Flaherty is, isn’t, is, isn’t changing mortgage rules?

So which report do you want to believe….?  2 separate reports… both from April 10, 2012.     We have Reuter’s reporting that Canada’s Finance Minister Flaherty, isn’t making any changes to mortgage rules….  Click here for their report.   Here’s a quote from the article “I have no present plans to intervene in the housing market in Canada,” Flaherty told reporters in New York.

And here’s another report from Bloomberg.com entitled “Flaherty Says He’s Planning Changes on CMHC Rules.” Click here for their report.   Are you confused yet?    Well, you’re not alone.   The mixed messages are everywhere today.   Bank of Canada Carney warning about record high Personal Debt Levels…. you’ve seen this one, I’m sure.   We have too much personal debt… and then another report says Canadians are ready to tackle their debt level… and yet another one that say the economy is very fragile and is at risk of slowing down…

It’s hard to know which report is correct.   One thing is certain… today’s mortgage rates are at historical lows.   The govt and the BANKS don’t want them to last.     If you have a house and some debt, or if you are considering buying a house, then why wouldn’t you take advantage of these low rates…?   I’m NOT saying to go out and borrow more money for a TV or new car or other luxury items…  If you have high interest debt, or higher interest debt than today’s 3.00%+ interest rates, then take action and restructure your finances…   Today’s record low rates won’t last…  You can still benefit from these historically low interest rates.

 

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