When should you buy a home?
There is no better time to get in the market then now! This is something you may hear repeated often but it definetly rings true today!
Consider the following: The dollar is at about .95US again, the stock market has survived the bad news coming out of Dubai and is once more pushing towards 12,000 points. Overnight lending rate by major banks is still hovering at all time lows and the cost of gas is still below a buck, allowing throngs of Canadian shoppers to cross borders and take advantage of door-crasher deals on the traditional US shopping holiday known as Black Friday.
However, even with all this good news supporting the reasons why one should be getting into the housing market, there are some concerns for those with high loan to value ratio mortgages. As interest rates increase, it could potentially prove to have a devastating effect for those homeowners who are not prepared for the increased monthly payments.
The strength of our housing market in Ottawa is undeniable. The board has seen 8 consecutive months of growth year/year, and shows no signs of slowing down. Canada wide, some analysts are expecting a rise in house prices nearing 10% in 2010.
But always consider the facts, talk to your favourite REALTOR® (me!), find out what the local market is doing and make 2010 your year for getting into your home!
Are your Ready 2 Move?
Posted by Szabolcs Pall
on December 2, 2009