Here are 8 good reasons for buying a home today:
1. You need a tax break. The mortgage interest deduction can make home ownership very appealing.
2. You are not counting on price appreciation in the short term. You plan on owning it for at least a few years. Home values in Vancouver have remained stable and could jump out of reach once this situation with Covid-19 ends.
3. You can afford the monthly payments. If you can afford to rent.. you can afford to own. Sure, the 1st monthly payment is all interest… but the middle payment is half in your pocket.
4. You plan to stay in the house long enough for the appreciation to cover your transaction costs. The costs of buying a home include, lender fees, property transfer tax, mortgage insurance and if buying new construction… GST.
5. You prefer to be an owner rather than a renter. An owner never has to worry if the landlord decides to sell and you have to move to a different neighbourhood, or worse.. a different school for your children.
6. You can handle the maintenance expenses and headaches.
7. You are not greatly concerned by dips in home values.
8. You want pride of ownership. As a homeowner, you have the freedom of choice.