Buying a house in Chilliwack...
If you are on the fence about buying a home in Chilliwack during this economic time here is something to consider:
A simple Comparison
Example provided by: Entrust Mortgage Services
Example provided by: Entrust Mortgage Services
| Scenario A | Scenario B |
| Client buys NOW for $300K | Client buys in 6 months for $285K |
| After 5yr term client will owe $278,097 | After 5yr term client will owe $277,667 |
| (Assumption that prime is 4%) | (Assumption that prime goes up to 5% in 1yr and they've paid rent @ $1500/month |
It is impossible to know what the future market conditions may be. Prices of houses may continue to go down and interest rates may go up. However one thing is for certain. Right now it's a buyers market and interest rates are great. The problem with waiting for prices to bottom out is we never know where that bottom is until prices begin to rise again. And what happens when prices begin to rise...it becomes a sellers market.
Consumer Hope Finds A Home Despite Economic Storm, 4 in 10 Say Now Is A Good Time To Buy
Nov 19, 2008
2008 Edmonton Journal
Nov 19, 2008
2008 Edmonton Journal
Canadians are still in a mood to mortgage. Nearly 4 in 10 Canadians still think that now is a good time to buy a house, even though the proportion who expect home prices to fall further has soared and the propotion expecting higher housing prices has plunged, according to survey results published Tuesday.
"Residential mortgage consumers remain remarkable positive as they weather the financial storm," the Canadian Association of Accredited Mortgage Professionals said in releasing the results of a mid-October survey.
Attitudes toward local conditions have shifted only slightly, with 38 percent of Canadians believing now is a good time to buy a house, and still outweighing the 32 percent who believe it is bad time, it said in releasing the findings of the online survey of 2,000 Canadians.
"Residential mortgage consumers remain remarkable positive as they weather the financial storm," the Canadian Association of Accredited Mortgage Professionals said in releasing the results of a mid-October survey.
Attitudes toward local conditions have shifted only slightly, with 38 percent of Canadians believing now is a good time to buy a house, and still outweighing the 32 percent who believe it is bad time, it said in releasing the findings of the online survey of 2,000 Canadians.