Spring Election: The Battleground of Realtor Signs Vs Campaign Signs

It looks like there will competition for space on the lawns of Canadian homeowners this spring. With 2011 Toronto’s spring housing market underway, a spring election is not far behind and it is expected to be called within days. Toronto neighbourhood lawns will soon be dotted with signs showing smiley faced realtors and smiley faced politicians…that can be a scary sight at any time.

One piece of good news for homeowners,or those thinking of purchasing a home, is that the Bank of Canada is expected not to raise the lending rate. If history is any indication, then over the last 20 years the Bank of Canada has avoided sending any signal out during an election campaign regarding tightening lending restrictions. So don’t expect talk in April relating to a May increase in the bank rate, however once the last election promise is made and the campaigning ends look for a summer time increase in the bank rate forJuly.

So the forecast for the Toronto spring houses market looks very good as mortgage rates should not increase and sellers and buyers can still negotiate a great rate. Remember a house is a great investment, but remember the basics:

  • Buy What You Can Afford
  • Look At Homes Which Meet Your Needs Today and 5 Years From Now
  • Do Your Neighbourhood Homework
  • Remember A Home Is An Investment But Also The Place Where You Live

We all know one thing is certain, that once the ballots are counted and we roll into the summer months our housing situation could change course. A win by Jack, Stephen, or Michael will make a significant impact on not only our global/domestic financial markets but will be felt in our homes and neighbourhoods as money policies change.