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Making Waves

Buying a house

By Diana Meder

So my husband and I have taken the plunge.... dove into the deep end of the pool.... signed our lives away for the foreseeable future.... we've purchased a house in Owen Sound.

There are several observations to be made on this scary journey.... one of which ... lets face..it is a scary time to be signing on the dotted line for any major purchase.

Who knows what the future holds at anyone's place of business....but if you're relatively secure in the knowledge that you'll be okay..it's also an excellent time to make some purchases.

The prices of houses are down... and continuing to come down.

You see the ads all the time.... 'reduced by 10 thousand dollars'.

Interest rates are way down.... we all have horror stories of the time we bought a house when interest rates were well into the double digits.

But right now you can get a variable rate mortgage for under 4 percent...and a 5 year fixed for about 4.2.

Its an incredible time.

And if you're new house needs a few repairs...the government is also helping out there .... giving 15 percent back on qualifying reno jobs... that's a good 15 hundred dollars on a 10 thousand dollar job.

Not bad.

And if you haven't lost complete faith in money markets yet...its also a great time to continue to pour money into your RRSP.

Our financial guru says we're buying more shares as prices continue to drop...and when they come back up again... we'll have all these shares worth all that money.

Well it makes sense...but doesn't really make me feel all that much better about how much we all lost on paper this year.

For every ying...there's a yang...and for every down turn ..there are those in a good position to take advantage of the current economic climate.

Some experts say it'll be new home buyers that give the economy the spark it needs to get going again... I for one..have done my part.... and hope it doesn't come back to bite me in the end. 

From where I sit..I"m Diana Meder

 


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