The Media Spin on Real Estate Continues

A news article published on ReportonBusiness.com states that optimism is returning to the housing market. An annual report published by the Royal Bank of Canada states that there is some optimism "seeping" back into the real estate market with younger Canadians and most notably first time buyers leading the charge. With interest rates at record low levels, home listings at record high levels thus offering buyers lots to choose from, it's little wonder some potential purchasers feel this way. As long at their confidence level remains high with respect to their employment and subsequent ability to meet mortgage obligations they have every reason to feel optimistic about buying. Nonetheless they are a relatively small group and can only create so much impact on the sluggish market.
With spring just around the corner, many buyers will no doubt come forth in greater numbers. January through February and into early March have traditionally been softer months for home listings and sales and with the severity of this year's winter, looking at properties over the past few months has hardly been ideal. Furthermore, spring has always brought forth a plethora of new listings for buyers to choose from and this year will be no different.
Much speculation remains about how long the current economic downturn will last and the ongoing affect it will have on home sales and prices. A report in the Globe and Mail suggests that since the downturn in the economy this time has been so severe and so sudden, we may have already hit bottom and a recovery may appear as quickly as this whole financial melee started. Let's hope this is the case and espceially for our neighbours south of the border on which we so heavily rely for export shipments. With all of the negative dialogue circulating these days the new term "pessimism porn" has been coined to describe the countless stories of doom and gloom that prevail in certain circles. In good times and bad, there's always a new catch phrase to describe a situation. Ultimately each one of us has the ability to turn the current economic situation around by demonstrating a postive attitude and spending just a little money to get things moving again. It seems some would rather spend time and money reading about the mess rather than investing a little to correct it.