Why Now is the Time to Buy!
- Home Buying Tips
- Friday, December 16, 2016
If you’ve been considering purchasing a new home but you are unsure if now is the right time, you may benefit from this post. Let’s take into account the following factors:
Often times, since spring and summer are the busiest times of the year for buying homes, many home builders offer “winter deals” when prices trend downward, due to the general slowdown in the real estate industry.
Low Interest Rates
With the upcoming new mortgage rules from the Bank of Canada coming into effect early next year (more information here), you can expect incentives like low interest rates to remain at their levels through December and early January before the rules are enforced. The Bank of Canada’s next rate announcement is March 9th 2017, so keep an eye out for more information.
Long Term Investment
Ever heard of the saying – “Don’t wait to buy real estate, buy real estate and wait”? This phrase could be a true testament to long term housing markets in Calgary, where prices have increased 14.29% over the last three years – see chart below. (Huffington Post, 2016)
While Prices Are Low
Potential homebuyers take the opportunity to trade up in a down market, to move into a single family or fee-simple semi-detached home.
Food for thought…
Generally, homebuyers are interested in trendy neighbourhoods close to the inner city, but many families are beginning to look to vibrant communities that are further from the core in search of larger space for their growing families. Many new neighbourhoods offer larger square footage homes and conveniently located amenities, as well as green spaces and walking paths. So if you’re looking for vibrant neighbourhoods, Trico has something for every lifestyle. Reach out to our home experts to learn more!