Recently I came across a very interesting article in "Moneyville" put out by the Toronto Star, talking about all the reasons why now is a great time to buy.
To summarize, it is a great time to purchase a home in Canada because:
1) Mortgage rates are at historic lows. As we know, when interest rates are low, they have no where to go but up. So, make sure you lock in your rate and get pre-approved so that you are guaranteed to get a lower rate when rates rise.
2) Canada has great appeal due to its stability both economically and politically.
3) There is a great draw of Immigrants to Canada, many of whom have sold homes in their country of origin and have money to spend.
4) It appears that Canadian's are really good at paying their mortgages as compared to those home owners in the States.
5) Similarly, when there are financial challenges in paying one's mortgage, it seems that Canadian banks are more apt to work with home owners vs. immediately foreclosing on the home
6) Canada has a healthy income to price ratio of 3.5 when you look at the Median Canadian income as compared to the Median cost of homes
7) Because the interest rates are so low, it is a great time to consolidate your debt. This will make the amount to service the debt much more manageable.
8) Given the US is having an election this year, it is likely that the economy will remain steady if not improve. None of the Presidential hopefuls want the economy to fail.
If you would like to speak with a GREAT mortgage specialist who can help you get pre-approved, consolidate your debt, or just give you a road map, please contact us, as we work with some awesome professionals.
To read the full article click here.
Until next time!
The Jamie Dann Team