No Reason to panic, just move smartly
The big subject racing around today is the stability of Canada's housing market, and if it is all doom and gloom for our market and economy as the media has portrayed.
Our overvalued housing market slow downs are resulting in housing affordability for many families in Canada. Do not let the media over heat a situation and blow your consumer confidence. Canada's housing market is in slight down turn, on top of the slowing winter market condition. Keep in mind that all markets experience some degree and form of cyclical ups and downs, and that EVERY community and area experience this effect in different degrees in relation to pricing, demand and trends within that area.
Most Canadian market trends and stats are based on some of Canada's pricier markets, for example Toronto, and should not essentially be used to represent local markets with different elements and this is where the media is confusing consumers.
We suggest that you educate yourself before you make a solid decision on the housing market, and don't just depend on one source of information. Talk to your bank, your mortgage agent or your local Realtor about your housing scares and see if they can help you step in the right direction.
Remember, this is a predicted cycle of housing correction that many economists forecasted for Canada, but not all is doom and gloom. Mortgage rates are lowering to allow lower minimum payments, pay down there principle or spend that money for those with variable mortgage rates, not to mention the falling nominal rate at almost zero. People don't understand that the market was racing at a crazy pace of 150 mph and now we have slowed back down to a calm 100 mph, and we are still a very healthy market it just feels slow at the moment.
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