munmun
New Member
Hello. I am a potential first time buyer. I am aiming to buy ahead of the new mortgage restrictions. I probably will never be able to buy again if I wait. I believe that real estate is the most sound investment one can ever make. Prices have not gone down and never will. Canada is very different to the US and the rest of the world. We have sound banking and lending compared to them. Urban space is limited. Immigration is huge. The Chinese are buying in. Affordability is at a great place. The consumer is financially healthy and the economy will grow. So I have made my decision to invest my minimal savings into real estate with a 35 year amortization before the rules change. I will ride this investment and bank on it for retirement.
However I am getting confused by some advertising I am seeing from realtors. For example one in my area has put out an ad saying that it is a great time to buy (given mortgage rule changes) and a great time to sell (because prices will fall after rule changes). While I strongly disagree with her comment about prices ever decreasing I dont understand the logic around why it would be a good time for me to buy now if prices might decline in the future (even if I only get a 30 year amortization).
Can someone help? Am I missing something?
However I am getting confused by some advertising I am seeing from realtors. For example one in my area has put out an ad saying that it is a great time to buy (given mortgage rule changes) and a great time to sell (because prices will fall after rule changes). While I strongly disagree with her comment about prices ever decreasing I dont understand the logic around why it would be a good time for me to buy now if prices might decline in the future (even if I only get a 30 year amortization).
Can someone help? Am I missing something?