With 2012 behind us and all the talk about the European Debt Crisis and the American Fiscal Cliff in the rear view mirror we can now all look forward to 2013 with cautious optimism. The mortgage rule changes instituted by the Canadian government produced the expected result which was a soft landing in real estate prices particularly in large Canadian markets. According to the latest update from Canada Mortgage and Housing Corporation (CMHC), the economic clouds over the U.S. are finally parting and signs of economic growth in the United States are everywhere. This of course is great news for Canada since they are still by far our largest trading partner. There are still some global economic risks, particularly in Europe but even that is benefiting us with low interest rates which should be with us for some time. This provides great opportunities for Canadians to enter the housing market, move up to their dream home, invest for the future, or have a closer look at where they are spending their money. The Bank of Canada continues to keep the interest rates low and most recently US Federal Reserve chairman Ben Bernanke announced that interest rates could remain at these historically low levels until 2015, which is great news for Canadians looking to refinance. With a bit of enlightened optimism and the right actions, Canadians can ensure their real estate and financial goals do come true in 2013.
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