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Purchasing a first home is often seen as a major life milestone, but it is also a strategic financial decision that can shape your long-term financial future. While the emotional aspect of owning a home is important, it is essential to approach the process with a clear understanding of how it fits into your broader financial plan. Before entering the housing market, it is important to take a step back and evaluate your financial foundation. This means having a stable and predictable source of income, a manageable level of debt, and a strong credit profile that will allow you to access favourable mortgage rates. A home should enhance your financial position, not leave you vulnerable to unexpected expenses or changes in your income. One of the most common pitfalls for first-time buyers is underestimating the true cost of homeownership. The purchase price is only one part of the equation. Additional costs such as legal fees, home inspections, land transfer taxes, property taxes, insurance, and ongoing maintenance can add up quickly. It is important to view your home not only as an asset, but also as a financial commitment that requires consistent cash flow over time. Planning for these expenses ensures that your lifestyle and other financial goals remain on track. Beyond understanding the costs, the way you approach your down payment also plays a key role in your long-term financial health. While it may be tempting to put down as much as possible to reduce your mortgage, doing so at the expense of your savings or investments can limit your financial flexibility. Digital tools can help you build a down payment in a tax-efficient manner. A balanced approach often involves preserving some liquidity so you can continue investing and remain prepared for unforeseen expenses. Your mortgage should not be viewed simply as debt, but rather as a financial tool that needs to align with your overall strategy. Choosing between fixed and variable rates, as well as determining the appropriate amortization period, should reflect your risk tolerance, income stability, and long-term objectives. A well-structured mortgage can provide both stability and flexibility, allowing you to adapt as your financial situation evolves over time. As you take on homeownership, protecting your investment becomes increasingly important. Insurance plays a critical role in safeguarding not only the property itself but also your broader financial plan. Insurance protects against unexpected damages, while life and disability insurance ensure that your family and financial obligations can be maintained in the event of unforeseen circumstances. Although real estate can contribute to wealth creation through property appreciation and the gradual build-up of equity, it is important not to rely solely on your home as your primary asset. A well-rounded financial plan includes diversification across different types of investments, such as registered accounts, retirement savings, and other growth vehicles. Your home should be one component of a broader wealth strategy, not the sole driver of your financial future. At the same time, it is essential to keep in mind that your first home may not be your permanent one. Life circumstances such as career changes, family needs, or market conditions can influence your housing decisions over time. In the end, buying your first home is about finding the right balance between achieving a personal milestone and making a sound financial decision. When approached thoughtfully, homeownership can support your wealth-building journey while providing stability and security for the future. The opinions expressed are those of the author and not necessarily those of CI Assante Wealth Management Ltd. This material is provided for general information and the opinions expressed and information provided herein are subject to change without notice. Every effort has been made to compile this material from reliable sources however no warranty can be made as to its accuracy or completeness. Before acting on the information presented, please seek professional financial advice based on your personal circumstances. CI Assante Wealth Management Ltd. is a Member of the Canadian Investor Protection Fund and the Canadian Investment Regulatory Organization

After a generally constructive first half of the year, the North American markets witnessed increased choppiness in price action during the month of June which was driven by a few dominant narratives. First, investors questioned whether the capital expenditures to build Artificial Intelligence infrastructure has peaked and if the sell-off in software stocks on fears of disintermediation is overdone. Second, the new Federal Reserve chair, Kevin Warsh, held his first press conference after the (Federal Open Market Committee) FOMC meeting on June 17 and delivered a hawkish message with repeated emphasis on bringing inflation under control. The new Fed chair also did not submit his projection for the dot plot given his view that Fed should move away from providing forward guidance. This led investors to question if going forward there will be less clarity on the Fed’s reaction function. Third, while the war in middle east appeared to be finally reaching a point where a narrow path to truce was visible, the sticking point of control over ‘Strait of Hormuz’ remained unresolved leaving the memorandum of understanding (MOU) on risk of being breached. Year-to-date, semiconductor stocks have done the heavy lifting to help the performance of the broad indices. With exponential growth in capital expenditures for the build out of Artificial Intelligence infrastructure; semiconductor companies have seen their revenue and earnings growth expectations soar and so have their stock