Bring on Summer 2020
Sadly I must admit my last post missed the mark. I underestimated Covid19. It clearly has effected much of the entire globe and will leave huge and lasting impressions. I was for sure wrong to suggest that the effects of Covid19 on the financial markets would be “relatively short lived”. As the situation has played out it has proven to be devastating to global economies, house hold stability, and social well being. We as Canadians can be very proud in our response to the situation. We’ve banded together, to take it upon ourselves to isolate, social distance, and support those that need it most. We owe a huge thank you to our doctors, nurses, grocery store workers, and anybody else who has stepped up and risked their own health for the sake of others. It’s a collective effort that has helped Canada to minimize Covid19. Well done Canada!
My previous comments as to how Covid19 will impact the mortgage industry remain fairly accurate. Fixed interest rates look to remain fairly low. Anybody with an existing variable rate mortgage with a discount will be reaping the benefits for the foreseeable future. Those looking for a new mortgage will have some attractive interest rates to choose from and fixed or variable will largely depend on each applicants individual needs. The Mortgage industry has worked hard to keep new applications moving forward, and to offer assistance for existing mortgage customers that have been impacted by Coivd19. The housing market seems to be holding up fairly well given the current situation. Sales are still happening and the professionals in the industry are finding ways to get them done while practicing social distancing and keeping everybody safe.
Yes, it is still possible to buy a home, yes, we can still help you obtain the best possible mortgage financing, and yes we can still offer you valuable help and advice to help navigate these waters and help you get to your desired destination. Looking forward I am hopeful the warm weather will help in the fight against Covid19, I wish the sick a speedy return to health, and my deepest condolences to those who have lost a loved one. I hope we can get people back to work safely, and I hope that we continue to work to together to help each other up, and to remain strong to fend off a return of covid19.
Stay safe everybody.