4 Benefits of Buying Your First Home in Canada’s Most Affordable Market
- Home Buying Tips
- Friday, April 26, 2019
Now that Calgary has the MOST affordable home market in all of North America, buying a home in 2019 is well worth it. For first time home buyers, this is also the best time to start building equity in a new home.
And with a growing number of options to finance your home purchase, making the switch from rental payments to mortgage payments has become an even easier transition.
First time home buyers can also gain certain purchasing advantages when buying a home in 2019. Here are four noteworthy ones to keep in mind:
1) The $1000 Down Payment Plan
You’ll still need a minimum 5% down payment when purchasing your home, but you can start the building process now! Take advantage of Trico’s FlexDown Program, where in the time it takes for us to construct your home, you can slowly contribute towards your full down payment in multiple increments. And yes, it only takes $1000 to get started.
2) Falling Mortgage Interest Rates
Why pay more interest when you don’t have to? Multiple lenders & banks have dropped their rates since the beginning of the year, so locking those rates in now means big savings down the road. We’ll even connect you to our mortgage partners – they can often help you secure a better rate while speeding up the mortgage approval process.
3) Greater Selection at Lower Prices
It’s a buyer’s market right now, so you can afford to be choosy when hunting for a home that has all the features you want within your budget. Example? With Trico’s front garage homes starting from as little as the $390’s and townhomes from the $270’s, a visit to our showhomes will leave you pleasantly surprised.
4) First Time Home Buyers Incentive
In March, the federal government introduced the First Time Home Buyers Incentive as part of the 2019 budget. This program offers what’s called an “almost interest-free loan”, where the CMHC (Canadian Mortgage and Housing Corporation) would contribute up to 10% of the value of a new home, with repayment not required until years later. More details will be released this fall, but knowing these facts now can make a difference later on!
Whether you’re ready to lay down roots or put money back into your own pocket instead of your landlord’s, 2019 looks to be a great year to reach your goal of buying a home! Got questions? Let us introduce you to one of our home experts who’s ready to help.