Home buyers around Canada are asking themselves the same question: “Is now the time to buy?”
While no home buying journey is the same, the housing market’s past and present provide helpful insight to making your decision.
And, as experts in the industry, we have the answer — buy now!
But why? With the current house prices, you may feel intimidated to take a step forward with your decision. However, there are many other factors to consider when analyzing the market.
Interest Rates
While it’s true that interest rates aren’t as low as they have been, there is a risk of them increasing higher,
dependent on the Bank of Canada’s interest rate hikes. But, it’s also worth noting that interest rates are still fairly low. In the 1980s,
interest rates were as high as 19.25%! So, it’s good to take advantage of the current interest rates. In addition, if you wait for house prices to drop, but the interest only increases, it actually ends up costing you more in the long run:
Plus, you always have the opportunity to
blend your mortgage if interest rates change during your term.
Inventory
You can’t build a home without the stock available! As of now, the inventory in the industry is already a little tight, so waiting to purchase your home can mean the inventory won't be there. Therefore, waiting for the “perfect time” may lead to missed opportunities. At Landmark, we keep a close eye on our inventory to ensure we can build the home you desire.
Neigbourhood
If you’ve been eyeing your dream neighbourhood, there’s no point in waiting to live there! Homes are going to go fast, so take control of the opportunity and make the move! The SE and SW Edmonton area is thriving with opportunity and quickly becoming a popular choice.
Check out some of the desirable communities!
Your Life
This is probably the most important thing to consider! What is happening in your life? Have you spent months and months being frustrated over the lack of space? Are there no good schools around the area for your kids? Have you been frequently visiting that one home model with the floor plan you love? The reality is — if you’re feeling stuck in your space, it’s time to move on to something that suits your current situation. With Landmark’s options to adjust floor plans to match your lifestyle at the best price for value, there’s no reason why you should wait to have the home you love.
You can’t predict the future, but you know the now!
We hope our insight helps you understand the housing market and all the other factors to consider other than the price! If you have any questions about building, you can always reach out to our team for more information or read our
Home Buyer’s Guide!