The US Election & Real Estate
With the 45th presidential race coming to a close, there are a number of questions and concerns we as Canadians have, that are being wide-spread across social media and news outlets – Most importantly, we are wondering what the outcome and impact the decisions our neighbours to the South have made will have on us and our economy.
Good morning world! November 9th, 2016
I am sure you are all waking up to the news that Donald Trump is America’s 45th president. Perhaps, like me, you were up into the wee hours of the morning, biting your nails, watching the election coverage. What seemed like the unlikely, or perhaps the impossible, has happened; and no this is not a drill. Regardless of whom takes office in the United States of America, there is no denying that there is an impact on us in Canada. The United States was, and remains to be our closest ally and trade partner.
With the drastic changes that could occur in American policies – healthcare, immigration, reproduction legislation, gun rights and laws -a large number of our neighbours to the south are rumoured to be exploring options to join us in Canada. Last night, the Government of Canada’s Immigration website crashed due to heavy volume during the election coverage! A number of influential politicians, entertainers and actors have previously pledged to move North should Trump take up office – Did you hear that even the Obama’s are now considering moving to Canada?
There is no doubt that Canada is a land of promise, tolerance and equality, and I am so proud of that! As a Realtor, it is my nature to immediately explore how this could effect our housing market. With prices already increasing steadily over the past few years in a number of housing markets, it is being predicted that purchase prices will sky rocket with Trump’s presidency.
So what does this mean for us? With Donald Trump’s risky economic policies, such as opposition to free trade deals, the U.S. economy will see interest rates staying low for longer. With the influence of the U.S., Canadian interest rates would be lower, as would mortgage payments. If you are considering investing or buying real estate, the time is now. As housing costs are set to increase, and could dramatically increase with a potential influx of American buyers, your investment will thrive. Although it is still early to predict how large of an impact the presidential election will have on our real estate market, it is not too soon to make a decision.
If you have any questions about real estate, upcoming changes, mortgage rates or purchasing a property, do not hesitate to reach out to my team – we are here to ease the decision-making process, and ensure you are getting the greatest return on your investment!