Ontario housing market forecast

Ontario's economic growth will remain stable although predicted to lag behind that of the Canadian average. A narrowing of the gap between Eastern and Western Canada should ease the outflow of Ontarians heading west according to the latest quarterly report from Canada Mortgage and Housing Corporation (CMHC).Other highlights include: new heights in resale housing volumes, faster growth of existing home prices than inflation in the short run and finally continued above historical levels for for Ontario new home starts.
Ted Tsiakopoulos, CMHC's Ontario Regional Economist says "Higher mortgage carrying costs and slower job growth in higher paying employment sectors in 2008 will shift demand towards the less expensive multi-family home sector. A tight resale apartment market combined with a backlog of apartment sales that have yet to commence will further support activity in the multi-family home sector."
For more information check CMHC's website. And don't forget ... your mortgage matters.

Are you satisfied with your mortgage ?

Thanks to "good interest rates" and longer amortizations keeping monthly payments low, about 4 out of 5 of us are happy with our mortgage according to a recent poll of 2000 Canadians taken on behalf of CAAMP in late September/early October 2007. In just the last year, over 1/3 of the survey sample indicated they had already taken a longer amortization period than the til then "normal" 25 year period. Nearly 6 out of 10 said that more choice in options made them happy and 28% of respondents confirmed they had used the services of a mortgage professional. Surprisingly, of those who had taken out their mortgage in the last year, 43% of them used a mortgage professional. Respondents in Ontario and Quebec were positive about buying a house at this time.

Make sure you contact a mortgage professional when you are thinking about purchasing or refinancing in order to get the best unbiased advice to create a mortgage plan just for you.That's all til next time and remember ... your mortgage matters.