How will the COVID-19 affect you? How will it affect the Canadian economy, the job market and you as a homeowner?
These are the questions on everyone’s mind, and while we are still trying to make sense of things, a few things are fairly clear:
- The Novel Virus has hit the global economy hard. How hard and for how long is yet to be determined.
- Due to the current economic conditions, The Bank Of Canada has dropped interest rates and we will likely see a decline in interest rates for some time now.
- The Canadian government has offered stimulus to the Canadian market as of March 28th.
Now I’m not an economist, but have been following and studying what the economic experts are predicting. I want to share with you what this could mean for you as a homeowner.
I foresee that this could mean a few things for homeowners — depending on the life cycle you’re in and what your short and long term financial goals are.
A — You may be in a phase where your goal is to acquire wealth through acquisition. This means you would benefit from today’s low interest rates and buyer’s market. If this is you, now is a great time for you to gain more real estate market share.
B — Perhaps you are a first time buyer and have been contemplating how and when to get into the market. If this is you, this is a good time for you to start looking at your options in a serious way. Interest rates are definitely in your favour.
C — You’re a homeowner and you’re worried about the value of your property decreasing. The short answer to the is, don’t be. Real estate investment is part of your long term wealth building plan and while we may see a slower than usual real estate market this spring, real estate will bounce back. It always has.
Yes, this is a time of uncertainty and no doubt you have many questions. Get in touch and my team and I will answer you burning questions and advise you based on your unique situation.