According to a recent Re/Max report, first time home buyers across the country are driving the real estate market forward.
There are a few factors behind this trend. The first is the prospect that higher mortgage rates are just around the corner. In fact, most of the major banks have already hiked their standard five-year, fixed rates.
The second is the Government’s new mortgage rules, which reduce the maximum amortization period for government-insured mortgages from 35 years to 30 years. What’s very interesting here is that instead of preventing first time home owners from taking the plunge into the housing market, the new rules are simply compelling many people to change their expectations. They’re willing to bend a bit when it comes to location, size or quality of home in order to join the ranks of “home owner.”
As a REALTOR® who has helped many individuals and families buy their first home, I can certainly understand these trends. It not only makes smart economic sense to buy instead of rent (i.e. pay your OWN mortgage instead of your landlord's!), but it’s extremely satisfying to turn the key and unlike your very own home. That’s the Canadian dream after all, and it’s always gratifying for me to help make that happen.
If you’re searching for a new home and want to build a plan that cost effectively and strategically moves you towards the perfect home for your needs, goals and budget, then call me at 780-709-0811. I’m here to help!Posted by Chris Proctor on