Is Right Now a Good Time to Buy?

Carola Singer • January 15, 2020

If you've been thinking about buying a new home; whether that be your first home, your next home, your forever home, or your retirement home, the doom and gloom of it all might be causing you to question... is right now a good time to buy a home? Well... what if I told you that was the wrong question?

Inevitably, the media will continue reporting that housing prices are ready to skyrocket, while at the same time reporting that they have peaked. You will hear reports that sales have slowed considerably and we can expect a market crash any second, while in some local housing markets bidding wars with condition free offers are the norm. Even when you check with the local experts, it's hard to know what is going to happen with the housing market next week, let alone in years to come.

It's impossible to know for sure what's going to happen with the housing market in Canada. So instead of basing your buying decision on external market factors, consider asking yourself, is now a good time for me to buy a home?

When you stop looking at the market to determine your timing to buy a home, and instead examine your reasons for buying a home, the picture becomes clearer. Here are some things you should consider, although they are subjective, they are things you can control.

  • Does buying a new home now put me in a better financial position?
  • Do I feel comfortable with my current employment status?
  • Do I make enough money now to afford a new home and still be comfortable?
  • Have I saved enough money for a downpayment?
  • How long do I plan on living in this new home?
  • Is there any scenario where I might have to sell quickly and potentially lose money?
  • Do I really want to buy, or am I feeling pressure that if I don't buy now, I might never be able to?
  • Am I scared that if I buy now, the market will crumble the second I do?

Having a plan in place is the best course of action to help you make a good decision. By sitting down with someone to discuss your plans, and to map out what buying a new home looks like for you, you can alleviate a lot of the unknowns. Instead of looking at external market factors, focus on the internal ones. A mortgage pre approval allows you to see what you can actually qualify for. It's the best place to start.

Please contact me anytime, I'd love to work with you, and answer any questions you might have.

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For most Canadians, buying a home isn’t possible without a mortgage. And while getting a mortgage may seem straightforward—borrow money, buy a home, pay it back—it’s the details that make the difference. Understanding how mortgages work (and what to watch out for) is key to keeping your borrowing costs as low as possible. The Basics: How a Mortgage Works A mortgage is a loan secured against your property. You agree to pay it back over an amortization period (often 25 years), divided into shorter terms (ranging from 6 months to 10 years). Each term comes with its own interest rate and rules. While the interest rate is important, it’s not the only thing that determines the true cost of your mortgage. Features, penalties, and flexibility all play a role—and sometimes a slightly higher rate can save you thousands in the long run. Key Questions to Ask Before Choosing a Mortgage How long will you stay in the property? Your timeframe helps determine the right term length and product. Do you need flexibility to move? If a work transfer or lifestyle change is possible, portability may be important. What are the penalties for breaking the mortgage early? This is one of the biggest factors in the real cost of borrowing. A low rate won’t save you if breaking costs you tens of thousands. How are penalties calculated? Some lenders use more borrower-friendly formulas than others. It’s not easy to calculate yourself—get professional help. Can you make extra payments? Prepayment privileges allow you to pay off your mortgage faster, potentially saving years of interest. How is the mortgage registered on title? Some registrations (like collateral charges) can limit your ability to switch lenders at renewal without extra costs. Which type of mortgage fits best? Fixed, variable, HELOCs, or even reverse mortgages each have their place depending on your financial and life situation. What’s your down payment? A larger down payment could reduce or eliminate mortgage insurance premiums, saving thousands upfront. Why the Lowest Rate Isn’t Always the Best Choice It’s tempting to chase the lowest rate, but mortgages with rock-bottom pricing often come with restrictive terms. For example, saving 0.10% on your rate may put a few extra dollars in your pocket each month, but if the mortgage has harsh penalties, you could end up paying thousands more if you break it early. The goal isn’t just the lowest rate—it’s the lowest overall cost of borrowing . That’s why it’s so important to look beyond the headline number and consider the whole picture. The Bottom Line Mortgage financing in Canada is about more than rate shopping. It’s about aligning your mortgage with your financial goals, lifestyle, and future plans. The best way to do that is to work with an independent mortgage professional who can walk you through the fine print and help you secure the product that truly keeps your costs low. If you’d like to explore your options—or review your current mortgage to see if it’s really working in your favour—let’s connect. I’d be happy to help.