I often wonder what people are waiting for when it comes to lending rates. When I bought my first property I was happy to secure a 5 year term at just under 10%! I have spoken with people that bought their first home and paid 16% or higher ! Can you imagine that? I guess the early 80's are ancient history for some people, but that stuff happens, and history has a funny way of repeating. I received an email update from EQ Lending this morning advertising a five year closed term at 3.64%, Jesse Johnson Mortgage Team is advertising a five year at 3.59%, Dryer Group Mortgages offfers a 5 year at 3.64%. Inventory is up, you know how it goes with supply and demand. Money is cheap, Buyers are in the drivers seat, they just don't seem able to get out of the driveway. There are opportunities for renters to become owners at a reduced monthly cost. There are even revenue properties that can provide reasonable returns. How many times have you heard someone (yourself maybe) say "if I had bought back then..."
I'm pretty certain that it is time to get active if a Real Estate purchase is on your mind. Find a Realtor(R) you are comfortable with, let them know your expectations, put them to work looking for the most suitable property for you now. Being involved is the only way to learn the current market, you want to be an informed consumer, a confident buyer. It's up to you. Thomas Edison is credited with saying " If we did all the things we are capable of, we would literally astound ourselves" Astound yourself!