The calendar has flipped to 2017 and this is the year that you’ll finally stop renting and take that fateful step into home ownership. Now that the decision has been made, you want to ensure your search is prosperous and causes as little stress as possible.
Toronto’s Thriving Housing Market
Toronto is a thriving market that could see an uptick in the next year or two in terms of property value. This means more developments and more buyers in and around Toronto. The longer you wait, the harder it might be to step foot into the market. Waiting for the proverbial housing bubble to burst might not be the best strategy.
Extra Years of Saving for your Down Payment Should Pay off
New rules were implemented by the Federal Government in October 2016 and a lot of it boils down to lowering the risk on mortgage lenders and protecting borrowers. A lot of the potential issues can be negated if you enter the market with a 20% down payment. Doing so, means you won’t have to pay a premium on insurance and can receive better interest rates and term options. By paying more upfront, you could save a lot more down the road.
Put your Trust in the Right Hands
As you embark on this milestone event, be sure to work with professionals that you trust and are comfortable with. It starts with your real estate agent and extends to a mortgage broker or bank and lawyer.
Your real estate agent will provide recommendations but it should always come down to what is best for you. These relationships can make or break the process.
Inventory is an Important Factor when Starting your Search
Shopping for a home in the winter means less inventory, but it could also mean less competition. Searching in the warmer months means more options but a lot more shoppers and more bids to inflate a price. Granted, your search might extend over a few seasons but you might want to start in the winter and hope to find a motivated seller.