“Canada’s economy is predicted to rebound in the second half of 2024, but for many homeowners, financial challenges are already a reality.” That’s according to recent forecasts, which suggest that after several turbulent quarters, things will start looking up. Yet, the question remains: how can you make the most of these upcoming changes, especially if you’ve been struggling financially? Now is the time to re-evaluate your finances.
Economic growth in 2024 is expected to hit around 1%, but it won’t be smooth sailing right away. The first half of the year will likely see sluggish growth, coupled with rising unemployment, before interest rates drop and the economy picks up Homepage | BMO Economics Statistics Canada.
For many Canadians, particularly homeowners dealing with high mortgage rates, it’s essential to prepare now for what’s coming next. Here’s how you can protect your finances and make strategic moves in a fluctuating market.
What Does Canada’s Economic Forecast Mean for Homeowners?
It’s no secret that 2023 was a tough year for homeowners. Rising interest rates, inflation, and high household debt put a squeeze on many families. The good news? Mortgage rates are expected to decline in 2024 as the Bank of Canada looks to ease monetary policy Investing.com.
This shift will make refinancing or restructuring your mortgage a more viable option, especially for those with bad credit or limited cash flow.
But here’s the catch: it’s crucial to start planning now. Many Canadians will be looking to take advantage of lower rates, and early movers will have the best opportunities to lock in favorable terms.
3 Smart Financial Moves to Make in 2024
- Explore Flexible Mortgage Options
For homeowners facing bad credit or financial difficulties, flexibility is key. At Turnedaway.ca, we specialize in helping people find mortgage solutions that fit their unique needs. Whether it’s a home equity loan to consolidate debt or refinancing to lower your monthly payments, it’s crucial to know that there are options available—even if traditional banks have said no
Explore how our flexible mortgage options can help you stabilize your finances.
- Consolidate High-Interest Debt
With inflation easing and interest rates set to decrease, now could be the perfect time to consolidate any high-interest debt. Using a home equity loan or line of credit can help you combine those debts into one lower monthly payment. Not only does this give you breathing room, but it also helps to rebuild your credit over time S&P Global
.
Find out more about our debt consolidation solutions and how they can benefit your financial health.
- Prepare for Unexpected Economic Shifts
While the second half of 2024 promises a recovery, it’s essential to remain financially flexible. Unemployment is expected to rise, which could affect income stability for many Canadians Mortgage Professional
. Building an emergency fund and managing your cash flow effectively is critical to ensuring you’re prepared for any economic turbulence that may arise in the coming months.
Real-Life Example: How Flexible Mortgage Options Made a Difference
Take John and Lisa, a couple from British Columbia who found themselves behind on mortgage payments due to rising costs and job changes. After being turned away by traditional banks, they reached out to Turnedaway.ca. Through a home equity loan, they were able to consolidate their debts, catch up on payments, and avoid foreclosure. Now, with rates expected to drop, they’re preparing to refinance and lower their monthly costs even further.
Stories like John and Lisa’s show how taking proactive steps—like exploring flexible mortgage options—can make a world of difference in tough times. With the right strategy, you can turn your financial situation around, even when things look uncertain.
Understanding Home Equity Loans and HELOCs
Both home equity loans and home equity lines of credit (HELOCs) can be lifesavers for homeowners struggling financially. The primary qualification? You need to own a home with equity. Whether you’re behind on payments or dealing with bad credit, using your home’s equity is a flexible way to get your finances back on track without relying on traditional bank loans Statistics Canada Mortgage Professional
Homeowners across Canada are leveraging these options to cover everything from overdue mortgage payments to high-interest credit card debt. And because Turnedaway.ca works with one of the largest lender networks in the country, we offer better terms than most credit-focused brokerages.
Preparing for the Future: Your Next Steps
2024 may bring some economic relief, but waiting passively won’t serve you well. It’s time to take charge of your finances. As the forecast shows, there’s hope on the horizon, and you don’t have to navigate these challenges alone. Turnedaway.ca is here to help you explore flexible, realistic mortgage solutions tailored to your situation.
Final Thoughts
The financial landscape may seem uncertain, but you have options. Lower interest rates and easing inflation offer a path to financial stability for homeowners with bad credit or limited income. If you’re feeling overwhelmed or unsure of your next steps, now is the perfect time to take action. Visit Turnedaway.ca or contact our team for a free consultation on how flexible mortgage solutions can set you up for success in 2024.
Let’s turn things around—together.
