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best mortgage rates canada

A conversation with a valued client this earlier this week inspired me to write this post. Hopefully this post not only provides them with value, but you as well.

If you have been thinking about buying a new home, be it your first home, your next home, your dream home, or your downsized home for retirement, with the current state of the market, or perceived state according to the newspaper and television, you may be asking this question

“Is now a good time to buy”

Many people are asking this same question, and understandably so.

But, have you ever considered that you might be asking the wrong question all together?

One thing is Inevitable, there will be conflicting reports in the media. You will see some media outlets continue to report that housing prices are ready to skyrocket, while at the same time, you will other reports that they have peaked. You will hear reports that sales have slowed considerably and we can expect a market crash any second, while in some local housing markets bidding wars with condition free offers remain to be the norm. Even when you check with the local experts, it is difficult to get a pulse on what is going to happen with the housing market next week, let alone in the years to come.

It is impossible to know for sure what is going to happen with the housing market in Canada. So instead of basing your buying decision on external market factors, I suggest that you consider asking yourself, is now a good time for me to buy a home?

When you stop looking at the market to determine your timing to buy a home, and instead look at your personal reasons for buying a home, the picture will become much clearer.

Here are some things you should consider

The list is subjective, but everyone on this list, are things you can control.

  • Will buying this home now put me in a better financial position?
  • Do I feel comfortable with my current employment status?
  • Do I make enough money now to afford a new home and still be in a comfortable position to live and enjoy?
  • Have I saved enough money for a down payment?
  • How long do I plan on living in this new home?
  • Is there any possibility that will force me to sell quickly and potentially lose money?
  • Do I really want to buy, or am I feeling pressure that if I don’t buy now, I might never be able to, for reasons such as being priced out of the market?
  • Am I scared that if I buy now, the market will crumble the second I do?

 

The best course of action to help you make a good decision?

Have a Plan in Place.

Alleviate a lot of the unknowns, and a lot of the irrelevant things by sitting down with someone to discuss your plans, and to map out what buying a new home looks like for you.

Instead of looking at external market factors, focus on the internal ones.

Of course, a mortgage pre-approval pre-qualification allows you to see what you can actually qualify for.

This is the best place to start.

Please contact me anytime, I’d love to work with you, and answer any questions you might have.

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