One of the nation's leading lending institutions says the housing market is not in as rough shape as many people believe it to be. BMO's CEO said the bank has seen continual growth in British Columbia as well as in other provinces, territories and even Stateside, where it's expanding its footprint. When it comes to real estate, the bank has seen healthy growth in people seeking mortgages, despite the naysayers who believe market activity is declining.
Bankers, the CEO added, don't believe a recession is imminent since inflation has been on the modest side. He also lauded the federal government for giving the real estate market a positive injection in its recent federal budget by way of incentives for first-time home buyers. First-time buyers will now be able to use $35,000 from their RRSP savings to use as a down payment, rather than $25,000.
The Canada Mortgage and Housing Corporation (CMHC) can also further help Canadians to finance a home. The bottom line is that, even though the mortgage market may have slowed down a bit, it is still growing, which leads to a hopeful outlook. Even with more strict mortgage rules in place, consumers are continuing to buy and sell real estate.
No matter what the real estate market is doing at any given moment, British Columbia residents will always be buying and selling homes and properties. Those who are in the throes of working a deal would do well to have an experienced lawyer on their team. He or she could provide advice and guidance as to what needs to be included in any contracts right through to closing these deals and handing over the keys to a newly acquired property.