Its hard to believe but 2007 was 5 years ago. If you bought a home 5 years ago your mortgage may be coming up soon. 2007 saw 2240 homes in Red Deer sell. If 50% of those took a 5 year mortgage then they will be renewing this year at one point. I am suggesting 50% because some sold, some took 3 or 4 years some probably walked away.
My thoughts are this. If 1120 homeowners need to renew this year what are they thinking?
My thoughts are that real estate is a long term investment. Most people cannot expect to buy a home and sell in a few years and make a profit. Your home is just that - a home. If you are happy and comfortable then I suggest to renew ( at a lower interest rate now) and forget about it. Over time your equity will come back and it will be a worth while investment.
Just my thoughts.
Thanks for reading
Ken Devoe - Century 21 Advantage