CTV reported that Minister Flaherty stated he would act again if needed to cool an over heated market. For most Canadians this could translate in to stiffer rules when applying for home financing. For most existing home owners changes would only have an impact if they choose to purchase a new home, refinance their existing mortgage, or at renewal time.
When the United States had the market crash in 2008 for the first time mortgages became a household topic for people around the world. Speculation on real estate and its viability were soon topics of the day as consumers attempted to sort through the myriad of predictions about the future of the economy and the housing market.
Although there are many opinions of the state of the housing market in Canada, indicators seem to demonstrate that our healthy market will continue so long as interest rates remain low and employment remains strong. Does that mean that there is no chance of a market adjustment? No, but it does reduce the likelihood of that happening.
The best solution for any Canadian who is concerned about their own situation is to make sound decisions, not just for today, but for long term stability. As individuals we cannot control all of the variables that impact the economy or the housing market, but what we can do is to ensure that we have a sound plan in place that allows us to best meet possible challenges.
A seasoned mortgage professional takes the time to understand your concerns and helps you to build a home ownership plan that best accommodates your lifestyle and your future plans. By understanding what your options are and having a contingency plan, we can better be prepared for economic disruptions in our lives.
At CENTUM our mortgage professionals are here to Look out for your best interest and do what they can to help you plan a strong future for you and your loved ones.
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