In this series of articles I write about the US subprime crisis, the effects on Canada and condo buyers in particular, and offer 8 tips for condo buyers. The entire series is available free of charge in our VIP section. Register free to VIP here>
Part 1: what is the US subprime crisis?
The Land of The Free is “easy” when it comes to borrowing. For years, anyone with bad credit or no income (or both) could have applied and get a mortgage or loan at a low rate, regardless of they show the ability to pay it back or not. These high-risk loans, lured many US residents into signing the dotted line for a low-interest now, switching to a high interest after a year. Read in VIP>
Part 2: Is Canada in trouble?
The coin has another side, too, and we have all noticed how Global and Canadian Real-Estate prices have climbed through the roof in the past 2 years. Local and International investors buy in Canada which is politically stable; Canadian banks are not fooled and will not give mortgages unless they believe you can pay them back – pre-qualification as we call it here – but prices keep rising. Read in VIP>
Part 3: Effects of US subprime on Canadian Realty markets
Some say that it is inevitable that the US economic slowdown, resulting of overspending policies and subprime mortgage crisis, is about to snowball the global economy with it. Canada, which directs 80% of its exports to the US, is likely to suffer as well, with factory closures, with job losses and shrinking taxes revenues. The US dollar is falling, so the Canadian government is lowering interest rates to keep our dollar from climbing even further, making Canadian exports even more expensive in turn leading to more job losses and less spendings. Read in VIP>
Part 4: 8 tips to condo buyers
Condo buyers should be diligent about their purchases, today more then ever, and understand the issues at hand while making a real-estate purchase. here are some tips and points to consider. Read in VIP>
Looking forward to your phone calls and emails,
Yossi Kaplan, MBA
Sales Representative, Your Choice Realty Corp
885 Don Mills Rd suite 104