I'm borrowing the following blog from Terry just in case you didn't catch it there.
This is a snippit of information my mortgage rep sent me today regarding CMHC's economic outlook...lots that would bore you but this is good info...
CMHC new 2009 forecast includes...
Canada House Price drop of 5.2% in 2009, and a unit sales drop of 14.6% ( but increase 9.3% in 2010 ) Barrie House Price drop of 2.5% in 2009, and a unit sales drop of 15%, ( stabilizing in 2010 )
5 year mortgage rates increasing up to 1% ( 17% increase ) in the SECOND HALF of 2009, and continue increases likely in 2010.
What do we need to tell our clients?
NOW IS THE TIME TO BUY!
NOW IS THE TIME TO LIST!
By an avg home in Barrie in 2009 = $260,000 at 4.39% = $1,200 / month By an avg home in Barrie in 2010 = $255,000 at 5.50% = $1,360 / month Difference in payments over 5 years = $9,600 SAVINGS if you buy NOW!
Interest rates are much more impacting than house prices, with regards to affordability I know I would rather own the same home for $160 less a month now, then wait for the house prices to go down, while interest rates are going up.
If you would like to discuss this with me, please call 792-4288, I will be in my office working on files all day.
Cory Kline, A.M.P
EARNING YOUR NEXT REFERRAL!
Accredited Mortgage Professional
Scotiabank Mortgages - Barrie and Area
Tel: (705) 792-4288 (877) PRO-VICE
Canada Mortgage and Housing Corporation (CMHC) is Canada’s national housing agency. Established as a government-owned corporation in 1946 to address Canada’s post-war housing shortage, the agency has grown into a major national institution. CMHC is Canada’s premier provider of mortgage loan insurance, mortgage-backed securities, housing policy and programs, and housing research.
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