The average Canadian was able to save more than $5,000.00 during the pandemic, according to CBC news.
Having Spare Cash
If you were able to continue working, yet not enjoy salon visits, gym memberships, movie theatres or dining out – this saving seemed fairly easy. Having that spare cash now seems to be burning a hole in many pockets.
Some experts believe that this record level of saving is largely the reason for our incredible rise in home prices.
If you were able to keep your job and stay healthy, you were likely to see your finances improve during the pandemic, resulting in the feeling that there’s cash to burn.
However, on the flip side, you may have suffered greatly during the past year and a half as well. Small business owners struggled. Some didn’t make it, but others have felt some small success as the world reopens.
Changes in Habits
Whoever you are and however you managed financially during the pandemic – now is the time to assess your situation. It may be that your situation doesn’t feel secure enough to discuss homeownership with a bank, yet huge changes have been made in your spending and saving habits.
Make this YOUR Time
This makes now the opportune time to discuss your needs and desires with a certified mortgage broker. Mortgage brokers have more options available to you than the big banks. They are the best for shopping mortgages to suit their client’s needs, and they work expressly for you.
Even though the average house price has gone up 38% compared to last year, prices are down from March.
Think About it This Way
With some new rules implemented by Ottawa, some purchasers may find it harder to qualify when shopping mortgages. The industry thinks that this may help to slow the market down a bit as well.
According to economist Robert Kavic, “Before the pandemic a benchmark home in Barrie cost approximately 57% of what a similar home would cost in downtown Toronto. Today that home costs 70% of what it would in Toronto.”
Roy's a Great Member of Your Team
In the end, if you feel that there’s been some financial gain within your household and you have spare cash, a house purchase might be on your horizon. Think about discussing your needs with Roy Prince of Real Mortgages. With Roy’s expertise and in-depth knowledge of both the mortgage and financial industries – he’s the man to have on your team.
Make the call, ask the questions and enjoy your discussion with Roy. If there is a way to put you into the housing market – he’s the man to do it.
RMAI, Real Mortgage Associates INC.
Licence # 10464 Senior Mortgage Agent # M090026529
Written By: Jane Laker
Photo Credit: Stephen Elliott