THE BIG DEAL
Low interest rates are causing some Canadians to act irrationally. In some cases Canadians are taking on more home than they can afford. Accumalating more debt that will catch up to them in the long run, and cause economic difficulties.
Multiple offer sittuation are becoming more and more popular for sellers, creating a sittuation where a potential home buyer in order to play the game must offer more than asking price and also eliminate vital conditions such as inspection that could pose a problem later.
More than 50% of mortgages are longer than the standard 25 year amortization period, which tells you again that people are getting more house than they can handle finnancially.
Many Canadians might jump on the band wagon with the low rates, with a though process that if they don't do it now they will be missing out. However what you must consider is the fact that you will be able to pay this mortgage five years down the line when the rates go back up.
Sales in October 2009 were up 64% from October 2008, while average prices hit a record at $423,559 up 20%.
Don't bite off more than you can chew.
Be certain to join a winning team with a Realtor and Mortgage Specialist you can trust and that knows the market and the numbers.
Take your time and enjoy the process, Buying or selling a home is a BIG DEAL!
THE "DREAM" TEAM
John Whyte Daniel Chen
Sales Representative Mobile Mortgage Specialist
Century21 Leading Edge Realty Inc. T.D. Canada Trust
Mobile: 416 455 9514 Mobile: 647 262 5726