According to Statistics Canada’s latest reading, housing investment declined by 2.1% in the second quarter of 2023, the fifth consecutive quarter of declines. A slowing in renovation activities and a significant decrease in new construction through most of Canada led to this decline. As well, second quarter growth in real household spending was only 0.1% (first-quarter growth was 1.2%).
In the Spotlight – The importance of financial planning
Financial planning is key to helping build a strong financial future. When working with an advisor, you’ll have in-depth discussions so they understand your situation and can develop a customized financial plan. Advisors approach financial planning in their own way, but generally cover the same areas.
Responsible for establishing financial planning standards and setting certification requirements for financial planners, the FP Canada Standards Council identifies the following six areas as core to holistic, integrated financial planning.
- Financial management
- Investment planning
- Insurance and risk management
- Tax planning
- Retirement planning
- Estate planning and legal aspects
What if? - What are your options in volatile markets?
- Stay the course.
- Invest systematically.
- Take advantage of high rates.
Women often outlive men, which requires a well-thought-out financial plan to support them for a longer duration, including planning for now, retirement and wealth transfer to the next generation.
Did you know?
Some people believe it’s better to skip financial advice, save on fees and manage their own finances. What many fail to recognize are the tangible benefits of receiving professional advice that helps to create meaningful long-term wealth aimed at securing their financial future.