Mortgage Blog

Making Your Home Workspace More Productive

1. Establish Boundaries: A key component of being more productive at home is to establish proper boundaries between work and personal life. While not all of us at home have space for a dedicated home office, it helps to create a dedicated area in your house such as your kitchen table. In addition to having a dedicated physical space to create boundaries, establishing when it is time to focus on work versus switching off for the day is key. Establishing norms such as time and location can make a big difference in ensuring productivity, but ensure you have discussed with your manager and/or team about when communication is expected.
   
   
2. Create a Routine: This is especially important for individuals who are used to an office setting and whose mornings would consist of showering, breakfast and commuting. When the commute is off the table, it is just as important to maintain a good morning routine - even if you have the option of more flexible hours. Determine what works best for you to keep you focused and engaged and maintain that routine throughout the week.
   
   
3. Declutter: When working at home, you no longer have to account for just your immediate space but the general environment as well. It can be distracting to try and work at the kitchen table when your sink is a mess or the carpet needs vacuuming. Be sure to keep your house as decluttered and tidy as possible to prevent mid-day distractions and to clear your mind to better focus on work-related tasks.
   
   
4. Take Breaks: When working in an office, you’ll often be reminded to take your lunch break when the rest of your colleagues are headed out for theirs. At home, it can be a little more difficult to maintain your lunch hour - or take breaks at all! And when we do, often these breaks are little more than scrolling through social media. While taking breaks is vital, a productive break is even more so. Consider reading relevant articles to give you some inspiration, making a home cooked meal or even taking a walk around your block for a more restful break.
   
   
5. Upgrade Your Equipment: Whether you’re currently working in an old wooden kitchen chair or lack proper wrist support, a big step towards being more productive at home is upgrading your equipment. If you’re going to be sitting all day, investing in a comfortable, supportive desk chair that won’t leave you feeling achy will make a huge difference! Also, make sure you have enough desk space to be able to work comfortably and include ergonomic support where applicable for an even more comfortable (and productive!) work-at-home experience.

Economic Insights from Dr. Sherry Cooper

Core inflation remains above 3.5% despite flat economic activity in the fourth quarter.

While overall growth declined by 1.1% in Q3, we expect the final quarter of 2023 and Q1 of this year to post roughly zero growth. Nevertheless, labour markets remain relatively strong, and wage rates rise well above 5% year-over-year.

Since mid-year, the Bank of Canada has focused on the supply/demand balance, inflation expectations, wage growth and corporate pricing behaviour. Last week’s Business Outlook Survey showed little to no improvement in those metrics, with corporate pricing behaviour somewhat encouraging on the path to normalization but still not there.

There is a way to go before we see sub-3% inflation sustainably. Until then, the bank will hold the overnight policy rate at 5%. The Bank of Canada made its first announcement of the year on January 24th, resulting in no change in the overnight rate for the fourth consecutive meeting.

While markets are anxiously looking forward to a series of interest rate cuts, it is too early for the Bank of Canada to take a move dovish tone. This week, they will issue their full economic forecast in the Monetary Policy Report.

Inflation remains critical to the outlook. The latest CPI report was not encouraging. Progress has been made in bringing inflation down, but plenty of work remains to get back to 2%. Rate cuts are coming this year, but the Bank of Canada will patiently await a further drop in inflation and inflation expectations. In the meantime, a continued rebound in housing markets will anticipate the future easing in mortgage rates.