By Aqleema Anwar for homeronto.com
In one word, YES.
As a country, we are heading into yet another month of pandemic uncertainty. Dining tables now serve as virtual classrooms and kitchen counters have become makeshift home offices. An apartment that may have been the perfect size to come home to after a day at work can now feel claustrophobic if the furthest distance you go is from bed to couch. Or, your house might be starting to feel very cramped with every member of the family suddenly at home.
Here’s a few reasons why buying a house or condo right now is the perfect thing to do.
Very low interest rates:
Heading into the fourth quarter, interest rates are the lowest they have been since the beginning of the pandemic. The economy is slowly starting to recover but the Bank of Canada anticipates inflation rates to not go back to normal until at least 2023 according to this CBC article. With the Bank of Canada confirming that it will maintain it’s .25% lending rate until that time, the industry consensus is that right now is a great time for buyers to take advantage of the housing market.
New needs require new spaces:
A home, whether it be a one-bedroom condominium or a 4-bedroom house, needs to FEEL like a home. Since the time spent in your personal space has drastically increased, it’s important to ensure that space is meeting all of your physical AND emotional needs. Sometimes a simple room makeover or renovation can solve the problem of not having a home office or even a home gym. But that is only possible if your house structurally allows for those additions, which sometimes it doesn’t, forcing you to look at other options.
Buy and then DIY:
So many TV shows, blogs, and Instagram accounts offer steps and advice on how you can renovate your own “fixer upper”. A dream DIY if you may. Working from home, lunch hours spent in your own kitchen and even not being stuck in traffic translates to more time transforming your new home into your dream home. Have a realtor help you find a space you like and over time turn it into a home you love.
Have you thought about buying a cottage?
One of my clients said: “My boyfriend and I rented a cottage at the beginning of September because we didn’t feel comfortable enough to fly but also needed some time away from “normal life”. During my search, I was very surprised at how quickly the properties were being rented”
If you love your current home and it meets all of your needs, why not take advantage of the low interest rate and invest in a cottage. Leisure travel is not expected to return to normal until at least 2023, and possibly even longer, but people still need to get away, even if that means travelling within their own province. Return on investment via a short- or long-term rental is a great way to supplement your current income.
Contact me if you are in the market for either your first home, a larger home or looking to downsize. I have extensive knowledge of local communities and both the home buying and selling process. I understand that buying or selling your home is not only a big financial decision but also an emotional one. Let me help you with knowledge, kindness and professionalism every step of the way.