The news is encouraging. As we finish out the second quarter of 2009, Canada is emerging from nuclear winter – the likes of which most of us have never seen and hope never to experience again. As Canadians, we willingly face the long harsh winters because we know that Spring always comes. Maybe that’s why we are one of the first to switch our perspective from “The Global Recession” to what lies ahead. Many of us are recognizing the opportunities that have emerged in the housing market and are taking advantage of the lowest mortgage rates ever to secure a home. A home where our dollars go towards ownership rather than rent. An investment in ourselves. But don’t just take my word for it. Check out the following studies from CMHC and RBC below.
The smart buyers are now picking off the best values. 28 families bought homes last weekend at Waterfront – the best location and the best value in Calgary at this moment. There were parents helping out their kids with their first condo, snowbird down-sizers who want the best view condo in town – when they are in town, and working couples who want to spend more time enjoying their home than commuting from it to their downtown jobs.
Do your due diligence, then make your move. If you’re in it for the long term, you will always be rewarded by your investment in a home. At Waterfront, there is extra value. You’ll have the most desirable downtown address. You can walk to work and to your favourite restaurant. Keep in mind, there is only so much Waterfront. And once they’re gone, they’re gone.
Canadian Home Purchasers Savvy and Optimistic
OTTAWA, June 9, 2009 — Canada Mortgage and Housing Corporation’s (CMHC) 2009 Mortgage Consumer Survey results were released today, and indicate that nearly 90 per cent of recent home purchasers across the country believe that home ownership is a good long-term investment and that almost 70 per cent think that now is a good time to purchase a home in their community.
“Given the current economy, this study indicates that Canadians continue to be optimistic about homeownership and are astute mortgage consumers,” said François Blouin, Director, Insurance Products and Strategic Direction, CMHC. “Our results reaffirm what we have seen in previous surveys — when it comes to their mortgages, Canadians are informed and manage their debt prudently.”
http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2009/2009-06-09-0830.cfm
RBC maintains forecast for a return to positive growth in 2009
Prospects rising in both U.S. and Canada
TORONTO, June 15, 2009 — Following a first quarter dominated by negative economic news, positive indicators are beginning to emerge from the gloom, according to a new report by RBC Economics. The report predicts that, while Canada’s economy experienced its largest one-quarter contraction since 1991, this likely will prove to be the worst quarterly showing in this recession.
“Although Canada’s economy slumped in early 2009 and will likely remain in recession this second quarter, we believe it is ripe to enter its recovery phase later this year,” said Craig Wright, senior vice-president and chief economist, RBC. “Improving global growth prospects, alongside extraordinarily low interest rates and government stimulus, are expected to allow Canada to return to positive growth in 2009, with a moderate recovery in 2010.”
http://www.rbc.com/economics/market/pdf/fcst.pdf
