An Excellent Time to Buy a New Home
Buying a new home is always a big decision that takes a lot of thought, no matter what the housing market is like. It is a significant commitment, both financially and personally, and you want to make sure you are making the right move.
If you have been thinking about a new home purchase, now may be the right time for you. Consider these factors:
- Mortgage rates continue to be favourable. Home buyers continue to benefit from the low cost of borrowing money for a home purchase, even as interest rates may increase modestly. Talk with your financial institution or a mortgage specialist about getting a mortgage that is just right for your needs.
- New home builders offer great value. The housing market offers unparalleled benefits for new home buyers: new home quality and comfort, the latest technology, lower energy bills and more features—all at very competitive prices. This is an excellent time to invest in a new home.
- Home purchasers have tremendous choice. Whether you are a first-time buyer, moving up or downsizing, and whether you prefer urban, suburban or rural living, the marketplace offers a wide selection of homes in many styles and price ranges, and within reasonable timeframes. It’s a great time to get the home you really want.
- First-time home buyer initiatives. Some purchasers may enjoy a little extra financial help from the federal government. First-time home buyers may be eligible for a federal tax benefit of up to $750 for costs associated with the purchase of a home. Further, under the Home Buyers’ Plan, you can now withdraw up to $25,000 from your RRSPs tax-free, or $50,000 for a couple.
- “Green” mortgage insurance premium refund. Home buyers may be eligible for a refund of 10% of the premium when they use mortgage loan insurance to finance the purchase of an energy-efficient home.
- A home is a sound investment for the long term. Housing is a solid investment that performs well over time. Enjoy the financial security of homeownership—the time is right to start laying the foundation now.
Whether you are looking for your first home or the next, take a closer look at the new home builders in your community and find out what’s available. Contact a mortgage specialist to get pre-qualified for a mortgage—it doesn’t cost anything and you don’t have to accept the loan they offer you.
Come home to your future — this could be an excellent time for you to buy a new home. Contact your local Home Builders’ Association for the names of professional new home builders in your community or use the search module to the right to find a member.