Housing market is tough to get into—prices are high, but interest rates are low, so how do you know if it’s the right time to buy?
The practical answer has little to do with mortgage rates or housing prices and everything to do with with where you see yourself in five to 10 years. Do you expect to be employed in the same company? Living in the same city? What does your path look like in the next five to 10 years. If you can answer this with some confidence, then you may be ready to buy.
Then you have to look at your budget. Look beyond what you can afford, as mortgage calculators don’t factor in RRSP or RESP or TFSA contributions. MoneySense contributor, Bruce Sellery, walks us through what to consider when considering a property purchase.