"The Bank of Canada maintained its policy rate at 4.5 per cent, following eight consecutive rate hikes since March. The pause was signalled by the central bank in January, in order to assess the full impacts its monetary policy is having on the Canadian economy.

Growth in the Canadian economy stalled last quarter, with restrictive monetary policy weighing on household spending and business investment.

The current inflation rate sits at 5.9 per cent, reflecting a decrease in prices for energy, durable goods and some services. Despite this, food and shelter costs remain elevated, with food inflation at 10.4 per cent.

The central bank remains confident in its projection that inflation will come down in 2023. 

“Overall, the latest data remains in line with the Bank’s expectation that CPI inflation will come down to around 3 per cent in the middle of this year,” the bank said in a news release on Wednesday.  

The Canadian labour market remains tight, with 150,000 new jobs added in January and unemployment remaining at a historic low of 5 per cent. Wages continue to increase by 4 to 5 per cent, however the central bank expects these pressures in the labour market to ease with weak economic growth in next few quarters. 

“This should moderate wage growth and also increase competitive pressures, making it more difficult for businesses to pass on higher costs to consumers,” the bank said.

Despite the pause, the central bank has not ruled out the need to increase its overnight rate again, if economic circumstances change. Global factors, such as the war in Ukraine and the strength of China’s economic recovery, continue to be sources of uncertainty for the inflation outlook.

“Governing Council will continue to assess the economic developments and the impact of past interest rate increases, and is prepared to increase the policy rate further if needed to return inflation to the 2% target,” the bank said.

The next policy rate announcement is expected on April 12, 2023." - Global News

Buying a new home is an exciting venture, and one that many people dream of. The idea of owning a home that has never been lived in, with all of the latest amenities and features, can be very appealing. However, when it comes to buying a new home from a builder, there are some cons that you should be aware of before making your decision.

1. Higher costs

One of the biggest cons of buying a new home from a builder is the cost. Builders often charge a premium for new homes, which can make them significantly more expensive than older homes. In addition, builders often charge additional fees for things like upgrades, which can quickly add up. These costs can put a strain on your budget and may require you to make compromises elsewhere in your life.

2. Construction delays

Another potential downside to buying a new home from a builder is the risk of construction delays. Builders may promise a specific move-in date, but unforeseen circumstances such as weather, labor shortages, or material delays can cause the project to be delayed. This can be frustrating, especially if you have already sold your current home or made other arrangements based on the expected move-in date.

3. Limited customization options

While some builders may offer the option to customize certain aspects of the home, such as flooring or countertops, there are often limits to how much you can customize. This can be frustrating if you have a specific vision in mind for your home and are unable to bring it to life due to the limitations of the builder's options. Additionally, even if you are able to customize certain aspects, you may end up paying a premium for these upgrades.

4. Quality concerns

Another potential downside to buying a new home from a builder is the quality of the construction. While most builders strive to build high-quality homes, there is always the risk that corners may be cut or mistakes may be made during the construction process. This can result in issues such as leaks, mold, or other defects that may not be immediately apparent but can cause serious problems down the line.

5. Lack of established community

When you buy a new home from a builder, you are often moving into a brand new community that has yet to establish itself. This can be both a pro and a con, as it means that you have the opportunity to be a part of shaping the community and establishing new relationships with your neighbors. However, it also means that there may be less established amenities, such as parks or community centers, and it may take some time for the community to fully develop.

6. Limited negotiation power

When buying a new home from a builder, you may have limited negotiation power, as the builder has set prices and contracts that may be difficult to change. This can make it difficult to get a good deal or negotiate for additional perks or upgrades.

7. Potential for hidden costs

Builders may not always disclose all of the costs associated with buying a new home, such as HOA fees, property taxes, or other expenses that may not be immediately apparent. This can lead to unexpected expenses and can cause financial strain.

8. Longer commute times

New home developments are often located in areas that are further from city centers or job centers, which can result in longer commute times. This can be a significant factor to consider, as longer commutes can result in additional expenses and can impact your quality of life.

9. Potential for cookie-cutter designs

Some builders may offer a limited range of home designs, which can result in a neighborhood filled with similar or identical houses. This can limit your sense of individuality and can result in a lack of character or uniqueness in your home.

In conclusion, buying a new home from a builder can be an exciting venture, but it's important to be aware of the potential cons before making your decision. Higher costs, construction delays, limited customization options, quality concerns, and a lack of established community are all factors that should be carefully considered before making your purchase. With careful research and consideration, however, you may find that a new home from a builder is the perfect fit for you and your family.