One of the interesting parts of being an immigrant in Canada is that there is always a connection to other parts of the world and I realize that we don’t live our lives in a vacuum.
Today I have family stranded in Rome and their flight home has been delayed for at least 4 days. Fortunately they have a hotel room and are not waiting at the airport. My daughter and her girls are ready to fly to Scotland this week for a trip that has been years in the planning. They are on a wait and see and have no idea when or if they will get to go on that trip. It gives a whole new meaning to you can’t get there from here!!
I am sure there are hundreds of stories much worse than ours that are causing serious problems. We are certainly reminded that we are affected every day by what goes on in the world. I hope you and your family are safe and not stuck in a lineup at a faraway airport.
On the hand, although we can’t predict what is going on in the world, we are lucky to live in a city that has stable employment and a solid real estate market.
For the first few months of 2010, there have been more buyers than sellers and we are still seeing multiple offers on well priced homes. There is reason to believe that the market will slow down a little in the fall if the interest rates rise and when the new mortgage rules come into effect. I can say for sure that the bottom will not fall out of the market and that we will continue to have a strong summer and fall.
The new mortgage rules are not nearly as tough as some people think. You can still buy a home with 5% down payment. You can still buy a house with a 35 year mortgage and you can still get a 5 year mortgage for 4.25% interest rates.
When you want to re-finance your home there are some limits to how much equity you can take out and you now have to have 20% down payment to buy an investment property that is not your primary residence.
So if you have been waiting for a better market – it is here!
If you have been thinking of buying before the interest rates rise – it might just be now.