Should You Buy a Toronto Home in Today's Economy?
With interest rates at an all-time low, obtaining a mortgage in Canada has never been cheaper. On the other hand, homes in the largest Canadian cities have never been more expensive. If you have the down payment and the means to pay a mortgage, the answer is "yes", you should buy a Toronto home in today's economy.
There are many different opinions about when the housing bubble will finally burst here in Canada, but a Toronto home is always going to be a wise investment. Whether you choose to live in it or lease it out, a Toronto home will never lose its value. There are homes for sale in Toronto in all price ranges in every neighbourhood, so choosing one in your price range has never been easier. Plus, newly constructed homes, condos and town homes are still going up all over the city; you can have your pick of an existing home or a brand new one with all the latest amenities.
The key to braving the Toronto real estate market is to be prepared: know what you can afford and what type of mortgage you'll need to close the deal. Find a real estate agent you feel comfortable working with who knows exactly what you want and need. Don't feel pressured to work with one of the major banks to secure a mortgage; there are plenty of independent mortgage brokers who are willing to go above and beyond to help you secure a mortgage that suits your unique needs.
Now that summer is drawing to a close, you can house-hunt at a more leisurely pace. Families who needed to secure a new home have already done so, and now, there are plenty of homes out there for sale without the pressure of having to close a deal within a certain timeframe. Now is the time to take a good long look at the market to ensure you find the Toronto home that's right for you.
For more insight on how to take advantage of this buyer's market, call Toronto Home at 647.477.2992.