PERFECT TIMING?

For most of the last 12 months it’s been a great time to buy a house.  Record low interest rates, lower pricing and government incentives have combined to make houses more affordable than they have been for some time. Is that starting to change? Houses continue to sell, right through summer and now into fall, the absorption rate (a measure of how long it will take for the market to clear existing inventory) here in Calgary continues to hover around 2.7 months worth of supply. This is solidly seen as a balanced market and by some measures considered a sellers market. Inventory levels are the lowest since April '07, the economy continues to improve. The Bank of Canada is predicting a quicker recovery than previously, liquidity is returning to the credit markets, you get the picture.  If you are considering a new mortgage to purchase a property or a refinance to consolidate some debt, to help your children’s education, for whatever reason, I suggest you move sooner rather than later. The reasons for these low interest rates and prices (and government incentives) are starting to disappear. These low rates and great prices are not going to last, stop waiting for the absolute bottom of the market, you may have already missed it.