As per the Canadian Real Estate Association’s latest update, national home sales fell 1.7% between March and April and 7.5% since April 2016. Newly listed homes, however, were up 10% between March and April.
This is good news if you want to purchase a home now. It means there are potentially more home listings entering the market and hopefully fewer bidding wars, which can drive up housing prices.
Canadians still have a strong desire for home ownership for both lifestyle and long-term financial reasons. Many Canadians have taken advantage of recent increases in the value of their current homes and are moving up to larger homes or using the equity to buy investment properties.
Apart from the fact that you get to live in your tangible investment, down the road when you decide to sell, the proceeds of your principal residence are tax free, unlike other investments. This is a significant advantage come retirement time.
Making wise decisions when it comes to your mortgage is as important as your decision to become a home owner or real estate investor. Not all mortgages are created equal; with all the mortgage rule changes combined with the federal and provincial government attempts to cool the rate of home price appreciation, consulting with a professional and unbiased mortgage professional makes more sense today than ever.
Contact us today, and let us help you realize your home or investment dreams.