COVID-19 - Is It a Good Time to Buy a New Home in Canada?
posted in Mortgage News
The ongoing impact of COVID-19 has been felt deeply throughout the entire country, and the Canadian housing market is no exception. With conditions continuing to evolve, is now a good time to buy a new home in Canada?
To help you decide, here are some factors to take into consideration:
Think about why you want to buy a property in Canada
Whatever the reason for your desire to buy a new home in Canada, think carefully about whether the ongoing pandemic has altered your needs, priorities or expectations in any way. Think also about whether the home you plan to buy, will meet your needs for the coming years.
Once you determine that buying a new home is still on your agenda and that doing so will help you enjoy a more secure and happy future, it could be time to take the plunge and arrange to meet with both a local realtor and mortgage broker.
Do you have a strong enough insight into the local market?
Your realtor - and in most cases, your local mortgage broker, too – will help you assess the market in the area in which you plan to buy a home, and help you better understand how it’s currently performing. Your budget, the type of home you want to buy and the neighborhood you want to live in will all have a role in the price you can expect to pay, and your final decision.
By being open and honest with both parties about your expectations, and giving them as much information as you can about your circumstances, both personal and financial, you’ll help them give you the best mortgage and homebuying advice possible.
Real estate is a long-term investment
Short-term investments can work for many (even during times of risk, such as in the wake of a global health crisis), but real estate is a long-term investment, and it’s important to remember that when you begin your search for a new Canadian home. Real estate also has a number of other costs that can eat into a sale price, from land transfer taxes, to realtor and broker fees, making buying a new home a weighty financial commitment.
However, if you plan it right and get the best advice, you could take advantage of low interest rates in the Canadian housing market currently, and find yourself an amazing deal on a property you love.
Find and afford the home of your dreams in this incredible country by working with experienced realtors and mortgage brokers, and by thoroughly assessing your needs, budget and limitations before you arrange to view any properties.