No wonder the public gets confused. On one hand, you have the Douglas Porters of the world (chief economist at BMO Capital) claiming Canada's six-year housing market boom is officially over. Then, in this month's MONEYSENSE and CANADIAN BUSINESS there was a proclamation that the market will never follow the States simply because we do not have the same lending policies at them. As I mentioned in a previous post, Canadian lending is stringent in their demands and their qualification practices, hence, we have a very low mortgage default ratio.
The bottom line, from someone who has been in the trenches selling every day for the last 25 years is this: unemployment is near its lowest levels ever, the dollar is near par with the U.S. and our economy is doing well by most measures. This, coupled with very low interest rates that are declining still (according to all, next week)and 40 year mortgages make it a great time to purchase a home. Toronto is very affordable relative to other great cities.
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