Posted on: 12-10-02 18:08:25
I think the question is not to buy home, but is this right time? Just as the appreiciation of property is high compare to previous year and margage rates are low, many people think that this is right time.
But when the prices are higher - for example by 25,000 compare to previous year and the interest rate is low by say 2 percent. On the morgage of 200,000 yearly you will pay 4,000 dollars extra, but remember you are already paying 25,000 extra upfront.
Recently I read somewhere that toronto housing industry is building another 800,000 houses, this is really big number and just because of this I don't see much appreciation in coming years.
Let us see what happens.
But, yes, if you have money you can buy whatever you want!! 
-----------------------------------------------------------------
Torontian Desi
Hi,
When is the right time to buy? Nobody can predict 100% what the housing market would be in the next few years. But should this stop people from buying a house if they can afford one now? Many people happily or unhappiliy pay rent year after year to their landlords, do they for one moment think how much they payout over 5/10/15/20/25 years on something which they will never own. It's a mindset that people have to come out of and start thinking what if they put that money towards their mortgage payments for their home, then in the next 20/25 years they actually end up owning that piece of real estate. During that time if it appreciates then it's a plus.
If you buy the right property, you can actually rent part of it and live in the rest. The rental income is virtually paying for your mortgage and you are practically living rent free. It is also a fact that interest rates are at this moment the lowest one has seen for many years. Should one buy a property when the interest rates go up as its predicted that they will?
I believe from my experience, any time is a good time to invest in real estate which over the long run produces a stable investment than anything else.
On a more humorous note, I wrote a shayari to counter anybody who asks me if I have already bought a home. I rent currently for various reasons, and everybody who owns a house can't stop asking me why I don't buy. Here's my answer (after this, they don't ask me anymore..)
Arz kiya hai....
Kambakhat manata hi nahi,
yeh dil bada badtameez hai,
kehta hai, lenge to mahal lenge
yeh ghar kya cheez hai
Jo lekar baithe hai
Woh qaid ke mareez hai
Azad panchi hai hum
Yeh pinjra kya cheez hai...
(applause)...
-----------------------------------------------------------------
Are you there?
Quote:
Orginally posted by Desihoon
I believe from my experience, any time is a good time to invest in real estate which over the long run produces a stable investment than anything else.
I agree with you buddy. If you plan to stay at one place only, it is better to buy home ASAP.
-----------------------------------------------------------------
A Proud Indian Canadian
Quote:
Orginally posted by BlueLobster
Arz kiya hai....
Kambakhat manata hi nahi,
yeh dil bada badtameez hai,
kehta hai, lenge to mahal lenge
yeh ghar kya cheez hai
Jo lekar baithe hai
Woh qaid ke mareez hai
Azad panchi hai hum
Yeh pinjra kya cheez hai...
(applause)...
Irshad!
-----------------------------------------------------------------
A Proud Indian Canadian
I am thinking for buying a house now, have not started looking actively. Any Ideas where to buy it in GTA area?
-----------------------------------------------------------------
A Proud Indian Canadian
My favorite town in GTA is Mississauga, where I live. I've lived for a while in Scarbharuch and Nath York, but I find Mississauga a great blend of lively, clean and safe town. Big Indian population here, some great restaurants and good city services (the city library is awesome).
On the downside, its also pretty expensive and some people feel its getting a bit crowded.
-----------------------------------------------------------------
Are you there?
