“The general economic slowdown and declining consumer confidence in Ontario is starting to be felt by home builders, who are reporting slower traffic.” To find out who said this and to read more on Ontario’s housing situation READ HERE.
Guess who else is victim to high gas prices? Cottage Prices. Tony Wong of the Toronto Star weighs in HERE.
Did you hear that the Bank of Canada has left the prime at 3%? What does this mean for consumers? Well, it seems the Bank is more concerned with inflation (hello, gas prices) than consumer confidence. This means (in this humble observer’s opinion) that increased rates are on the horizon. How far out though is anyone’s guess. All I know is that the costs of carrying a mortgage is going to go up. Start locking in your variable and if you HAVE to buy a house then follow the same advice. Also, stay away from reading Garth Turner. Your welcome.