If you're thinking of moving this year, you'll be glad to hear that the forecast for the Canadian real estate market continues to look positive for 2008. The Canadian economy continues to thrive with a high employment rate, a strong dollar and a relatively low cost of borrowing. In fact, more ?rst-time purchasers are expected to take advantage of the reasonably low mortgage rates, longer amortization periods and subsequently more affordable monthly mortgage payments.
If you've been holding off making a move, wondering if Canada will follow in the turmoil of the U.S. real estate market, rest assured that the problems stemming from the U.S. "subprime meltdown" do not necessarily apply to the Canadian real estate market. For one thing, the mortgage products offered in Canada are different than those offered to our neighbours to the south. In addition, our sub prime market is just a small part of our mortgage market, so the extent of any problems within that market do not affect our overall economy as in the United States.
Local conditions vary, even within a given area, so it's important that you consult a real estate professional familiar with the specific nuances of your neighbourhood for the local real estate climate.
As a real estate sales representative, I invite you to call me to discuss your plans for any upcoming moves. If you're not planning a move at this point but know of someone who is, I would appreciate your passing my contact information on to that person, and to your friends and relatives too.
To see a graph of how the spring market sales increase, please browse to this page:
Enjoy the nice weather we are experiencing!Mark