A picture is worth a thousand words.
Christine Fortin - Oct 01, 2020
Looking back at our article from the Spring/Summer newsletter where we spoke on “this time it is not different”. I feel for our long-term clients who have heard us regurgitate this before. However, as we fast forward 5 months since we penned the arti
Looking back at our article from the Spring/Summer newsletter where we spoke on “this time it is not different”. I feel for our long-term clients who have heard us regurgitate this before. However, as we fast forward 5 months since we penned the article – clearly this is information that bares repeating.
A picture is worth a thousand words:
Real Estate *up*date
When the fear around the current pandemic originally arose and the markets reacted, we said that one positive thing to come out of this would be a potential resurgence in the stalled real estate market of the last couple of years.
As rates moved down aggressively, some home owners were able to size up. We did expect that this would not start to show until late fall 2020/early 2021, as there would be more clarity around income and employment, and thus more ease for those wanting to make a move.
The star in economic data has really been the Canadian housing data; particularly in Toronto, Montreal and Vancouver. There was no lack of bearish prognosticators early in the pandemic, but they have now been cast fully offside. Even the most hardened defenders of the market are suddenly looking timid on their calls, probably to the relief of bank stocks. In Toronto, sales were up a hefty 40.3% y/y from quite normal year-ago levels, leaving August as the strongest month on record after seasonal adjustment.
A crucial part of your Estate Plan: A Letter of Wishes
In the spring we wrote about stress testing your estate plan during times like the pandemic. And in following with our estate planning theme we wanted to refresh you on the topic of having a letter of wishes, which can provide guidance to the executor of a will, or a trustee of a discretionary trust.
A letter of wishes may also be used to outline how gifts of sentimental value should be distributed, such as art work, jewelry, etc. It is important to note again however, that this is not a legally binding document, and these items should also be outlined in the will.
Our last 5 months has not been what any of our team expected. Due Diligence Conferences and Our Council Conferences were cancelled, post-poned or now run virtually. Christine is a member of WPO (Women President’s Organization) and she was looking forward to the international conference taking place in her homeland, Montreal - also cancelled.