Should I Buy a House Now or Wait?
Yes, you should buy a house now if you’re financially ready. Mortgage interest rates are high right now, but we don’t know for sure when they’ll go back down—the next bank of Canada interest rate announcement will be on January 24th, 2024. Most predictions indicate that it will be held at 5.00%
We do know, though, that housing prices will keep going up (like they always have). So, your best bet is to buy now and lock in your home’s price before housing costs increase even more. Then, if interest rates do go down in a year, you can refinance to a lower rate.
Plus, because interest rates are high right now, fewer people are buying, which means you won’t have as much competition when you make offers.
However, you should only buy a house if you’re prepared financially and have done the due diligence in getting pre-approved.
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