The question on many people’s minds right now is, “Is this the right time to buy a home in Kamloops”. This is a question that is very individual to each person. There is no way to predict the Kamloops housing market and thus makes this a very difficult question to answer. It is like trying to predict the stock market so you buy low and sell high. History shows that the average person is not very good at this.
There is something out there that can help you with your decision making process and that is interest rate.
When using interest rates to guide us, we know that they are at an all time low right now, resulting in significant savings. For purchasers waiting to see if prices are going to drop more before they buy, think about this: a 1% increase in the interest rate will cost you approximately an extra $10,500 over 5 years (based on a $300,000 at the current 5 year rate and a 35 year mortgage). The question becomes do you want to risk paying $10,000 in hopes that the housing prices decrease enough to make that back in your purchase price?
With housing prices stabilizing and the rates hitting rock bottom, this makes for a very affordable borrowing and for some buyers a great time to buy.Sheila Minten, Mobile Mortgage Specialist, TD Canada Trust P. 250-852-0420 E. firstname.lastname@example.org