Laura Parsons, BMO Bank of Montreal
While tighter lending policies and economic uncertainty may be keeping some prospective first-time home buyers on the wait-and-see list, there are factors that make today an attractive time to take the plunge.
Keep in mind that the “right” time to buy should reflect your personal and financial readiness — not an attempt to time the market.
Consider these five factors that could make this the time to buy:
1. Financing rates and terms are attractive. Not only are interest rates near the lowest they’ve been in decades, but low rates are available over longer terms.
2. Affordability is improving. Real estate prices have been levelling off in many markets and for certain types of properties, keeping affordability in check.
3. Less pressured buying process. Cooling markets mean fewer bidding wars — a huge relief to first-time buyers who find the process intimidating.
This can mean more opportunity to inspect properties, view comparables, or add conditions to an offer.
4. More to choose from. For certain types of housing, there may be more listings to look at. This greater choice may improve the chances of finding a property that has the features you want in a location that suits you.
5. You feel ready. Your personal situation should be the ultimate trigger: Do you want to put down roots, make space for a growing family, or fulfil a life goal? If you have already set aside a down payment, are prepared to make a long-term financial commitment and know what you want, these can be reasons enough to find a house to call your own.
I can walk you through the mortgage and financing side of the home-buying process ahead of time, so you’ll know what you can afford and can search for a home with confidence.
(The information in this publication was prepared by Ariad Communications and the views expressed are those of Ariad Communications and do not necessarily reflect the policy or views of Bank of Montreal.)
Laura Parsons is an area manager of mortgage specialists at BMO Bank of Montreal. If you have a question about home financing, reach her at laura.parsons@bmo.com
Keep in mind that the “right” time to buy should reflect your personal and financial readiness — not an attempt to time the market.
Consider these five factors that could make this the time to buy:
1. Financing rates and terms are attractive. Not only are interest rates near the lowest they’ve been in decades, but low rates are available over longer terms.
2. Affordability is improving. Real estate prices have been levelling off in many markets and for certain types of properties, keeping affordability in check.
3. Less pressured buying process. Cooling markets mean fewer bidding wars — a huge relief to first-time buyers who find the process intimidating.
This can mean more opportunity to inspect properties, view comparables, or add conditions to an offer.
4. More to choose from. For certain types of housing, there may be more listings to look at. This greater choice may improve the chances of finding a property that has the features you want in a location that suits you.
5. You feel ready. Your personal situation should be the ultimate trigger: Do you want to put down roots, make space for a growing family, or fulfil a life goal? If you have already set aside a down payment, are prepared to make a long-term financial commitment and know what you want, these can be reasons enough to find a house to call your own.
I can walk you through the mortgage and financing side of the home-buying process ahead of time, so you’ll know what you can afford and can search for a home with confidence.
(The information in this publication was prepared by Ariad Communications and the views expressed are those of Ariad Communications and do not necessarily reflect the policy or views of Bank of Montreal.)
Laura Parsons is an area manager of mortgage specialists at BMO Bank of Montreal. If you have a question about home financing, reach her at laura.parsons@bmo.com
