There’s uncertainty in the economy right now, yes. But, there really isn’t uncertainty if you’re a homebuyer right now in Calgary. The cards are in your favour if you’re looking at investing in real estate in our city, but the debate of renting vs owning still wages on, so when does it make sense to rent? The simple answer is, if you can afford to buy, you should.
If you are in a situation where you cannot afford to buy, and renting is your only housing option, then of course that’s what makes sense for you. If you’re going to buy, you need to budget in a down payment, initial closing expenses and what your monthly mortgage payments will be. The good news: homebuying is very affordable right now.
Not only is inventory high in Calgary, prices are down, so you can get more bang for your buck this year in terms of real estate investment. Another plus is that mortgage rates are still low, for now. You’ve probably heard all the reasons you should buy over rent, for instance when you own you’re paying off your own investment, when you rent you’re paying off your landlord’s mortgage and you have nothing to show for it. You probably don’t need convincing of the benefits, but the time makes sense to move into homeownership now. If you have a steady source of income in this economy, the conditions actually favour you if you’re looking to buy a home.
If you have any questions about getting pre-approved or pre-qualified for a mortgage, please feel free to contact me.
