Canada's real estate market is changing faster than ever before. Depending on your province, city - and sometimes even your street - real estate prices may have dropped, increased or remained stable over the past few months.
Due to this variance, real estate sales representatives like to remind folks that all real esate is local and that the national trends you hear in the news can often be at odds with what's happening in your particular area. It's sage advice to consult with a real estate sales representative for local insight when thinking about a move or when considering the purchase of an investment property.
The inventory of homes available at reasonable prices, coupled with today's record low interest rates, has folks thinking about investing in a second property. After all, how many times hae you heard people lament, "I should have bought when prices were down, look at what that place is going for now!"
A psychological advantage for many people investing in real estate is the knowledge that they are investing in something tangible that can't become 'bankrupt' or have the assets spirited away by senior management (Enron anyone?)
A practical advantage for real estate investors is the low interest rate they may be able to negotiate, allowing more of what they're paying to go towards principal rather than interest.
If you're considering a second property as an investment, you'll need to talk to seasoned pro's such as a lawyer, an accountant and a local real estate sales representative to make sure you're clear on all the issues involved. Whay not start by getting the latest update on YOUR local real estate environment? Give me a call or send me an email to set-up a no obligation information session.