To Buy or Not to Buy?
Monday Oct 01st, 2018Share
I hope everyone had great holidays and a wonderful New Year's!
Welcome to my blog! Here, I hope to answer many questions you may have regarding real estate.
As the season begins, most people tend to look forward to change which results in big life changing decisions. The most important decisions include where we spend our money and the impending question is: To Buy or Not to Buy?
The following blog will explain why it is still affordable to purchase residential housing in the GTA in 2014 as well as the growth and increase in the housing market for 2014.
It is still attainable to purchase a house in the GTA because of affordable home ownership costs such as mortgage payments, property taxes and utilities. Compared to the late 1980’s and 1990’s, the last decade has shown that ownership can be affordable. Interest rates are at an all time historic low, therefore, houses will continue to sell.
Helmut Pastrick, Chief Economist for Central Credit Union, states that, "While price levels are high relative to incomes, low interest rates are keeping mortgage carrying costs manageable. I expect rising rates will dampen demand a bit, but economic growth and growing employment will offset that decline."
Furthermore, due to the steady economic growth and low interest rates, the housing market will continue to flourish throughout 2014. Statistics help support this fact showing there will be a 2.3 % economic growth in the Canadian economy.
All in all, there is not time better than the present to invest your money in an asset that will thrive overnight.