Is it a Good Time to Buy a Home in Ottawa?
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As with all other consumer commodities, the real estate market experiences its ups and downs from time to time. This results in many people wanting to know whether they are making the right choice to purchase a home in the Ottawa area. However, in most cases, it is far more preferable to obtain a bad credit mortgage in Ottawa to purchase a home than it is to continue paying rent for an indefinite period of time.
#1 – Prices will only continue rising over time
When putting off their decision to obtain a poor credit mortgage in Ottawa to purchase a home, many people use the excuse that they are ‘waiting for house prices to get better.’ However, in most cases, this will not happen because properties are one of few items that appreciate substantially in value as time goes on. For example, a home that was purchased for $300,000 by means of a bad credit mortgage in Ottawa 5 years ago will now be worth as much as $325,000. If improvements have been made to it, its value could increase even more than that.
#2 – Interest rates are low
At the moment, interest rates on most poor credit mortgages in Ottawa are lower than they have been in many years – with some dipping below the 3% mark. In some cases, it has even been possible to obtain rates that are less than 2.5%. This means that obtaining bad credit mortgages in Ottawa has literally never been more affordable.
#3 – Many homes are available for purchase
Ottawa has currently been classified as a buyers’ market, which means that there are numerous homes available for purchase. This enables buyers to not only find and buy the homes of their dreams; it often enables them to negotiate substantially on pricing as well, especially if the home they want requires a lot of maintenance or repairs. In cases where sellers aren’t open to negotiation, buyers can simply walk away and spend their money elsewhere.
#4 – Rent prices increase more than mortgage rates
Another great reason to obtain poor credit mortgages in Ottawa at the moment is the fact that renters will usually face increases of between 5% and 10% per year, regardless of whether the property owner has made improvements or done any repairs during the previous year or not. However, once bad credit mortgages in Ottawa have been obtained, buyers are normally able to lock in their interest rates for a few years at a time – and the rates are lower than any rental increase will ever be.
If you are in the process of obtaining a poor credit mortgage in Ottawa to escape the cycle of paying hefty rental prices or you would simply like to find out how to go about applying for one, our experienced and knowledgeable team here at Mortgagecwf.com will be more than willing to assist you with every step of the process. Get in touch with us today to see how easy it can be to obtain your very own piece of real estate in this booming market today.