Canadian Mortgage Rates – Fewer New Housing Construction

The Canada Mortgage and Housing Corp says that new home construction has fallen 12% in February. Down about 100,000 units from economist anticipation, and is expected to drop even further. With the lowering costs of housing and unbelievably low Canadian mortgage rates, builders are not building new houses. But they aren’t panicking either.

Those looking to sell, their homes are getting desperate, and may be willing to lower prices just to get a quick sale. It’s a buyer’s market for sure! If you have a recession-proof job and income, that is. Canada has not been hit as hard as other countries in the global recession. In fact, Canada’s banking system is reportedly the soundest in the world right now.

With mortgage rates so low and the cost of houses going lower by the week, it sure makes buying a house exciting. Whether you are looking for additional investments or are a first time homeowner, the time is now in this buyer’s market.

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