Q: I’m thinking of buying but is it a good time to buy now or should I wait?
A: Ah yes, one of the most asked questions that we get all the time! While we don’t have a crystal ball, here are some thoughts:
Do you have to sell a property in order to buy?
Some buyers plan their purchase around when their mortgage is set to renew to avoid mortgage discharge penalties. Also, if you’re able to buy first (and this will depend on both your personal financial situation and what you’re selling and where you’re buying), then you may want to consider timing your purchase so that you are listing your property for sale during a busier time of year (Spring/Fall).
Do you have a lifestyle change coming up?
Often times, moves are a result of a lifestyle change like new jobs, marriages, divorces, death, school calendars, etc. While of course you would want to take advantage of a favourable buyer’s market, the focus should be on finding the property that meets almost all of your search criteria – when you step into that home and you “know” it’s the right one, seizing an opportunity isn’t always about timing.
Are you ready?
Do you have your down payment? Have you made an RRSP contribution that want to use as part of your Home Buyers Plan? Have you received funds from somewhere outside of Canada? Have you been pre-approved? Do you have an idea of what you’re looking for and where? Have you recently changed jobs and are on probation? Even if you are mentally ready to start the search, there may be factors that require you to pump the breaks. We’d be happy to go through your situation with you to see if you’re ready to go!
While we are seeing a buyer’s market in many pockets in the GTA, there are some areas where active buyers are not waiting for a competitive spring market to start. If you are thinking of moving this year, let’s talk so we can figure out the best timing for you!
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