Why Buying a Home in Alberta, in this Economy, Makes Sense
Unless you’ve been living abroad (Saskatchewan doesn’t count) for the past two years, you know about the Alberta economy. You’re also tired of hearing about it. That’s because of the negative connotations surrounding the topic. The media loves a good story, about things gone bad. But we’re about to flip the script for those of you considering buying a home and investment property. Yes indeed, today the word economy will become a beacon of hope for your future. You see, now is a great time to be in the market for a new home, not in spite of the economy, but because of it. Confused? Let’s clarify.
3 Reasons Why Now is the Perfect Time to Buy a Home in Calgary (or Edmonton) Alberta
- Getting in on Low Mortgage Rates Before the Projected Rise
Sweeping forecasts predict that mortgage rates will be higher at the end of 2017 than they are today. You may be able to blame (credit?) Trump for this. However, we’re not attempting to paint a picture of urgency here, but one of opportunity. And that opportunity needs to be seized today, before it stops knocking at the front door of your new home.
“If you’re looking to buy your first home in the next few months, you should get pre-approved for a mortgage now before rates go up. Anyone considering shopping in the springtime, in the next three or four months, should get a pre-approval today because they can hold today’s rates for four months.” (James Laird, RateHub, 2017)
How significantly mortgage rates will rise at the end of 2017 and into 2018 is speculative, but they are headed in an upward direction. Rates may not be historically low right at this exact moment, but they are much lower than you are likely to see for quite some time. You may recall that last year our own Dan Heon locked-in his personal 5-year fixed rate mortgage at historically low levels. At our mortgage brokerage, we don’t just talk the talk, we walk the walk, and lock it in for our clients. You won’t see this same kind of opportunity as the months progress, especially with the Alberta economy on the rebound. Read more on the latter, next.
- Alberta is on the Rebound – Get in on the Ground Floor
The revival of the Keystone Pipeline has sparked the return of the Alberta economy. However, that singular dependency on oil and gas is a part of what got the province in trouble in the first place. Thankfully, that is a thing of the past as industry diversity is leading the way for Alberta’s new growth projections in 2017 and beyond.
For the first time, we’re seeing economic development and maturity that will be sustainable. For future homeowners (and real estate investors) this is a very good sign. Renewed (if not feverous) interest in the province, especially in the core metropolises of Calgary and Edmonton, will result in a healthy future valuation of your property.
You know that generation that got in on the ground level before the economic boom many years ago? Well, that could be you in the future, sitting on the front porch, telling (boring?) the kids all about how you struct proverbial gold in Alberta real estate. All you need to do, is act today.
- Sellers Conceding to Buyer Benefits
Right now, perception is reality for many. That includes sellers. They’re still spooked about the economy of the last two years. They know that demand is still somewhat low, vacancies are high, and supply remains high with single-family home construction starts remaining stable in 2017. These sellers are clamoring, contending for your bid. They also know that other sellers are doing the same, all of them realizing that they may not be able to stick to listing prices that they set with high expectations. This leaves you with a proverbial pick of the litter. Not only can you benefit from price negotiations, you can gain ground on concessions (furnishing, closing-costs, etc.) too. All of this only applies while the housing inventory remains favorable for buyers. Once again, the conclusion is drawn that the time to act, is now.
Once you’ve identified your dream home and lucrative investment property, the next step is to get assistance so that you will save money on your mortgage. Dan Heon specializes in working with individuals and households who are committed to their own success by growing their real estate portfolio. Contact Dan Heon today and strike while opportunity is waiting for you at the front gate.