Recession = Good time to buy?

No doubt that the recession that hit the markets in 2009 absolutely hit a lot of people hard. One look at my RRSP and I cringe on how much value they have lost. One 'silver lining' though has got to be the mortgage rates. When I signed last July, the posted 5-year fixed rate was 7.15%. I'm guaranteed a builder's rate through TD Canada Trust at the posted rate less 1.25%. So, my effective rate was 5.9% at the time of signing. Here is how my rate has dropped as the markets deal with the recession:

Aug 16: 5.6%
Dec 12: 5.5%
Jan 21: 4.54%

Imagine for those people who signed pre-recession when banks for offering prime less 1%? They would be paying around 2% interest! Crazy!

The federal government also announced in their latest budget that they are increasing the withdrawal limit under the Home Buyer's Plan to $25k from $20k.

No foundation :(

So, it's now 2009 and I still keep going out to visit the site. But there doesn't seem to be any movement on any of the lots for the townhomes. Winter and the cold temperatures came early so I wonder if that prevented them from pouring the foundations, if that was even the plan. Hope this doesn't mean that I will be delayed. :(

The look...

With my design centre appointments coming up fast, I've been going to the Mattamy Design Centre a lot to look at samples. I'm also hitting up all sorts of model homes across the city to get ideas. The popular choice these days seems to be going with a darker coloured cabinet and wood floors, etc. It just feels rich and warm. I must say that I do like this look but worried that it's just a fad and I'll grow tired of it. I want something that will look good for a long, long time. My other concern with going with dark floors and cabinets is that the house will seem too dark. I'm sure I could counter that will lighter coloured walls and furniture though. Given that I'm in a townhouse and an interior unit, I only really get light throught the back windows of the house. The only light coming in through the front is through the door. There are no other windows upfront except the one in the powder room. Right now, I'm leaning towards going with a lighter coloured floor and cabinets on the main floor and I'll contrast that with dark furniture, appliances and wall colour (sort of like what is in Mattamy's Fernhaven model home).

Here are some floor samples with a cabinet and countertop that I liked:

First Design Appointment

I met with Amy Carter at the Mattamy Design Centre in Barrhaven for my first upgrade appointment. This appointment is mainly for structural, electrical and other layout options. I pretty much had a list of things that I wanted so the appointment went very smoothly. Here's what I did:

Lighting and Electrical

• moved the existing light fixture in the main kitchen area to over the sink. I also added a second light fixture over the sink. My plan is to hang to pendent lights for over the sink
• added 4 potlights in the main kitchen area
  
• added 4 potlights in the great room. Plan is to install a ceiling fan where the standard light fixture is in the midde
• added 2 potlights in the dining room area
• added potlight over bathtub in main bathroom
  
• added light fixture over the stairway from 1st to 2nd floors. My plan is to put a ceiling fan here to help circulate air
• added an electrical outlet in the laundry room and front porch
  
• added an extra electrical outlet in the garage
• upgraded the circuit panel

Layout/Structural

• chose the Executive Kitchen layout (crown moulding, light valence, undercabinet lighting, microwave shelf, corner shelf, fridge enclosure)
  
• raised breakfast bar
• solid door for laundry room (hoping this will keep the noise in)
• insulated garage door - hope that it will keep the garage a little bit warmer as my daughter's room is right above the garage
  

Other

• added 5 more cable outlets giving me a total of 7 outlets (2 in master bedroom, 2 in office, 2 in Great room, 1 in bedroom #3). I plan on keeping my satellite tv and may use cable for internet. I figured better to have the wires there than trying to do it after the fact
• waterline to fridge
• shutoff valves for all faucets
• upgrade bathtub to acrylic

I wanted to put a 220v electrical outlet in the garage for a workspace heater for those times I want to work on stuff in the garage in the wintertime. But Mattamy won't do it. I have no idea why. They just said it's not an option even though they do have an option to install a 220v outlet in the kitchen to accomodate an over-the-range microwave/range hood.

Overall, I'm pretty happy with my choices so far. Now I need to figure out my colour scheme for my next appointment which should be in a couple weeks.