It was with sadness that we received the news of the passing of Canada’s former Finance Minister Jim Flaherty. Agree or disagree with his polices, he brought a lot of attention to our real estate and mortgage industry. Under his stewardship during the global financial crisis of 2008–2009, Canada enhanced its global reputation for responsibility and prudence.
Canadians have become more aware of their mortgage and housing options over the past several years, and they continue to view homeownership as the cornerstone of an overall financial plan. As Stuart Levings (CEO of Genworth Canada) recently stated, “with a stable economy and real estate market, Canadians appear to have more confidence in the value of homeownership and see their goals of homeownership and financial well-being as more achievable.”
The mortgage landscape continues to evolve with the soon to be released changes proposed by the Office of the Superintendent of Financial Services (OSFI), but it’s clearly evident that the markets remain strong and interest rates will continue to stay at historical low rates for the foreseeable future.
If you or someone you know wants to buy a first home this spring or want to move to another home, please contact us. Having a mortgage professional who understands all the intricacies of mortgage financing is your greatest asset when it comes to making an informed decision about buying that dream home.