CHFD - Thursday, May 23, 2024 - 06:00 a.m. (ET) - Segment #11

>>> And that's what's making national and international news. You're watching "global news morning" on this thursday, may 23rd. We'll be right back. [ ] What's with all the pomp and circumstance? (Horn blaring) Start the clock. (Howling) (School bell ringing) (Clapping) It's a masterpiece.Amazing. Yes!(Cheering) - This right here is confidence in a bottle. - Makes me feel so much more confidence than I've ever felt in my life. - They are some of the hottest videos on social media, those videos claiming to instantly get rid of bags under your eyes and Net Figueroa is here to tell us why she says this one is for real. - This one is for real and I'm so excited, not only does it work on the bags it works and the appearance of crows feet, fine lines and wrinkles, we even have a video and all he uses is a small amount and that's how easy it is and I did this to my father, we were at home, 4:34, completely gone. - My real true opinion is holy - words I can't say on camera, this is absolutely unbelievable, I can just feel it lifting my skin, it was amazing, it feels good, feels great, looks even better. - At our $14.95 price, it's the best way to try Plexaderm and see it work after your first application, visit or call the number on your screen. For over 70 years, we've always believed...that to own a to live an adventure. So go ahead...take off...explore...rise above...find your way. Fish...go deep...push the limits of your playground...follow your instinct...we'll take care of the rest. Princecraft. The spirit of boating. Most fierce fighting here in month. >> President putin has said the hostage handling-taking was planned abroad. >> Sleeping on the floor, with little to eat and little hope. >> It is fragile truce and no one's certain it will hold. >> But right now, many westerners just think it's tar for afar too risky to come here. >> Antony: earlier this week, statistics canada revealed the country's inflation rate slowed to 2.7%. So, from grocery and gas prices to rental and mortgage costs, how can this all impact you? Well, on this week's edition of "your money" we're joined by our personal finance expert rubina ahmed-hack to discuss all that and more. Rubina, great to see u so let's get into the numbers. Of the lowest it's been in three years. Good news, right? >> Rubina: absolutely. This is what economists were predicting ands in what the bank of canada is watching, and this gives some encouragement that we could see rate cuts in 2024, which is obviously welcome relief for anybody that is paying more and more for their mortgage payments because they went variable or they recently renewed. So this is great news. It is in that target range that the bank of canada wants between 2 and 3%. Now, we've just got to wait and see what the bank of canada does next. >> Antony: and that's the big one, right? That's in a few weeks: early june. Some -- I've heard mixed opinion on whether they're going to cut or whether they hold on. And if they do cut, it's going to be incremental, isn't it? Reason. >> Rubina: they're always more aggressive going up than they are coming down, because usually if they're raising interest rates, it's in an emergency. Whereas if you're coming down, it's more about how can we make sure that we lower interest rates without actually stoking inflation. Now, one of the most interesting things is that part of inflation is interest rates, is one of the things propping inflation up is the fact that interest rates are higher f they lower interest rates, that's actually going to cool inflation, because people will be paying less for their mortgages, less for their loans. The other big one is gasoline is also higher. And that's stoking inflation. That's not going to be affected by interest rates being cut. But that's something to bear in mind when you think about why is inflation at 2.7%. What's bringing it down? What's keeping it up? >> Antony: interesting. Despite that. That's a silver lining. Seeing the light at the end etch the tunnel, because it's been a very long tunnel for a lot of time. With all of that said, as you know, rubina, there's a

disconnect for a lot of people, because the cost of living is still very high for a lot of people, and even though it feels like it's slowing, people doesn't necessarily feel that. Grocery prices, people feel, right or wrong, that two-thirds of canadians polled say grocery prices, for example, are still way too high. >> Rubina: so, it's like a true and false story at the same time. So, year-over-year, grocery prices have slowed, and that's why we're seeing that reflected in the inflation rate data. But if being loot where grocery prices were whack back in april of 2021 to new, they have come up 21%. So, in recent memory, we paid less for that same chicken, that same eggs, that same bread. You know, we could remember, wow, I remember when ketchup was x dollars at this same store and now the sale price is the same as the regular price. These are the conversations I hear people having over and over again. And the things that really affect our kay day-to-day cost, those are the ones that continue to be high. Gasoline. Yes, durable goods are down, but how many times do you go and buy something that you're going to keep in your home for years and years and years? So we don't feel it as much, because the items that they hook at, the things this that are most affected are things that we don't buy on a daily basis. Gasoline, grocery... That's something people die on a daily basis. >> Antony: a lot of people now are renewing their mortgage. There's so many options. Whether it's fixed or variable, one, three, five years, of course. What would you advise people right now as they have that conversation with their banker a other lenders, for example? >> Rubina: I'm going to renew my mortgage in july. So I'll tell you what I'm doing. I'm talking to my bank early and I'm weighing my options. I'm going to other banks to see what they can offer me, and I'm waiting until the very last day to renew, because I am in a fixed rate lower which is much lower than what I'm going to renew at. That's the obvious stuff. We can't be forecasters and try to guess where the interest rate is going, because that can get you into trouble, thinking, well, interest rates are going down. I can get into this house that may be a little bit difficult right now for me to afford. So, don't go into any loan situation with that in mind. Really just look at the numbers that are in front of you today. Can you afford that loan or the next five years? Can you afford it if interest rates were to go up 2 percentage points? Does it make up more than 30% of your gross annual income? These are the numbers that you should be looking at to see if you can truly afford, especially if you're buying a home brand new or new to you, and if you're renewing. Just renew with the numbers that are in front of you. Don't try to be a forecaster, because you might make up ending a decision based on something that's not actually facts. >> Antony: if you look at how many money you're putting into the interest payment every time you make a mortgage payment. Nonetheless. That is our personal finance expert rubina ahmed-haq. Also the host of "for what it's worth" on corus radio and wherever you get your podcasts. Thanks again, rubina. The Thunder Bay Source, your source for news plus all that's coming in the week ahead. This week... The city has hired a retired two star general to fill the city manager vacancy. Confederation College names a new presidents starting in September. And, perseverance pays off for the 10-mil road roace winners. Plus, a local dog wins best of her breed at the Westminster Kennel Club dog show. The Thunder Bay Source, turn to it every week. (sfx: Crowd noise. Ref whistle) Sarah, You got this. Ok? (sfx: Referee whistle) Say, what you wanna say And let the words fall out Honestly, I wanna see you be brave With what you wanna say And let the words fall out And let the words fall out But they lost And let the words fall out Not really. What you wanna say Not where it counts. I wanna see you be brave Just wanna see you be brave Your experience with a car dealer and repair centre should always be number one - and it's right there in the name you can trust, Auto One Car Care & Service Centre. Auto One is committed to excellence and has a quality selection of pre-owned vehicles. Along with E-Bikes and a variety of comfortable and convenient mobility vehicles. Their team of technicians can service all vehicles, regardless of make or model and get you set up with the right tires. Auto One also offers financing options on vehicle sales and repair services. Get all-in-one service at Auto One, 80 Court Street South. What do Ontario Dairy Farmers bring to the table? A million little things. From 5 am wake up calls... living the words “never put off till tomorrow what you can get done today”. Bringing together what our parents taught us...

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