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The Time Is Right For Home buyers
Apr 4 2009  If you’ve been reading the headlines, you know the Toronto real estate market has seen better days. You probably also know, however, that indicators are starting to line up that show improvements are on the way. With this in mind, the perfect time for home buyers to get mortgages and find the homes of their dreams is now.

As a buyer, you will find a number of factors are lining up to make this market your market. Some of the key factors that make buying now a sound decision include:

Home prices – Sales prices in the Toronto real estate market have been on the decline. In February 2009, for example, prices were down about 3.5 per cent from the previous year. The average cost to buy was only $312,900. As the number of new houses going on the market starts to decline, stabilization appears to be on the way. This means that price declines are not likely to continue for much longer. In other words, if you want to strike while the iron is hot, now is the time.

Interest rates – While it’s certainly true that the interest rate you’re offered on a home mortgage will depend on your personal credit situation, the numbers are looking very good right now. The TD prime rate is posted at 2.5 per cent for March 2009, which means the costs to borrow are low. If you did manage to snag this rate, you’d only pay between $370 and $470, based on the amortization period.

Selection – Although the numbers of new listings are starting to decline, there are still plenty of homes to choose from. This is a buyers’ market and buyers will find they have plenty of selection available to them in all price ranges within the Toronto real estate market.

Fence sitting might be okay for some, but if you want to take advantage of the low prices and low rates available today, waiting might end up costing you. The time for buying low and enjoying great deals is now. back to blog>>