The media buzz has died down on the government’s new First-Time Home Buyers Incentive since being announced in the Liberal Government’s March Budget. Why? Because specific details have yet to be released.
This unsettled situation has left home buyers in the lurch and echoing the lyrics from a 1982 song by The Clash, “Should I Stay or Should I Go“.
Two Things We Do Know:
- The Mortgage Stress Test remains unchanged, a tactic that has completely underwhelmed the mortgage financing industry. Whether it’s your first, second, or third home, you still must qualify – even if you’re refinancing or renewing your mortgage.
- The maximum purchase price permitted under the First-Time Home Buyers Incentive is confirmed at $505,000, which won’t do much to assist first-time buyers in the GTA, where prices are significantly higher.
Why Home Buyers Are Opting to Buy/Sell Sooner Rather Than Later
- Families with school-aged children want to move now so they can get their kids settled before the September school year begins
- People looking for outdoor features such as pools, patios and gardens want to enjoy them over the summer
- The summer months are often quieter at work and easier to plan around
- It’s easier to make a move when the weather is warmer and (slightly) more predictable
- Inventory and selection. You’ve probably noticed the steadily increasing number of homes for sale everywhere. How will you feel if the “home of your dreams” slips away because you hesitated?
- No one knows what’s going to happen with the FTHBI, the real estate market or mortgage financing interest rates.
A New Tool from Tracy That Will Help “Figure It Out”
Check out my new Mortgage Planning App: https://www.mccapp.ca/app/tracy-irwin. This new app is loaded with valuable information and features you may not have considered before. Being well-informed is the first step to successful home ownership.
What can you do with my app:
- Calculate your total cost of owning a home
- Estimate the minimum down payment you need
- Calculate Land transfer taxes and the available rebates
- Calculate the maximum loan you can borrow
- Stress test your mortgage
- Estimate your Closing costs
- Compare your options side by side
- Search for the best mortgage rates
- Email Summary reports (PDF)
- Use my app in English, French, Spanish, Hindi and Chinese
At the end of the day, the right time to buy a home is when you decide it’s the right time. I can help. Remember Mortgage Brokers are independent professionals that represent you, the client, not the lending institution. Fees are paid by the lender not the borrower.
Have a mortgage question or financing query? Talk to me! I’m here to help you.
April With Tracy & Sid
On Saturday, April 6th we hosted our 2nd Annual Bowl-a-thon in support of the Suicide Prevention Community Council of Hamilton.
We raised almost $8,000!
Thanks to our youngest team players who won the Best Dressed Team Category! Woohoo!
They Grow Up So Fast!
It seems like yesterday we were posting new baby photos. Now suddenly there are gal pals, a new helper in the kitchen, and a serious sports fan! It begs the question: how’d that happen?