prices. Semiconductors is a highly cyclical industry and follows a boom-and-bust cycle, where bust typically starts at the peak of earnings. Broadcom and Micron both reported better-than-expected revenue and earnings growth in June, however, this did not stop investors from selling the shares as they speculated if a peak has been reached. Profit booking on the year-to-date winners benefitted the year-to-date laggards as investors rotated to the areas offering the relative safety of better valuations. We note that several of these highly cyclical companies have taken advantage of current supply-demand dynamics and signed long-term contracts that provide them with a better control over earnings through the cycle. Looking ahead, we think the debate on cyclicality vs durability of earnings will keep the industry price action choppy, however, earnings growth expectations continue to make a case for constructive outlook, in our opinion. The newly elected Fed Chair, Kevin Warsh, delivered a hawkish message to the industry participants and committed to keeping a staunch focus on bringing inflation under control. He committed to bring about a regime change to the Fed by constituting five task forces that take a fresh look at the Fed’s communication strategy, balance sheet, data sources, artificial intelligence and its impact on productivity and jobs; and inflation targeting framework. The new Fed chair holds the view that central bank should not be in a business of providing forward guidance. By telegraphing a predetermined path, the Fed allows market participants to adjust their expectations in advance and influence markets. Instead, he prefers the market data should guide policy decisions. To this end, he abstained from participating the in the Fed’s dot plot exercise that signals potential path the policy rates might take. While the US president has well communicated his wishes to see the policy rates lowered, the sound bites from the new Fed chair and projections of other FOMC participants are signalling the lean towards a more hawkish stance (see Figure 1). Overall, we think the new positioning of the Fed alleviates concerns around the independence of the Central Bank but introduces a new uncertainty around the Fed’s reaction function to the incoming data. Figure 1: Federal Open Market Committee (FOMC) Dots Median Source: Bloomberg The hopes of peace in the middle east and easing of pressure on oil prices did not last long. As of this writing, both sides have started full scale attacks on each other and the US President has stated the United States is at war. Nymex WTI Crude oil prices hovered around USD 90/barrel at start of June, dropped to about USD 70/barrel at the end of June, and has now jumped to ~USD 79/barrel as of this writing. We think the expectations of lower headline inflation going forward after the oil prices had softened during the past couple of months since the start of conflict will likely get revised in the coming weeks. Further, the probability of oil prices staying structurally higher driven by higher geopolitical risk has increased, in our opinion. The control of ‘Strait of Hormuz’ remains the sticking point in negotiations where Iran wants to firmly establish its control over right of passage and collect a toll; while United States had earlier stated its wish for it to remain free of any tolls. Overall, we think North American equity markets could continue to experience choppy trading on the ebb and flow of developments around these narratives. That said, the outlook for earnings growth remains positive keeping the case strong for a net constructive price action through the end of the year, in our opinion. Source: Bloomberg Vipul Arora is a Portfolio Manager with CI Assante Wealth Management Ltd. The opinions expressed are those of the author and not necessarily those of CI Assante Wealth Management Ltd. Please contact him at 613-258-1997 or visit ofarrellwealth.com to discuss your circumstances prior to acting on the information above. CI Assante Wealth Management Ltd. is a member of the Canadian Investor Protection Fund and the Canadian Investment Regulatory Organization. Insurance products and services are provided through Assante Estate and Insurance Services Inc

North American equity markets continued their upward march during the month of May underpinned by continuation of news flow on ongoing peace talks between United States and Iran. However, bond yields in the United States continued to advance expressing skepticism on any real progress, in our view. Higher bond yields imply prospects of higher inflation partially driven by expectations that the Strait of Hormuz will remain close for longer. Bond yields declined in Canada as market participants pared the expectations of rate hikes after Canada fell into a technical recession (defined as two consecutive quarters of negative GDP growth). As of this writing, the expectations of fixed income market participants have advanced from no rate hike in the United States on May 1, 2026 to about one rate hike on June 12, 2026 (See Figure 1); and have dropped in Canada from two rate hikes on May 1, 2026 to about one rate hike on June 12, 2026. (See Figure 2). Figure 1: United States - Interest Rate Probability (Fed Funds Futures) Source: Bloomberg Figure 2: Canada - Interest Rate Probability (Overnight Index Swaps) Source: Bloomberg On June 10, 2026, the Bank of Canada held it policy rates at 2.25% in line with market expectations. Tiff Macklem, governor of the Bank of Canada, stated that uncertainty around trade with United States and war in the Middle East could mean that Bank of Canada might need to either cut or increase policy rates. Should the United States impose significant new trade restrictions - it might need to cut rates to support growth; or alternatively, if