Low rates keep home shoppers in the driver’s seat
he Bank of Canada’s recent announcement to hold interest rates is good news for home shoppers. There are many excellent mortgage products available from banks and brokers that will suit your individual needs, and some are even lower than posted bank rates. With a pre-approval in hand, you’re protected if rates rise, and if they go down, you’ll likely get an even lower rate. A pre-approval can be a win-win situation for shoppers since it means you don’t have to wait to get financing approval on a home when you put in an offer. This is an especially good tool to have in hot markets. Removing the “conditional on financing” clause could mean your offer is accepted first, since you already have your financing in place. So, when will rates rise? Recently, we’ve been hearing that rates may not see an increase until next year at least. The Bank will make its next scheduled rate announcement on May 29 – but don’t wait until then to get pre-approved for a mortgage. It can take a few days. Many lenders now offer online pre-approvals to make the process easier.
Susan Legge EDITOR-IN-CHIEF
Wall2Wall Media, susan.Legge@wall2wallmedia.com Follow me on Twitter at Twitter.com/SusanLegge
VICE-PRESIDENT, WALL2WALL MEDIA
EDITOR-IN-CHIEF, NATIONAL REAL ESTATE
Susan Legge ART DIRECTOR
Daiana Garay EDITOR
Wayne Karl CONTRIBUTING EDITORS
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Joanne Keenan Jeffrey Reed PUBLISHED BY
What type of home?
When answering this question, be sure to take all factors into consideration
o each his own, as the saying goes, and when it comes to choosing what type of new home to purchase, today’s buyers have plenty of options. For some, choices are dictated primarily by budget, location or family circumstances; for others, financial freedom and where they are in life may allow them to select purely by home type. Indeed, the answer to this question varies and depends on many factors. One common mistake buyers – particularly first-timers – make is buying more home than they can handle. Experts agree making yourself housepoor is not a wise decision, and the best news is that with the variety of product available from builders today, you are sure to be able to find a new home that suits your taste and budget. It’s also important to remember that homeowners buy and sell many times over in their lifetime, so if your first or second home isn’t quite your dream home, you can always plan to move up, downsize or adjust however you need to in your homeowning future. And as our story on page 72 illustrates, Ontario builders offer excellent, award-winning homes to suit just about everyone. Get out there and explore!
Wayne Karl EDITOR
Wall2Wall Media, firstname.lastname@example.org Follow me on Twitter at Twitter.com/WayneKarl
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