Globally, governments have regained control of the economic levers. With rates at all-time lows, both the Fed in the US and the BOC here at home have pointed to even deeper tools available, if need be, as they focus on boosting consumer confidence and attempt to balance employment.
The past few weeks have been stories of optimism, of light in the tunnel. This as opposed to the overly negative comments used by political leaders as they worked to gain control and permissions to run the machine "their way".
On April 21st, the Bank of Canada dropped its key rate to 0.25% - the lowest rate in more than 50 years. And, BOC Governor, Mark Carney, indicated the bank is committed a low rate policy for 12 to 18 months.
Looking back 18 months, the picture was different - house prices were peaking, listings were in hot demand, and bidding wars were common. In January 2008, the rate for a conventional 1 year mortgage was 7.35%.
It's different now. Last month, that same mortgage had a rate of 3.9% - a spread of 3.45%).
On a $250,000 mortgage with an am of 25 years, payments are lowered by $504 a month or $6,048 annually. That's about $18,000 less in annual income to quality.
The point - at no other time in recent history have so many factors come together to create, what could be, an ideal time to consider a move.