I recently read an article summarizing BMO‘s view on Canada’s housing market. Overall, it is a positive outlook. BMO humorously compares the market to a balloon instead of a bubble – more stable, but still susceptible to a “pop” should some major catalyst appear. A few positives: Homeownership has grown 4% in the last decade, encouraging stability in the housing market. Low interest rates should hold and allow incomes to catch up with higher housing prices. And, even if interest rates should rise, homeowners with variable rates should be able to lock in a low borrowing cost, giving them some relief and stability in what would be an otherwise unstable market.
What does this mean? All this positivity means it’s a good time to buy a house. Interest rates are still at historical, record lows, and with Canada’s economic stability and growing international appeal, those rates don’t appear to be going down any time soon. Canadians are – dare I say – more responsible than our neighbours, with 99% of us paying our mortgages on time. This means homes are not being foreclosed on in large numbers. Banks are therefore not flooding the market with homes, keeping the housing market stable.
Of course, no one can predict the future. You should have a financial plan and never agree to pay more than you can afford. It is an excellent time to buy; contact us today so you can buy smart.
The Month of Love!
February is the month of love. Unfortunately, our relationships with our mobile devices may not be so warm and fuzzy. (Remember that time you got a $500 bill from your carrier? Hey, we’re not judging. We’ve been there, too.) Cell phones are both a joy and a bane for most of us. If you are still looking at ways to pare down your expenses for the new year, here are a few ideas regarding mobile devices and carriers.
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This month we are highlighting two businesses with one heart: Beyond Beige and The Living Lab are two design-focused businesses founded by Reisa Pollard.
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We at MA West hope that you are having a wonderful start to the new year. If you have plans to make your real estate dreams come true this year, we hope you will let us work hard to provide you with a smart and sensible mortgage solution.