Is it summer already? 2010 has been quite the whirlwind so far. The introduction of the new HST (a tax for all goods and services which includes both GST and PST, guaranteed to affect consumer confidence, and not in a good way); record breaking real estate sales (now showing signs of slowing); historically low mortgage rates, now steadily rising, coupled with major government enforced changes to lending guidelines: non owner occupied income properties now require a 20% down payment, using stated income now has stricter policies, re-financing your property can now only be up to 90% of its appraised value as opposed to 95% and you are now qualified based upon the 5 year rate or Bank of Canada rate, depending on the term that you choose for your mortgage; All indications are that the second half of this year will look very different and that there will be some great buying opportunities going forward. This is a perfect time to liquidate some investments and go to cash.
On a personal note, this has been an amazing year for me in many ways. I began training for another full marathon at the end of January and thank God, the winter weather co-operated. My race is on June 6th and I’ve had a few injuries so far, so I’m hoping I’ll be able to complete the run. I’ve also taken a lot of technology courses and will soon begin video blogging. My summer project will be to begin creating the curriculum to teach children about financial literacy. I am so excited to begin this journey!
What about you? Are you up to any big challenges in your life? I find that life passes way too quickly to not make time for something you are truly passionate about. What gets you excited and brings joy to your life? The best way to live regret free is to insist on making time for those things that really matter to you…every day.
I wish you a summer filled with passion!
All the best!
Michelle Read
Your Personal Real Estate Consultant … For Life
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