persistent higher energy prices bleed into generalized inflation - it might need to deliver consecutive rate hikes to contain inflation. Kevin Warsh, the newly sworn in chairman of the United States Federal Reserve, faces a similar dilemma south of the border albeit for different reasons. Stronger-than-expected labour market put together with creeping up inflation along with a spectre of more inflation looming large (given the threat of longer disruption in the middle east); has strengthened the argument for higher policy rates. However, the United States President has mentioned that increasing policy rates would be a mistake since it will increase the interest expense burden of the government and he prefers to allocate the budget to defence instead. While a rate hike signal could be disliked by markets; a rate cut signal could be worse as this will bring the questions of central bank’s independence to fore. We think investors will be keenly watching how the new federal reserve chair navigates through the dilemma presented by competing economic realities and political wishes. The war in the middle east is another dilemma facing investors and the United States administration alike. With the Strait of Hormuz still closed, news of peace talks taking place have largely kept the lid on energy prices during the past one month. That said, as rest of the world burns through the crude oil reserves, the risk of acute shortage of crude oil hitting the world economy at some point is increasing, in our view. With seasonal pick up in gas demand during summers just around the corner, gas prices are likely to stay elevated in the foreseeable future, in our view. Higher gas prices just before the mid-term elections when voters are already unhappy about inflation does not bode well for the current administrations’ prospects, in our opinion. A quick resolution to middle east situation will improve sentiment and could alleviate the pressure, however, the United States, Israel and Iran seem far apart in their respective demands/objectives at present as also evident of fresh bout of bombing in the past few days. We think the above mentioned multiple dilemmas will keep volatility elevated over the course of the summer months. Nevertheless, the strong earnings growth story that emerged during the first quarter earnings season remains a strong pillar of support for the markets and hence keeps us constructive in our outlook. Source: Bloomberg Vipul Arora is a Portfolio Manager with CI Assante Wealth Management Ltd. The opinions expressed are those of the author and not necessarily those of CI Assante Wealth Management Ltd. Please contact him at 613-258-1997 or visit ofarrellwealth.com to discuss your circumstances prior to acting on the information above. CI Assante Wealth Management Ltd. is a member of the Canadian Investor Protection Fund and the Canadian Investment Regulatory Organization. Insurance products and services are provided through Assante Estate and Insurance Services Inc

Wealth planning for everyone, in all stages of life WEALTH & ESTATE PLANNING < Back to Home Page Our Team We are proud of our dedicated O'Farrell Team members who provide top-tier service with professionalism every day. Dermid O'Farrell Operations CI Assante Wealth Management Ltd. Vipul Arora, CFA Portfolio Manager CI Assante Wealth Management Ltd. Christine Aubin Senior Manager, Operations CI Assante Wealth Management Ltd. Jennifer Shaddick Administrative Associate to Sarah Chisholm CI Assante Wealth Management Ltd. Erika Abraham Administrative Associate to Peggy Mathieson CI Assante Wealth Management Ltd. Matthew Felker, EPC Financial Advisor CI Assante Wealth Management Ltd. Sarah Chisholm Financial Advisor CI Assante Wealth Management Ltd. Kieran Beavis Investment Funds Associate CI Assante Wealth Management Ltd. Amanda Pratt Administrative Associate to Matthew Felker CI Assante Wealth Management Ltd. Keeley Patterson, CFP® Financial Advisor CI Assante Wealth Management Ltd. Allison Martin Financial Advisor CI Assante Wealth Management Ltd. Connie Heffernan Administrative Associate to Keeley Patterson CI Assante Wealth Management Ltd. Scott Prince Investment Funds Associate CI Assante Wealth Management Ltd. Cynthia Batchelor Financial Advisor CI Assante Wealth Management Ltd. Peggy Mathieson Financial Advisor CI Assante Wealth Management Ltd. Haley Hopkins Administrative Associate to Daren Givoque & Cole Seabrook CI Assante Wealth Management Ltd. Brenda Mayhew Administrative Associate to Cyndy Batchelor CI Assante Wealth Management Ltd. Daren Givoque, CDFA Financial Advisor CI Assante Wealth Management Ltd. Cole Seabrook Financial Advisor CI Assante Wealth Management Ltd. Jenna Piché Administrative Associate to Daren Givoque & Cole Seabrook CI Assante Wealth Management Ltd. Abram Gleason Administrative Associate to Daren Givoque & Cole Seabrook CI Assante Wealth Management Ltd. Connect with a Team member today and get focused on your future. The O’Farrell Team looks forward to helping you plan a growth strategy for your wealth that you can preserve and pass on. CONNECT WITH US CONTACT YOUR O'FARRELL TEAM TODAY AT ONE OF OUR FIVE LOCATIONS: Feel free to contact us toll-free: 877.989.1997 BROCKVILLE 613.865.8080 40 Brock Street, Brockville ON CORNWALL 613.935.6254 108 Second Street East Unit 103 Cornwall ON KEMPTVILLE 613.258.1997 292 County Road 44 Kemptville ON RENFREW 343.361.0212 1035 O'Brien Road Unit 14 Renfrew ON WINCHESTER 613.774.2456 510 St. Lawrence Street P.O. Box 518 Winchester ON © 2025 | All Rights Reserved We collaborate with you and each other to deliver unbiased advice that meets your personal and business needs. Assante Capital Management Ltd. is a member of the Canadian Investor Protection Fund and the Canadian Investment Regulatory Organization.

