It’s Thanksgiving! A time to gather around with your family, gobble up all the turkey you can, and of course, think back on all the many things you are thankful for. It’s a tradition here at CMI that we take a little time right here on the blog to take a look back at the year and figure out all that we are thankful for, too. So without further ado, here are the top five things that we’d like to give thanks for.
Historically low rates
Aren’t we supposed to be dealing with extremely high interest rates right about now? Both from the banks around the Canada, and the national Bank of Canada? Well if you had listened to all those experts and economists last year who said that would be the case, then yes, we should be. But the BoC has kept its overnight lending rate at the incredibly low 1 per cent for over three years now. No, it’s not as low as it went during the Great Recession (and let’s all give a big “Thank You!” that that’s over,) but it’s still pretty darned low. And some are now predicting that it won’t go up until the end of next year! In addition to that, the banks have also kept their interest rates pretty low. Yes, they went up slightly in August and September, but now that Canada bank bonds are seeing a resurgence, the banks have also started to drop their rates slightly. And if you ever feel bad about paying just over 5 per cent on your mortgage, just think back to the 80s when the interest rate was over 20 per cent – and be very thankful we won’t see anything like that for decades, if that.
No bubble, no burst
Again if you had listened last year when just about everyone it seemed was predicting the big collapse, you might be wondering where it is. Wasn’t it supposed to happen already? Shouldn’t we all have underwater mortgages and be wondering how we’re going to make ends meet – let alone keep our homes? Yes, if those predictions from the doom-and-gloomers had come true, we should be. But luckily, we were right here at CMI when we said it wouldn’t happen, and it didn’t! Big cities such as Toronto are still seeing a lot of heat in their market, but there’s no major collapse going to happen there. And as for the rest of the country, well, it all seems to be going tickety-boo. Even Canada’s top experts have now come out and told us all to stop worrying! There’s no bubble, and there will be no burst.
Okay, it may seem like a major drag every month when it comes time to make your mortgage payment. But the fact is that you have that mortgage payment because you have a mortgage payment. Which not only means that you have a secure shelter over your head, but also that you’ve made one of the best and most secure investments that you could on any market. And that’s definitely something to be very thankful for!
We like to take a moment to thank you, our readers, for being so loyal and always stopping by to read the latest news and tell us what you think. And though we may disagree from time to time, never doubt that we’re thankful for you because without you, well, we wouldn’t be anywhere. We’d like you to have a great long weekend giving thanks and if you’re not feeling too groggy from all that turkey, take a minute to let us know what you’re thankful for!
Happy Thanksgiving everyone!