The shutdown in the U.S. Government has been a welcome occurrence for Canadians looking to buy a home or refinance their existing mortgage. It has caused investors to move from U.S bonds to Canadian bonds which lower bond returns and subsequently, mortgage interest rates.
The housing market has continued to remain strong with house prices on the rise across Canada. A new survey by Royal Lepage suggests the average price of a home in Canada increased between 1.2% and 4.1% in the third quarter of 2013. Sales volumes are also up year over year. It’s becoming evident that Canadians continue to have a love affair with real estate despite the government attempts to soften the real estate market.
Timing is important and right now might be the best time for people to buy or definitely have a good look at their current mortgage.
The U.S. Government will rectify the “shutdown” shortly, causing normalization of the markets.
It’s best to act now. As a mortgage professional I have direct access to the Canadian mortgage market. I empower people with information and advice that enables them to make decisions that save stress and money.
Need some mortgage advice? Contact me today!