Dates every investor should follow in 2023!
We’re in an age where we are being bombarded with information. Having access to the RIGHT information, WHEN it comes out, and knowing WHAT to do with it, is more important than ever before. If you’re looking for where the opportunities lie this next year, here are the dates I would put into my calendar,
By Mike Schroeder, Mortgage Specialist
WHAT: Bank of Canada Rate Announcements
WHEN:
Wednesday, January 25*
Wednesday, March 8
Wednesday, April 12*
Wednesday, June 7
Wednesday, July 12*
Wednesday, September 6
Wednesday, October 25*
Wednesday, December 6
WHY SHOULD YOU CARE: If you’re in a variable or adjustable rate mortgage, there are the dates that will inform you if your payment will go up, down, or stay the same.
WHAT: Consumer Price Index
WHEN:
Release date Reference period
January 17, 2023 December 2022
February 21, 2023 January 2023
March 21, 2023 February 2023
April 18, 2023 March 2023
May 16, 2023 April 2023
June 27, 2023 May 2023
July 18, 2023 June 2023
August 15, 2023 July 2023
September 19, 2023 August 2023
October 17, 2023 September 2023
November 21, 2023 October 2023
December 19, 2023 November 2023
January 16, 2024 December 2023
WHY SHOULD YOU CARE: The Bank of Canada is making it’s decisions on the prime rate based on bring inflation back down to 2%. The CPI numbers will show if we’re on track for that.
WHAT: The deadline for submissions by stakeholders to OSFI for their proposed mortgage rule changes.
WHEN: April 14, 2023
WHY SHOULD YOU CARE: The Office of the Superintendent of Financial Institutions (OSFI) is the federal regulator of lenders. They are proposing new rules that may limit how much borrowing capacity you have. I don’t want to speculate on what those rules may be. This is the date that people in the mortgage and real estate industry (such as Mortgage Professionals Canada, the professional association I belong to) must provide their input to them.
Those are the dates that I’ll be paying attention to this year. If you ever have any financing related questions, feel free to reach out any time.
Mike Schroeder, from Mortgage Architects
