Perhaps you are feeling insecure about your knowledge of the financial implications of homeownership.
Homes are a major asset and for most Canadians it represents the single largest financial investment of their lives. Most buyers must finance their purchase using some form of credit. While homeownership can be a significant source of equity over the long term, Canadians need to remain vigilant about their finances at this critical decision point in their lives.
In a recent survey commissioned by the Canadian Real Estate Association (CREA), 70 per cent of young Canadians between 18 and 29 indicated a “major need” for more information about the financial implications of buying a home. This figure is particularly meaningful as many in this age group are on the cusp of buying a home for the first time and need to make informed financial decisions about their future.
Buying a home is always a big decision. Whether it is your first time, or your third or fourth home, it is a big investment that warrants careful financial planning and consideration. And many homeowners with locked-in rates may not feel the impact of market fluctuations until their mortgage comes due for renewal.
Realtors are usually a homebuyers’ first line of contact, and as such, we need to use our knowledge and expertise of the home-buying process to empower Canadians to make informed financial decisions.
Realtors and their national association, CREA, have collaborated with the Financial Consumer Agency of Canada (FCAC), to develop and provide a resource for Canadians to help them more easily understand and navigate the home-buying process.
The Homebuyers’ Road Map (available free of charge at crea.ca/resources) outlines the financial aspects of the home-buying process, as well as the importance of negotiating with lenders and utilizing government programs.
The real estate industry’s goal is to empower Canadians with knowledge, skills and confidence to make responsible financial decisions about homeownership, one of the most significant financial and lifestyle decisions most will ever make.
*Article compliments of Ann Hannah is president of the Toronto Real Estate Board
TIP OF THE WEEK!!
Get Pre-Approved! As the market heats up getting pre-approved is your best defence against losing your dream home. Knowing your financial situation is key to ensuring you are prepared to make an offer and determines what price range you should be looking in. Although seemingly daunting, the task of becoming pre-approved is a straight forward task that takes little time and generally you leave knowing where you stand. Do know who to contact? ME!! I know several mortgage professionals who can help you through these important first steps in purchasing you new home.
Are you looking for a Realtor in Halifax? Thinking it may be the time to sell but arn't quite sure? Thinking about when you should make the move and set out to make a purchase? I can quickly provide complimentry pressure free appraisals or answer any questions you have regarding mortgages, renos and real estate. Contact me or feel free to leave a public comment or question below. Follow me on Twitter and Facebook to see more updates and see what is going on in Nova Scotia real estate.
Jason Shadbolt, BMgt
As a Realtor, Builder and previous Mortgage Specialist, if you have questions, all you have to do is ask!