Wondering if now is a good time to Buy??

Hi All,

Recently I came across a very interesting article in "Moneyville" put out by the Toronto Star, talking about all the reasons why now is a great time to buy.

To summarize, it is a great time to purchase a home in Canada because:

1) Mortgage rates are at historic lows. As we know, when interest rates are low, they have no where to go but up. So, make sure you lock in your rate and get pre-approved so that you are guaranteed to get a lower rate when rates rise.

2) Canada has great appeal due to its stability both economically and politically.

3) There is a great draw of Immigrants to Canada, many of whom have sold homes in their country of origin and have money to spend.

4) It appears that Canadian's are really good at paying their mortgages as compared to those home owners in the States.

5) Similarly, when there are financial challenges in paying one's mortgage, it seems that Canadian banks are more apt to work with home owners vs. immediately foreclosing on the home

6) Canada has a healthy income to price ratio of 3.5 when you look at the Median Canadian income as compared to the Median cost of homes

7) Because the interest rates are so low, it is a great time to consolidate your debt. This will make the amount to service the debt much more manageable.

8) Given the US is having an election this year, it is likely that the economy will remain steady if not improve. None of the Presidential hopefuls want the economy to fail.

If you would like to speak with a GREAT mortgage specialist who can help you get pre-approved, consolidate your debt, or just give you a road map, please contact us, as we work with some awesome professionals.

To read the full article click here.

Until next time!

The Jamie Dann Team

http://www.thejamiedannteam.com/
http://www.thejamiedannteam.ca/

Barrie's Housing Market Outlook for Spring 2011

For those of you out there who LOVE statistics, the Canadian Mortgage and Housing Corporation recently released their review and predictions for Spring 2011 and beyond. The article states that given the amount of sales in 2010, 2011 is going to be a more moderate year - not as many listings, little to no price increases and much more of a balanced market. According to the report, sales shouldn't start to increase until late 2011 and into 2012. What I found to be interesting was the forcast that as the economy gets stronger in the next few years, along with the fact that more young adults will be moving toward home purchases, the occurance of first time buyers will increase.

This report says much more than I could write here, so, to check out the full document, click here.

Until next time!

The Jamie Dann Team

2010 Canadian Housing Observer: An Update

“Canada Mortgage and Housing Corporation (CMHC) is Canada’s national housing agency. Established as a government-owned corporation in 1946 to address Canada’s post-war housing shortage, the agency has grown into a major national institution. CMHC is Canada’s premier provider of mortgage loan insurance, mortgage-backed securities, housing policy and programs, and housing research”.

The Canadian Housing Observer, an annual publication put out by the CMHC, now in its eight year, provides a comprehensive report of Canadian real estate activity which plays an important part in the Canadian economy. The report addresses the impact of housing activity on employment and on Canada’s financial situation. In the most recent report released, it shows that new home construction, rental, buying, selling and renovation for 2009 accounted for more than one-fifth of Canada’s total gross domestic product - which translates to $307 billion!

The report also details factors which affect real estate activity in Canada such as governmental regulations, consumer behaviour and industry practice. It also gives a comprehensive analysis of housing statistics for 2009. To read more about CMHC and The Canadian Housing Observer click here.

Until next time,
Jamie