Are you contemplating a move right now in Saskatoon, or perhaps you are still renting and considering purchasing your first home. One thing that may be scaring you off are home prices in Saskatoon, so you may be thinking I'll wait until prices cool off a bit. Well Saskatoon's housing market has been growing steadily for years now and there is no sign of prices coming down.
So despite the benefit of contributing your monthly payment to your own financial growth and equity, I'd like to give you a bit of food for though!!
Considler our amazing interest rate right now of 2.99%, now granted not all will qualify for this but even a 3.09% is really good, so we will go with that number. Say you have a $400,000 mortgage payments would be $1912/month, but you are thinking I am going to wait 3 years and see if prices do go down. Let's say 10%, so you purchase the same house at $360,000 but bTorsten interest rates go up to a reasonable 5%. Your monthly payment now becomes $2,094!! That is more of a monthly payment. Plus you have lost $10,000/ year over 3 years so $30,000 that you have paid down your mortgage by that would become equity in your pocket.
So my expert advice as a Saskatoon Real Estate Aget to you is take advantage of our current interest rates, they won't hold for much longer. Start building some equity, and keep your money in your pocket.