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First Time Home Buyers: Why is it Important for Canadians to Be Homeowners?

With home prices rising with every year that goes back, purchasing your first home early can be a huge financial advantage in the long run. For those of you who are still unsure whether it’s the right time to make your first move (pun intended) take the following into consideration.

Top 5 Reasons for Canadians to Become Homeowners

1.      Home ownership is the single largest source of savings for Canadian households

2.      Mortgage payments actually build equity, whereas rent payments help pay off your landlord’s mortgage.

3.      Unlike a car which depreciates in value over time, homeowners are able to watch the value of their home steadily increase. *The average price of a house for sale on the Canadian Real Estate Market has increased every year since 1998*

4.      Homeowners can use the equity in their homes as security for other loans

5.   The return on your investment for a home can be quite extensive. In Canada, there has not been a recorded 10-year period where average house prices have not increased. 

  Remember: Buying a home and building equity is the first step to getting your foot in the Real Estate Door. Your first home introduces you to the housing market, and will aid your future goals of trading up to your dream home with the backyard pool and large garden you’ve always wanted.

Common Questions

How Much can I Afford?

The first step in buying a new home should be to take a look at what you can afford and how you are going to pay for it. If you're like the majority of home buyers, you will have to finance your purchase with a mortgage loan. A mortgage is a loan that uses the home you buy as security. This loan is registered as a legal document against the title of your property.


Should I Hire a Realtor?

YES.  Realtors have access to a local board’s MLS system. A Board's MLS® system is the single most powerful tool for buying and selling a home. Your REALTOR® can provide you with exclusive features of the Board's MLS® System, such as immediate notification when new properties are listed. You don't have to wait for it to be posted on a web site – by then the listing is 2-3 days old.

 

Looking for a GTA Realtor who specializes in your neighbourhood? Call 416-896-3333 to speak to an agent today.

www.SearchTorontoHomes.com 

Curious to see how much your current home is worth? Click here for our Free Home Evaluation

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Posted: Wednesday, March 20, 2013 12:42 PM by Sutton Realty

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