There’s never been a better time to go for it in the housing market. Here’s why:
- Interest rates are low, so your mortgage and payments will cost less.
- Your savings account is only earning a tiny bit of interest, but property values and housing prices in Ottawa continue to rise at a stable rate year after year. Investing your savings in a new home can prove a much better return on your money.
- Your home will be yours, instead of belonging to a landlord.
- The best homes in the best neighbourhoods are usually owner occupied.
- Reverse buyers’ remorse: in five years, you’ll be kicking yourself if you don’t buy now.
- Rent money is down the drain and is a rising cost. The part of your mortgage payment devoted to the principal builds equity, so it is never considered a rising cost.