Desperate to buy a home in the US or Canada?

Given that some selected urban areas in the US and Canada are seeing double digit housing appreciation – mostly due to foreign buyers and local speculators – I suggest, while the interest rates are still at historically low levels, try to buy in less expensive suburban or rural areas and lock your mortgage on a fixed interest rate for as long as you can, but remember to make sure your mortgage carrying costs do not exceed one third of your household income.

When it comes to buying a condo, it is a different kind of animal altogether, so proceed with caution. I suggest you read some of my articles on condos in this blog.