The best time to buy a home in Toronto?
Finding the best time to buy a home in Toronto is always hard. From the slightest changes in the real estate market, it can greatly influence the value of your investment. For example: builders oversupplying the market, interest rates hiking or simply from a drop in real estate demands. Nevertheless, if you are interested in staying in your home for more than a decade, these short-term fluctuations in the market should not influence your decision in buying. The primary purpose of buying a home is to provide you with a place to live, with a potential opportunity to grow equity over time.
Focus on doing what’s right for you. Calculate the many financial requirements to see if you can comfortably afford to buy a home. Examine your finances to ensure that you have enough money for the down payment, mortgage payment (principal, interest, taxes, insurance (PITI)), closing costs (inspections, title insurance, transfer tax, attorney fees, real estate commissions), and maintenance fees (plumbing, landscaping, roof replacements, etc.). Subsequently, if you decide to sell your investment a few years into owning, the closing costs in buying a home may actually end up costing you more than the amount you would’ve paid in rent.
If you remain unsure on what to do, contact a Realtor® to further assist you.
A Realtor® with your best interest will further examine market conditions, locations of interest, your pre-approved mortgage, personal debt and any other factors that may affect you when buying a home.