I just returned home from a week in the fabulous city of Toronto. I’ve said this many times, but I truly believe it’s vital to get out of our environment on a regular basis. Visiting another country helps expand your thinking and broadens your horizons. It invigorates you by introducing you to a variety of new experiences…from different foods, different phrases to a different way of looking at the world. Getting out of the country also gives you a great appreciation for the things you enjoy most about your own city, town or neighborhood. And in that leveling of our perspective grow the seeds of contentment.
Right now, with so many people worried about their finances, the market etc. it’s very easy to forget all that we have and all there is to be thankful for.
So, my encouragement to all of you is sometime in the next 12 months, get out and about - as the Canadians say - and go visit a foreign shore. It’ll expand your horizons and be good for what ails you.
It’s a good life!
Oh, by the way…people have been requesting the fun facts and figures I’ve been talking about recently so they can respond to this market. Feel free to utilize these numbers and maybe together, one client at a time, we can educate the market!
Some facts to know:
- More than 1000 banks closed in 1930 – only 14 U.S. banks have been taken over in 2008
- There are 76 million households in the U.S. that own their home - 24 million of these homes are free and clear
- There are 52 million homes with mortgages - 97.2% of these are not in foreclosure, 93.8% of these homes are current on their payments
On a sobering note:
- Over 20% of homeowners with a mortgage owe more than their home is worth
- 40% of all foreclosures are non-owner occupied
How did we get here?
Decade Homes Sold High Homes Sold Average
1970’s 3.9 million 3 million
1980’s 4 million 3.3 million
1990’s 4.9 million 3.9 million
2000’s 7.1 million 5.6 million
Resale numbers – the above does not include new home sales.
Sources: Wall Street Journal / Moody’s Economy.com / RealtyTrac / NAR / Forbes
For some compelling stats on the Canadian market, visit the Economics Publications section on http://www.scotiabank.com