Written by Morteza (Morty) Sadeghi
If you’re still sitting on the fence about buying a home generally and one specifically here in the GTA, there are some very good reasons why you should pick the side of those who have finally decided to move ahead.
Of course it’s a great idea to know what you’re getting into before you begin looking at the mortgage requirements and even browsing information on how to calculate mortgage payments, so here’s a few facts to start off with.
Remember, the good times have lasted for the last thirty years. The Toronto Star recently reported this positive fact as well as other numbers stating that from 1980 to 2010, the value of a home in Toronto rose 500 percent. This is all good news and great incentive to get busy, get in touch with us as your mortgage brokers of choice, and start looking at everything homeownership in the GTA has for you.
There are more reasons to act now and, while this incentive does involve interest rates, the story here might not be what you think. We all knew the historical rates we’d been enjoying were on the way up eventually, but now there’s some further evidence this might be happening sooner than later.
Mark Zandi is the chief economist at Moody Analytics and he told a Toronto audience recently he sees a prime rate hike on the horizon as high as 7% over the next two years. The group that can still benefit the most from these mounting headwinds are those that have lots of time to be patient and looking to get into the market and away from rental accommodations.
However, perhaps the best piece of news that can sway your decision to get into real estate now is the fact Toronto prices are on track for another record year. Things are still good and now is the time to take advantage
