Buying a home is one of the biggest decisions you’ll ever make. To ensure that you make the best choice, ask yourself a few questions. What are your financial and lifestyle needs? What is your current financial situation? What do you really want in a home?
Buying a home can seem like a daunting process — it just may be the most expensive and emotionally charged purchase of your life. But with careful research and determination, the keys to that dream home can be yours. We’ll help you along your path toward homeownership.
The Decision to Buy
Buy A Home To Secure Personal Rent Control
Although the real estate market fluctuates over time, there’s one thing would-be first-time homeowners often overlook. Yes, there are tax advantages. Yes, you paint the walls any color you want. Yes, you build financial equity. But you also have a built-in rent control. With a fixed-rate mortgage, you’ll know what your house payment will be for the next 30 years — not so when you’re a renter.
If you can pay a monthly rent of $1,299, you can buy a house worth $300,000.
Not only buy to live, but
Get Into The Rental Market Where It Makes Sense
People will need shelter for the rest of their lives. With the longer life expectancy in Canada, that’s a lot of rent to be paid. Buy what you need now and do it in an area where the population is on a rising and sustainable course.
Why people give up renting to buy homes: It all comes down to demographics
Demographics explain two-thirds of everything, contends David Foot, Canada’s foremost demographer and a bestselling author.
Homeownership is no different. At a certain point in their lives, most individuals, responding to demographic triggers, give up renting for owning. Read here for the demographics triggers.