Buying a home now, while mortgage rates are low and house prices are affordable, could turn out to be a strategic investment for your real estate portfolio. According to the CMHC Housing Market Outlook, mortgage rates in London, Ontario can expect to have slow and steady increases through to the end of 2015. However, these mortgage interest rates will still be considered low in comparison to historical standards. Owning a home in London, Ontario is still considered relatively affordable, and according to the London and St. Thomas Association of Realtors, the average residential price for 2014 to date is $256,950. If you are a first-time home buyer, buying a home in London, Ontario means that you can still take advantage of great interest rates, a steady local market and forecasts for real estate growth in the coming years.
The London, Ontario mortgage market took a few extra months to thaw out from what was one of the longest and coldest winters. Real estate was in a deep freeze for the first few months of the year, and a late Spring didn’t help in terms of getting home buyers and sellers out of hibernation. The slow start to the year, in combination with historically low mortgage rates, has resulted in a hot summer market, providing some great opportunities to buy a home in Southwestern Ontario. Over time, MLS prices are forecast to rise in London, ON, which means that your investment is set to pay off over time.
The mortgage forecasts also suggest that there will be an expected increase in modest population and income growth for London, Ontario. The recession hit Ontario hard, and resulted in individuals and families moving West to find better employment opportunities. However, there looks to be a turning point, where fewer individuals are moving to the western Canadian provinces. This means that there will be an increase in buyer demand and could result in real estate prices rising over the coming years.
Now is a great time to get into the real estate market. If you are looking for a competitive mortgage rate and a professional team to assist with your mortgage needs, we look forward to the possibility of assisting you in your journey towards home ownership. Our services include mortgage pre-approvals, second mortgages, mortgage refinancing and more. Get in touch with us today to learn more about what has made us one of London, Ontario’s preferred mortgage brokerages for more than a decade.
Thanks for reading!
Your London, Ontario Mortgage Brokers at Dominion Lending Centres Forest City Funding FSCO# 10671