If you're a renter wondering whether current market conditions should delay your dreams of purchasing a home, take heart. There are many reasons what could actually make this a good time for you to buy. Here are five to consider:
1. HOME PRICES - Home prices have leveled off and even dropped significantly in many locations, when compared to prices a year ago. Some of the most competitive Canadian housing markets, such as Vancouver & Calgary have become much more affordable over the last few months. In many areas, lower prices may allow you to consider housing options across a wider choice of neighbourhoods.
2. HOUSING SELECTION - While there is still a wide range of homes available, a lower market may mean you have less competition. This can relieve pressure on you to offer a higher price or to make a hasty purchasing decision. Be aware, though, that unlike many of the U.S. counterparts, sellers in Canada generally aren't under pressure to sell.
3. INVESTMENT - Owning your primary residence has almost always been a good way to build equity. Real estate, over the long term, has tended to rise in value, despite short term fluctuation. Plus, when you eventually sell your home, the capital gains are likely to be tax-free. Since you're paying rent anyway, why not put that money toward a place you will eventually own? You'll also be able to customize your space exactly the way you want it.
4. INTREST RATES - Mortgage interest rates, firmly in the single digits, have been at historically low levels. This can help keep the cost of financing an entry level home relatively affordable.
5. PERSONAL TIMING - The most important reason to buy a home is that it;s the right time for you. If owning a home is a high personal priority and if your financial situation is sound - you have a steady income and a manageable debt load - them that could be the most compelling reason to start looking.
Remember: there's no "right" or "wrong" time to buy. Since it's almost impossible to time the market, the ideal times to buy a home is usually when you are ready.
A mortgage professional can review your current financial situation the you can decide weather its a good time for you to own your home!
For more Information please contact Julie Vesuwalla with the HOME SWEET HOME TEAM!