Welcome!

Welcome to Harry Naghavi's blog, York Region Home.

Harry has bought and sold homes and businesses all over the GTA, and has first-hand experience moving up from Toronto to York Region. Harry's interests include: Real Estate, family, hunting, fishing, cars, soccer, tennis, horses.

Saturday 23 July 2011

Interest Rates

Surprise!!! Surprise!!!  The interest rates remain untouched today but "they" still warn us about future rises!

Going back to 2010, "they" said the economy was too weak for a rate hike and the cold dark days of 2009 were still fresh in our memories. Too many folks had lost their jobs, closed their businesses and gone bankrupt in 2009.

However, as if by MAGIC, and after having a sunny and warm February, "they" decided to hike the rates anyway!

All those promises of not touching the rates until the Third Quarter simply went out the window in an instant. The results were quietly catastrophic!

More businesses suffered and fewer people found jobs. The weakening of the US Dollar resulted in the strengthening of the CDN Dollar which didn't help our manufacturing sector at all. The real estate market did not cool off as "they" had predicted either!

This year "they" seem to be smarter and are keeping their hands off the interest rates in hopes of stimulating the economy for real.

Having a Majority Government must have helped this decision if you ask me.

People are still buying and selling homes in the GTA, York, Peel, and Durham Regions and although activity level has gone down somewhat, home prices have not gone down.

I am no expert in financial matters, but I have learned not to listen to "them".

Just like the Weatherman, "they" can be wrong everyday without fear of losing their jobs!

So do what is best for YOUR family: If a move will help the quality of life for you, then just do it, and in my humble opinion, interest rates cannot go up that much in the near future (:-D

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