9 Solid Reasons to Buy a Home Now

The benefits and fundamentals of home ownership remain strong. Here are 9 reasons to buy now:

  1. The overall average price in the Region has continued to increase. The overall average for the last 5 years has continued to stay positive. Statistics indicate an average of about 2.95% per year and an overall increase of 14.75% in the St. Catharines/Niagara area.
  2. Mortgage rates remain extremely cheap. Lenders continue to compete aggressively for business.True North Mortgage 1 Yr. Fixed 2.49%; 1 Yr. Variable 3% as of fall of 2012.
  3. Regardless of market conditions, motivated sellers compete with other homes for sale and price their homes competitively to attract buyers because they want it sold.
  4. Tax Advantages
    a. First Time Home Buyers do not have to pay Land Transfer Tax at closing time.
    b. With the Home Buyers' Program you can withdraw up to $25,000 out of your RRSPs ($50,000 for eligible couples)  to buy a first home without tax consequences.  
  5. You do not pay HST in Ontario on the purchase price of a resale home unless substantially renovated; 90%
  6. Owning a home offers inflation protection as appreciation over time generally outpaces inflation. Real estate has remained relatively stable in Canada. A good rule of thumb is to buy a home you plan to live in for at least 5 years.
  7. Consider owning as forced savings, as part of your mortgage payment goes toward building your equity in the home. For example, take a purchase price of $210,500, 5% down and a 5-year fixed rate at 3.59% amortized over 25 years. The principal amount of the mortgage after 5 years would be paid down by about $22,982. 
  8. Because it’s yours, you can renovate and decorate any way you like.
  9. Above all, it’s the one investment that gives you the benefit of enjoying living in it
Cheryl Sebrins

Cheryl Sebrins

Sales Representative
CENTURY 21 Today Realty Ltd., Brokerage*
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