Should I Purchase a House Now or Wait for the Market to Hit Rock Bottom? by:Penny-Ann Lupton
One of the most common questions that first time homebuyers ask is "Should I buy a house now or wait"
. It is very common for first time homebuyers to feel anxious about purchasing their first home, if you add to that the speculation about the Canadian Housing market and the decision is even more confusing. Many first time homebuyers are worried about purchasing a house at exactly the right time, especially in today's market. People are so concerned about the timing, housing prices are low, interest rates are at record lows, and yet they still think they should wait. If you're on the fence about purchasing your first home, here are few things you should consider.It is true that house prices in Canada have declined recently, however if you're waiting for an even better deal, it is expected that most of the prices of houses over the next few years should still remain intact especially in the eastern provinces, including major metropolitan areas like Toronto. Over the past few years, the house appreciation in these areas has been modest compared to that of the western provinces. It is for this reason that the decline in house values has been much more drastic in provinces like Alberta and British Columbia. In fact, the house values in some of the cities in and around the GTA have already started to rebound.
It is true that house values could go down again, but no one really knows for sure it's all just speculation, and if the prices do decrease it will be minimal. It's important that renters who are considering purchasing a house weigh their options carefully. On the one hand, you could wait a few more months to see if the house prices are going to deflate further, but how much rent will you pay while you were waiting for the house values to decrease. Of course, everyone wants to get a good deal, but I have never heard of a homeowner yet who wishes they had rented longer.
Another concern for many homebuyers is whether the interest rates are going to go even lower. In Canada we're seeing some of the lowest interest rates in history, it is doubtful that they will go down even further. However, if you are concerned and afraid that you're going to miss a great deal you should be aware that it is not necessary for you to lock into a rate. There are many options when it comes to a mortgage this is where using a mortgage broker is useful, if you voice your concerns with a mortgage broker, they will be able to advise you on many of the options that are available to you.
For instance, you could accept a variable rate mortgage this is a mortgage where your rate fluctuates along with prime rate of the bank of Canada. If the bank of Canada lowers the prime rate even further your interest rate will also decline. You could also opt for an open mortgage, which is a mortgage that can be broken at any time without penalty, that way if interest rates decline you can lock in at that time without penalty. There are so many options available when shopping for a mortgage that it is advisable to use the services of an independent mortgage broker. A bank representative is only familiar with the products that that bank offers, whereas a mortgage broker uses all of the banks in Canada and will be able to advise you without bias about which bank is in your best interest.
It is overwhelming purchasing your first home, and with everything you hear on the news about the Canadian Housing market, it's no wonder that people are unsure of their decision. I think the most important thing is for each individual to decide whether they are ready to purchase their first home. If you want to purchase your first home, and you are ready to purchase your first home, what are you waiting for?
About the author
Penny-Ann Lupton is a licensed mortgage agent who searches endlessly to always find her clients the best rates http://www.quickmortgageapprovals.ca/
Visit Quick Mortgage Approvals for information on purchasing a home http://www.quickmortgageapprovals.ca/financing/tips/purchasing-a-home.html
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