The home of your dreams is still within reach. Weather you’re currently renting and saving to buy your own home or are currently a home owner and dreaming of that ideal home, be advised, that home is within reach. All the talk about an overvalued housing market and the implementation of the tightest mortgage rules in decades shouldn’t discourage you from working towards the home of your dreams. The Canadian housing market is ripe with opportunity and we have one of the soundest financial systems in the world with plenty of mortgage options available.
First time buyers may not yet qualify for a detached home in the metropolitan area, but there are plenty of options available in the suburbs and the explosion of the condo market was inspired by the demand for affordable housing in the downtown core. Options abound with as little as 5% downpayment including the ability to get your downpayment as a gift from your parents or even borrow it on line of credit or as a loan.
Move up buyers may balk at the list price of that dream home, but the flip side of the price appreciation is that your home has appreciated as well, maybe by more than you even know. A sound way to reinvest that equity nest egg is to plant it into your next home.
Canada’s real estate market has always been a sold long term investment, and the consensus among economists, and even the banks, is that current prices are justified and will only continue to appreciate. If you’re waiting for prices to come down to buy your first home, or to move up to your dream home, think again. Next year, the price of that home will only be higher.