The Top 5 Reasons to Buy in 2017
There’s no doubt that the prize for a leading, if not THE number one news topic in 2017 will be handed to the housing market in Ontario. But with so much noise out there, what do the top reasons to buy this year really boil down to? Here you’ll find out.
1. Rent isn’t getting cheaper.
Unless you’re comfortably shacked up with mom and dad, living pretty much anywhere is going to cost you. Trying to time a dip in the housing market is a natural tendency, but could end up becoming a very costly mistake in the long run. Yes, the housing market could flatten or drop at some point, but this does not look likely anytime soon, and the cost of rents will keep piling up in the meantime. Besides, paying back a mortgage over the next 10 -20 years will put you where you want to be – with NO rent or mortgage payments at all.
2. Mortgage Rates are at All Time Lows
Rates will not stay low forever, but homeowners can lock into a fixed rate for as low as 2.24% that’s GUARANTEED not to go up for the next 5 years. This means more of your mortgage payment goes towards paying off the house (principle payments) while interest is so low. That’s a 5-year launch pad you have to build equity very easily.
3. The Economy is looking up
Although things are never perfect economically, the Canadian economy is diverse and growing. In 2017 we continue to deepen our diversification into technology and advanced manufacturing that will serve to stimulate job creation and the housing market.
4. Housing market momentum
In Ontario alone, there are thousands of people and families on the sidelines, waiting to buy. This number continues to grow, as new immigrants enter the country every day with a dream of home ownership. With the amount of equity and wealth created by the run-up in housing prices, there are also many cash-rich investors that will continue investing in the housing market.
5. Low down payments still available
Buying a home with as little as 5% down payment is still an option for both first time home buyers AND those looking to upgrade. This down payment can be gifted from a family member, or potentially even borrowed. Other homeowners are keeping their existing home as a rental, and buying a new home with as little as 5% down payment. So there is a lot of opportunities, whether just starting out or moving up, for Canadians to get into the market in 2017.
Contact us now for a hassle free conversation about what you’re looking to accomplish this year. We work with over 20 lenders and guarantee you the lowest mortgage rate and the best solution.
519-568-3377 – brent @altrua.ca