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Canada vs. US real estate state of affairs

By
Mortgage and Lending with Mortgage Intelligence Mortgage Consulting

Wow, I guess I am in a little shock reading some of the dismal blogs from the realtors south of the border.  However, I love to see how some realtors have turned lemons into lemonaide and made the most of it.  For those in the south, West coast Canadian real estate markets are still strong, incomes are strong and although inventories are rising, there are no signs of a housing price plunge here.

I am a mortgage broker and watch rates slowly falling 4.79% for a 5 yr fixed...yes thats all we get my American friends and watching bargain shoppers head out in droves.  I do know that Canadian stats showed Canadians had over 8.8 billion in their saving accounts and it is only a matter of time before it burns a hole in their pocket.  In Kamloops we are breaking records for building permits.  Optimism is rising with the increasing temperature.  SO, things are roughly business as usual, but people who have to sell are noticing only bargain shoppers in the market.  Mortgage brokers are noticing more re-fis, debt consolidation and switches to take advantage of better rates.  I wonder if the waves of recession are heading north, or if all we will see is the ripples.  What do you think?

For those in the midst of the storm, keep you heads up...nothing last forever!   Even doom and gloom.

Congrats on the new leadership

Steve