A recent Royal Bank of Canada (RBC) poll showed that a significant number of young Canadians believe that owning a home is a very good investment, with 86 percent of those surveyed saying that a house or a condo is a reliable asset. This comes as welcome news since it proves that younger generations are gaining greater financial maturity. However, a recent CBC.ca report observed that it may be hard for people to afford new homes at this time:
New home hunters be warned: The price you expect to pay for a new home is likely $83,556 short of what you’ll actually end up spending, according to a new survey.
The Bank of Montreal’s Fall Home-Buying Report, released Friday, says four in 10 of potential homebuyers surveyed —43 per cent — can expect to pay an average 21 per cent more (to 483,397) than when they first started looking.
It’s a similar story in the country’s other hot real estate markets.
Home hunters raised their budget by:
– 17 per cent ($48,883) in Montreal.
– 19 per cent ($89,389) in Calgary.
– 16 per cent ($81,095) in Vancouver.
While the report may give people ideas to delay their plans to buy homes, those who are seeking houses for sale in Calgary should not be discouraged from pursuing their dreams to own or invest in real estate. Instead, they should use the news item as a wakeup call to make better preparations, perform extensive research, and take due diligence in arriving at decisions regarding home buying. Moreover, they should also take this as a signal to consult with an experienced Calgary Realtor® such as Christine Ordze for proper guidance.
Competent realtors can help buyers find quality homes for sale in Calgary as these professionals have been specially educated and trained to make proper assessments of their clients’ needs and requirements. Furthermore, they can analyze whether a particular customer requirement fits the requisites that specific sellers have indicated. With this kind of mindset in matching buyers and sellers, realtors can ensure that their clients can get the homes they need despite the current increase in property values.
Consulting with real estate professionals can also bring countless benefits to property buyers, such as useful financing advice that can guide them to do what is necessary to acquire the properties that they want. Realtors would give their clients all the needed information and support, including tips on getting pre-qualification letters and things to look for in downtown houses, to ensure the success of property transactions.
(Source: Canadian Home Ownership More Costly Than Thought, BMO Report Says, CBC.ca, September 19, 2014)