REMAX Realty Services Inc., Brokerage
Mark Weisleder is a lawyer and author and speaks regularly to the real estate industry.
In a conversation with Brad Lamb a leading Broker he discovers that the fear in the market is NOT shared by everyone, including Mr Lamb.
According to Mr Lamb:
1) There is no place to build more low rise homes so with expensive lands, and limited space he believes that the buyers coming into the GTA need to find a place to live, work and raise their families.
2 There are very few apartment buildings being built, there for renters are renting in Condo buildings where they can so even if owners are not occupying the condos, but renters are, then the demand is still there.
3) Interest rates will not rise soon, the world economy is too fragile and any instant increase in rates will not only destroy the consumer but the world market as well. Interest rates are directly tied to the economy and the world economy is not strong.
4) The distinction between Credit card debt and Mortgage debt is not well enough defined, there is lots of confusion on what debt is included to skew the numbers.
According to Mr Lamb "Do the math, Canadian real estate remains one of the best investments out there". AND I agree!!
I heard a financial planner the other day on the radio explaining how renting a home give a Canadian a better financial option then investing in a home. He had all the explainations down pat, except for the old saying: "You Cant Live In a Mutual Fund"
Have a great day and don't worry, be happy!!