In today's economy, owning a home in Toronto has become a more affordable option than ever before. With low interest rates and declining prices, it's a good time to buy Real Estate in Toronto.
Interest rates are at an all time low - the lowest they've been in the past 10 years and they are startling to remain low for the next year or so (and then growth by 2 or 3 %[1]. Although the current rates make home ownership a more curious option than renting, with the bank putting tighter restraints on lending, having the potential to take advantage of these low interest rates can be a challenge. If you are a buyer with procure employment and a decent down payment, home ownership may be a viable and affordable option if you can prove to your lender you can truly afford the financial obligation.
In expanding to the startling interest rates, real estate is also now much more affordable than in the past join of years. The average price of real estate in central Toronto has decreased by about 10% over the past year alone. In Feb '08, the average price was 2,480 and in Feb '09 the average was 3,991.[2] This store convert now represents a great opportunity for buyers, especially those who couldn't afford home ownership over the past join of years. If you are a first time home buyer, there are a few government incentive programs that can help out with the finances. Programs such as the Rrsp Home buyers Plan and the first time buyers land transfer tax rebate can offer a bit of a helping hand when it comes to down cost and costs.
At the top of the store in 2007, it was not unusual to see properties sell the day they were put on the store or to see multiple offers on one property. Today we are seeing much less of this. For the first time in years we are now seeing a buyers store (Too much list giving buyers the upper hand). With a buyers market, homes sit on the store for a longer period of time causing prices to fall. With the average days on store in Feb '09 in central Toronto being 43 days[3], buyers now as a matter of fact have a opportunity to comparison shop and truly think through their purchase. It's a buyers store so buyers get out there and take advantage of this market.
[1]Economist forecast interest rates will remain lower at least for the coming year. March 30, 2009, The National Post, Sr2
[2]Market Watch, February 2009, Toronto Real Estate Board
[3]Market Watch, February 2009, Toronto Real Estate Board
RRSP Home Buyers Plan:Its a Good Time to Buy Real Estate in Toronto
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