Yes we all remember the story of Chicken Little telling everyone the sky is falling and the end was near. Of course if you listened to all the news about the economy we would all believe Chicken Little. Yes the economy is going through a change but you have to look at your own situation as well as provincially and federally. On PEI we are somewhat lucky...we usually do not experience great increases but when things turn we usually do not have large declines. This is not to trivalize some of the major issues in our economy with some of our core industries but we do have successful stories in the business part of PEI.
If you were a first time home buyer and you are in an apartment and you and your spouse were expecting a baby and you both had jobs....you probably arent worried about your investments as much as you know that you need more space and buying a house is the next logical step. People will be born, people will get promotions, people will transfer, there may be other not so happy events in one's life will determine whether now is the time to change your housing needs. It is important to get the right information about your real estate needs; both present and future. Mortgage rates are still excellent and there is residential mortgage money available and there are more mortgage choices available than you can imagine. Check with a mortgage broker to evaluate your needs and see what fits for you.
This is a time of change and if we are focused and educated. decisions can and have to be made. As with all major decisions please consult the right people you can trust. It is your decision and make sure that you have the answers to your questions.