“Go North, Young Man” for Stable Real Estate

MHProNews.com hears from Canada there has not been a better time to buy a home in nearly 30 years. Mark Weisleder says in TheSpectator in Hamilton, Ontario, Canada, mortgage rates are at an all-time low, the political and social climates are stable, as is the real estate market. According to the Canadian Mortgage and Housing Corporation (CMHC), 99 percent of Canadians pay their mortgages on time, which results in no downward pressure on home prices because the market is not glutted. Just south of the border, seven million homes are in foreclosure and perhaps another seven million are underwater in the U.S. If you cannot pay your mortgage in the U.S., the lender takes the property back. In Canada, the lender sues for the difference. Weisleder cautions there can always be an economic shock, and to figure out how much of a home you can afford before looking. He suggests now is a great time to consolidate debt as well because of the low interest rate.

(Photo credit: Wikipedia)

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