, Accountability and Thinking Big. The theme was further emphasized through a video in which we asked a variety of our staff and members to describe CUA in one word. See what they had to say.

At the AGM, we also said goodbye to Board member Louise Adongo, who has served for the past nine years, providing her commitment and leadership since 2015—thank you Louise, you will be missed! I would also like to welcome our new Board member, Don Bureaux, President of Nova Scotia Community College. Thank you to each of our Board members for their continued work in guiding our organization!

Finally, a warm thank you to each of our members who attended the Meeting, it’s been our continued pleasure to serve you. We look forward to continuing to deliver the better way to bank. Read more about this year’s AGM.

I hope you enjoy the rest of the spring season. As always, if you have questions about our mortgage products or any other financial matters, please reach out to us at 902.492.6500 or info@cua.com.

Your CEO,