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3 Reasons to Buy in the Next 30 Days


Blog by Morgan DuVernet & Kelsie Struch | February 18th, 2011


I literally get hundreds of e-mails daily from developers, mortgage brokers, other Realtors, and way to much spam. 

I try to get through all of my e-mails just so I don't miss important client e-mail in the mix.

Last night I got this e-mail from the guys over at Onni Developments and I felt like it needed to be shared.

We are seeing constant changes to our Real Estate market and mortgage rules and regulations and most of the information about the changes is complicated. This is the most concise, easy to understand explanation of how things will change for buyers and sellers on March 18, 2011.

These changes to Canadian mortgages will not only effect buyers it will hurt sellers as well. As of March 18, 2011 what a buyer can afford now will decrease, leaving less buyers out there to purchase your property. 

If you are thinking of buying or selling this year, contact me today to see how I can save you time and money on your next real estate move!



3 REASONS TO BUY IN 30 DAYS.

1. YOUR MONTHLY PAYMENTS WILL BE LESS
You'll save up to $200 per month in mortgage payments.
2. BUY WITH LESS MONEY DOWN
If you wait 30 days you will need up to an additional $35,000 more to own a home.  
3. YOU CAN AFFORD MORE HOME
If you buy within the next 30 days you'll be able to afford $28,000 - $63,000 more home. 

Come March 18th new mortgage rules will be implemented that will result in higher monthly payments, more money due up-front and will ultimately affect how much home you can afford. Below is a breakdown of how the new rules could affect your next home purchase.

Purchase price

Increase in mortgage payments (annualized)*

Increase in deposit

Increased cost of same home

$300,000 $1,032 $15,000 $28,000
$400,000 $1,404 $20,000 $40,000
$500,000   $1,752 $25,000 $48,000
$600,000 $2,100 $30,000 $55,000
$700,000 $2,448 $35,000 $63,000

If you are considering buying a pre-sale or completed home in the near future we encourage you to buy a new home and have your mortgage approved by March 18, 2011. For more detailed information on the new mortgage rules click here.

For more information contact the Kitsliving team today at 604.209.1230 or info@kitsliving.com.

*All calculations are approximate and are based on a 3 year fixed term of 3.20%.  Onni reserves the right to adjust this number.