Archive for September, 2009

I had to look twice when I saw the headline in the following article :http://www.theglobeandmail.com/report-on-business/crash-and-recovery/prices-for-new-homes-in-canada-rebound/article1283545/. New home pricing is up?  This made me want to read a little further only to find that Windsor was one of the top gainers. This is at least a glimmer of hope. Now I wouldn’t  go as far as saying that things have “turned around”, but anything little positive is better then the negative we have been facing here in Windsor and Essex County over the last while.  This is the first increase since September 2008, couple that with the low interest rates and hopefully this can only amount to something good we can build on. 

I wanted to talk briefly about an article I read just the other day http://www.canada.com/business/fp/Central+banks+signal+rates+here+stay/1925037/story.html
The information was great news about mortgage rates. It states “”It seems more likely that there will be no increases in interest rates in any of the major economies over the next 12 to 18 months.”" Great news for everyone that is looking to renew or refinance their mortgage over the next year or so. Especially great news for those of us in the Windsor market. With unemployment as high as it is the low interest rates and the opportunity to refinance can only help us maintain cashflow at this point in time. I would recommend looking at one of three options for refinancing 1) take the variable rate (my favourite) 2) look at the 5 year fixed term (as low as 3.99% OAC today) or 3) look at a one year term. The options are endless.