First-time buyers urged not to rush
Important to think through property purchases.
MoneySense at the MoneyShow: ETFs & Investing Strategies
Here’s how to get your free ticket to attend the MoneyShow virtual expo.
Despite rising mortgage rates, experts are urging Canadian home buyers not panic.
While increased rates are always cause for concern, RBC’s recently announced 25-basis point hike has sent prospective home buyers into a frenzy. Many Canadians are worried that they won’t have enough time to lock into an affordable rate as the market continues to heat up.
First-time buyers are even more likely to rush into a sale without fully thinking it through, but a number of steps can be taken to prevent you from doing anything drastic.
To start, it’s important to figure out exactly what you can afford, and the easiest way to do this is by getting pre-approved for a mortgage. This will help you break down your monthly payments and home buying costs. Once you’ve gotten your finances in order, it’s essential to choose the right property — all too often buyers fall in love with a home before realizing it needs a complete overhaul.
Coming up with an offer strategy and being prepared to close are other recommended tips.
Share this article Share on Facebook Share on Twitter Share on Linkedin Share on Reddit Share on Email
Related Articles
Where are rent prices headed in Canada?
A new Desjardins report predicts rent inflation will slow in the next few years.
What to know as Canada’s capital gains tax changes remain in legal limbo
The federal government’s capital gains inclusion rate increase has yet to become law. There’s a slight chance it may...
How Trump’s election win could affect interest rates in Canada
Experts say Donald Trump’s promised policies risk higher inflation and could weigh on the Canadian dollar.
Looking for a mortgage in B.C.? Don’t limit your options to the big banks
Sponsored By
Coast Capital
Why are Canadians still frustrated with the economy?
Inflation is down, wages are up. But the economic recovery has been uneven, with “two contradictory trends” shaping Canadians’...
What is Sun Life’s new decumulation product?
While not guaranteed like an annuity, MyRetirementIncome is a flexible and simple financial product for those needing to convert...