Is it the right time to buy a house?
If you listen to the news regularly you will hear nothing but doom and gloom from American commentators about the state of the global economy. If you listen to Canadian news reports, some are saying the same as the Americans while others are offering a slightly better and less gloomy outlook than their American counterparts. Who should we believe?
It’s my personal opinion that the recent economic troubles that have been plaguing the world have been fuelled even more by the negative media reports. I am not an economist and no one should take what I have to say with any financial weight but it seems to me that consumer confidence in our economy continues to decrease because all we ever hear in the news is how bad the economy is going. I don’t dispute the fact that our economy is not doing well. However, when people hear that the economy is getting worse, they tend to stop discretionary spending, which in turn adds to an already weakening economy. News of economic troubles almost invariably leads to further economic troubles – it’s a catch 22 situation.