The decision to buy a house is the biggest financial decision most people will ever have to make, so it's no surprise that it can also be one of the most stressful decisions, too. So, is now a good time to buy or sell, or should you wait?
Concern about the spiraling cost of real estate in some parts of the country has prompted predictions of an impending correction in the country's housing market. Responding to that speculation, Canada's finance minister Joe Oliver has expressed his opinion that, as he continues to monitor the rising housing prices closely for signs of overheating, he is "not especially worried."
"I'm monitoring it regularly, but the Bank of Canada as well as the Central Mortgage and Housing Corporation, which is the organization that insures most of the Canadian mortgages (about 70 percent) both feel we're looking at a soft landing," comments Oliver.
While you'll want to sell your home for as much as possible, you'll obviously not want to overextend your finances for your next property. And that's where today's low interest rates can be the buying motivator. Many feel they can't pass up the opportunity to take advantage of today's historically low financing rates, which can allow carrying a mortgage to be comparable to paying rent in some areas.
What's the right move for you? Let's talk about your own, specific circumstances and review the financial implications of all your options. Please call today for a no-obligation discussion!