HOME SERVICES ADVANTAGE COMMUNITY RESOURCES ABOUT US More CONNECT WITH US Invest in your future with a personalized Wealth Plan. Anchor 1 Are you looking for a wealth plan that fits your life now and grows with you? With your goals and dreams in mind, our Financial Advisors work with you to create a plan that grows your wealth and secures your future. Together we find the right solution to grow your investments, and keep you protected. Your Financial Journey You have a vision of where you want to go in life — all you need now is a map! Our Financial Advisors listen to you and apply their knowledge and tools to guide you towards your financial goals. We provide you with a practical, personalized wealth plan to set you on the right path. When life puts up a roadblock, we will be here to steer you in the right direction. We provide a multitude of investment options that we tailor to your specific needs. These include registered, non-registered, fully guaranteed, and non-guaranteed investment vehicles. Experience something different with the O’Farrell Wealth & Estate Planning Team. CONTACT US TODAY Meet the Advisors Matthew Felker Financial Advisor CI Assante Wealth Management Ltd. Vipul Arora Portfolio Manager CI Assante Wealth Management Ltd. Cole Seabrook Financial Advisor CI Assante Wealth Management Ltd. Keeley Patterson Financial Advisor CI Assante Wealth Management Ltd. Sarah Chisholm Financial Advisor CI Assante Wealth Management Ltd. Cynthia Batchelor Financial Advisor CI Assante Wealth Management Ltd. Peggy Mathieson Financial Advisor CI Assante Wealth Management Ltd. Daren Givoque Financial Advisor CI Assante Wealth Management Ltd. Allison Martin Financial Advisor CI Assante Wealth Management Ltd. MEET OUR TEAM Our Services We offer the following suite of services to meet your personal and business Wealth Planning needs: Insurance Investments Retirement Planning Succession & Estate Planning Business & Tax Planning Wealth Management Discretionary Trading Mortgage Referrals * Charitable Giving Visit our Services page to read more about each of our services. Read more I highly recommend Sarah Chisholm and O’Farrell Wealth for all your investment needs. I've been with them for 3 years and have had a great experience so far! I love that Sarah is always there to help me with my financial questions — knowing she is just a phone call away for any concerns I have regarding my investments is a real comfort to me. I feel very comfortable with Sarah and she is very knowledgeable. I came to O’Farrell looking for a retirement savings plan and a few TFSAs and I left feeling like I made the right decision going with them. Jenna Blais Contact Us Today Live the life you want today and secure the legacy you want for tomorrow. Contact the O’Farrell Team to start planning a growth strategy for your wealth that you can preserve and pass on. Name Phone Number Email Address Prefered Method of Contact Reason for Contacting Us Preferred Office Location Who would you like to connect with? SEND CONTACT REQUEST Thanks for submitting! By providing your email address, you provide O’Farrell Wealth & Estate Planning with your express consent to receive Commercial Electronic Messages related to finances and/or investments that may be of interest to you. If you no longer want to receive emails of this nature, you can withdraw your consent at any time by contacting ofarrell@assante.com Meet with an O'Farrell Advisor at one of our five office locations. Feel free to contact us toll-free: 1.877.989.1997 BROCKVILLE 613.865.8080 40 Brock Street, Brockville ON CORNWALL 613.935.6254 108 Second Street East Unit 103 Cornwall ON KEMPTVILLE 613.258.1997 292 County Road 44 Kemptville ON RENFREW 343.361.0212 1035 O'Brien Road Unit 14 Renfrew ON WINCHESTER 613.774.2456 510 St. Lawrence Street P.O. Box 518 Winchester ON *Mortgage products and services are provided by CI Assante Wealth Management Ltd. through its strategic partnership with Bank of Montreal. We collaborate with you and each other to deliver unbiased advice that meets your personal and business needs. Important Disclosures CI Assante Wealth Management Ltd. is a member of the Canadian Investor Protection Fund and the Canadian Investment Regulatory Organization. Insurance products and services are provided through Assante Estate and Insurance Services Inc Know Your Advisor: Advisor Report | Canadian Investment Regulatory Organization (ciro.ca) For further Assante Wealth Management important legal and compliance disclosure, please visit www.assante.com/legal For more information on our privacy policy, please visit http://www.assante.com/privacy-policy www.cipf.ca https://www.ciro.ca/ © 2026 | All Rights Reserved

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