We’re seeing plenty of good news lately from the Bank of Canada lately. For instance, twice in the last two weeks, we’ve seen headlines stating interest rates on hold for 2019 and into 2020. This opens the door for Canadians to move forward on their big ticket buys like housing.
We are into our third year of cautious buying or no buying at all. In addition, we know the public have been holding back. The number of home enquiries have gone through the roof. However, very few are purchasing – yet. As a result, there is a huge pent-up desire to buy homes in our Newfoundland market. According to industry averages:
- People have a want, need or an itch to change their home style, location or size, every 5-7 years.
- Most families will purchase on average, five homes in a lifetime.
Steven Poloz, Governor of The Bank of Canada, has told Government the economy is doing well. Therefore, it does not require any rate hikes. He’s projecting the economy will pick up speed in the second half of this year. What does this mean you ask?
Well, with our economy on an upswing, interest rates at all-time lows and a real estate market hungry for buyers…..what better time is there to purchase a new home?
Here’s a winning recipe:
Fantastic stable interest rates + Economy ready to jump forward + Buyers’ Market in Real Estate + New Home Construction Costs at a low + Willing Sellers = Puts Our Buying Public in the Winners Circle.
I believe this is a perfect storm in a very good way…A Perfect Opportunity! Take it.
Yours in service,
Chris Vardy
