Could 2018 be the year where the pessimists finally get their way? I hate to admit it, but this could be the year where buying a home may not be a good idea.
OK, just kidding!!!
But after years of seeing countless articles and posts about rising interest rates, housing affordability issues, mortgage stress tests disqualifying some people from being able to buy, higher personal debt levels, NAFTA economic fears and Donald Trump (ok, Trump has nothing to do with this, but you can’t write an article these days without blaming him, right?!), does it still make sense to buy a home?
Yes! There is positive news. You can still buy a home. And you can still qualify for a mortgage.
And renting should scare the life out of you as rents are hitting ridiculous levels. (I have a client in Owen Sound, Ontario looking to buy because renting a house is costing $1,700/month… in Owen Sound!!)
Here are some numbers for you to consider
Today, a household annual income of $70,000 will qualify you for a $300,000 mortgage…