All the numbers aside, CMHC's fourth quarter housing report states that Canada's housing prices will likely stay stable in 2012, same goes for interest rates. That doesn't mean they will stay the same though, we can expect some small ups and downs throughout the year, as usual.
We are watching the global economy like a hawk, especially since Bank of Canada Governor Mark Carney warned that Europe is headed for "at least a brief recession". But we are all in this global boat together, so if Europe gets sick, Canada is not immune to the germs. We will see our economy affected by the global economic turmoil, but I don't think the general consumer is going to notice a big change in day-to-day life because of it. Overall employment levels in Canada are not wildly changing, there are still new home starts happening all over Canada and Christmas decorations are already up at the mall. So when it comes to getting a mortgage, rates are still low and housing prices are predicted to stay relatively flat for the next year. That's good news, right?!
