Here are the top 10 reasons why now is a great time to buy!
(1) It’s a buyers’ market.
“A situation in which supply exceeds demand, giving purchasers an advantage over sellers in price negotiations” – Investopedia.com.
As market conditions change in favor of the seller, inventories become depleted and selection of homes decreases…it becomes more challenging (and more expensive) to get exactly what you want. Have you got a house to sell before you can move? Remember that it’s all relative…if you sell in a buyers’ market, you get to buy in a buyers’ market. Reverse that statement as market conditions change in favor of the sellers. In terms of purchasing power from the equity in your existing house, it will remain the same for you (unless you are moving to another market altogether…we hear Detroit has houses for $500!).
(2) Interest rates remain historically low. For now.
The Bank of Canada is raising interest rates as the economy improves. Mortgage rates in Canada have averaged 5.23% on a 5-year term for the past decade. Today’s best rate is at 3.24% and is expected to continue to climb. That can make a significant difference of a mortgage payment, in this case changing payments from at $923/month or $1,103/month on a $200,000 house. [Source: The Mortgage Group]
(3) Low down payments.
According to the Edmonton Real Estate Board, the average house price in the City of Edmonton in July was $443,210…going with a minimum of 5% down, that means a down payment of $22,161. Currently, our average house price is $199,275, a down payment of only $9,964. You could save over $12,000 in your down payment alone!
(4) Lower housing costs!
As above, using 3.24% mortgage rate, the cost of a monthly mortgage payment is $2,045 (not including CMHC fees) for an average house in Edmonton. Buy an average house in Meadows of Morinville and your mortgage payment is only $919.
(5) Best selection of lots.
The Community is only a year old. We released 67 lots in phase one – only six 24’ wide building pockets remain and only 23 lots that can accommodate a garage. With phase 2 of construction not expected to commence for a few years, you will want to act now in order to secure your preferred lot.
(6) Move in before Christmas.
We are almost booked out for 2018 construction, and starting to take orders for early 2019 possession, but there is still a small window of opportunity to get into your new house before Christmas.
(7) Buy a spec home & your landscaping is already done.
No need to wait through to next spring to get your landscaping and concrete (driveway, garage floor, sidewalks) installed in the summer months.
(8) Lease rates are locked in until 2028.
The time left on the incentive starts to decrease as time goes by.
(9) Buy now and join us for our Resident’s Summer BBQ!
Free burgers and beer…need we say more?