Is it a good time to buy in 2020??
Average home price expected to rise by 3.7% next year
• Increased consumer confidence could be a key factor affecting the housing market in 2020
• 51% of Canadians are considering a home purchase in the next five years, up from 36% at the same time last year
• Only two in 10 Canadians say that the mortgage stress test negatively affected their ability to purchase a home in 2019
RE/MAX is calling for a leveling out of the highs and lows that characterized the Canadian housing market in 2019, particularly in Vancouver and Toronto, as we move into 2020.
So that is what RE/MAX says……… but how does that effect your mortgage, or your ability to buy??
Well … how much do you qualify for? It doesn’t matter what the market does …. It only matters how much you qualify for (debt servicing ratios, my job)… and of course how much you have for down payment.
Now if you are selling a home and prices go up, you may have more available for down payment. But you may also be paying more for your new home.
IS IT A GOOD TIME TO BUY IN 2020?? Do you need a new home? Then it is a good time to buy… just remember to work with a great realtor, and a qualified mortgage broker, they will help you make an educated decision on what works in your specific situation.
Source: Debbie Twitchell AMP, The Mortgage Group