To Buy Or Not To Buy - First Time Home Buyer
My wife and I are mainly looking for a livable house (not something that requires a major teardown/rebuild just to move in), and I’ve been going back and forth on whether now is actually the right time to buy.
Part of me feels like waiting may make sense. My thinking is:
- the federal government seems committed to increasing housing and condo supply,
- many homeowners will be renewing mortgages at much higher interest rates compared to when they bought,
- and some owners may downsize from houses into condos, potentially increasing detached/semi inventory.
Ontario’s new HST rebate for new homes also seems like it could encourage additional supply over time.
That said, this is all just my speculation as someone without a finance background. From what I’ve been reading, Toronto currently looks closer to a balanced market:
https://www.mortgagesandbox.com/toronto-real-estate-forecast
I also understand fixed mortgage rates are heavily influenced by the bond market, which feels especially difficult to predict right now given global/geopolitical uncertainty.
Am I overthinking this? For people who bought their first home in Toronto recently:
- what are the biggest things you wish you knew beforehand?
- what hidden costs or risks caught you off guard?
- and what would make you wait vs buy now?
Would appreciate any advice or corrections to my thinking.