2017 is drawing to a close, and we’re looking forward to welcoming the new year and the opportunities it may bring. It’s been a year of many mortgage rule changes, new regulations, mortgage stress test, foreign buyer tax, and more.
The one thing that hasn’t changed is Canadians’ desire to own a family home or investment properties, and this will surely continue. Owning real estate—especially for the long term—simply makes financial sense. The low interest rate environment and the continued growth in the Canadian economy are great catalysts for continued demand for homes.
According to the latest RBC Economic Outlook, the Canadian economy is ready to keep rolling in 2018 while on track to post the strongest performance in all the G-7 countries.
“This was a highly unusual year for the global economy with heightened political uncertainty accompanied by strong financial market performance and accelerating economic growth,” said Craig Wright, Senior Vice-President and Chief Economist at RBC. “Canada’s robust growth in 2017 is likely to moderate somewhat in 2018 as key economic drivers shift, but we still anticipate the economy will continue to outperform its potential.”
There are many ways to use a mortgage other than for buying your first home or investment property. You can use the equity in your home to access funds for such things as paying down debt or helping your children or other family members with purchase their first home or pay for their tuition. You can even use the funds to buy additional properties and other investments to build your financial security.
2018 will be another interesting year in the Canadian mortgage and real estate world; hopefully not as eventful as this year was though. We’ll be here to help you, your family, and your friends find the right mortgage solution and help make your homeownership and other financial dreams come true. We look forward to working with you, your friends, and your family.
Wishing you all the best for 2018.