In today’s competitive market, most of the Canadians wonder whether it is good time to sell or buy a home. If we talk about reality, there is no right or wrong answer to this question. The real question that should be asked is whether it is best time that suits you or not. Don’t time the market as it is considered as a big mistake. If you are planning to buy a home, then you need to find out the cost versus the expected return from that property. After determining the situation, make a decision if the situation is likely to improve in the future if you are willing to wait. Due to low interest rates in Canada, it is really affordable to own a home in Canada. You can get help from a local real estate agent about the mortgage payments, average utility bills, taxes and other expenses after you make a down payment. Buyers that are investing first time in Canada may find that the carrying costs are match up to their rent expense. Moreover, keep this in consideration that you can now lock down your mortgage rates in order to keep your costs stumpy, even if the rate of interest starts moving upwards.
In most of the cases, you will find that you will be losing a lot if you have decided to wait. There will be high carrying cost if the mortgage rates increase and the lost equity that you may perhaps be building could be considerable if you have decided to wait. People who are trying to save money for a large down payment will especially find this true when they consider that they will still have to pay the rent while they are saving money for their home.
On the other hand, if you are owner of a home in Canada and planning to sell it in order to buy another one, then you have to consider both ends of transaction. The major factor in making a decision in this situation is the difference among the prices of both the properties you want to buy and sell. You need to consider the additional expenses that can be incurred on the new property as compared to the home you presently acquire. Here also, you will need help from your property advisor as he will be the person who will help you in estimating the proceeds from the sale of your current home. He will also be providing you help on how you can keep your carrying costs at low level for your next home that you are planning to buy. He will also be of great help for you in locking a great mortgage rate prior to you buying of new house.
Consequently, if you are thinking that it is the correct time for you to make a move, then consider the relative costs of waiting consult with your local estate agent for their expert advice. So, don’t time the market, in fact, make a sound decision that best suits you and your family.
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