Should I buy a home now?
Are you in the middle of a career change? Are you planning on moving to a new city or out of Canada? If you answered yes to either of these questions…this is probably not the best time to buy a home.
Owning (as opposed to renting) is almost always a better idea than renting unless you want flexibility. Owning a home is a huge commitment and it is suggested that you keep your home for at least 5 years, You need to also consider that owning a home has unexpected costs:
1. Furnace Repairs or Replacement
5. Taxes/Fees (if a condo)
However, if you own, your monthly mortgage payments are an investment and payments eventually stop. There is also a measure of mental and emotional stability in owning your home.
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