Why Should you Own a Home in Edmonton, Financially?

Posted by on Wednesday, June 3rd, 2015 at 9:05am.

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Chances are you are on the fence about whether or not you should own a home in Edmonton. If that's you, you are in the right place at the right time. With this brief article I am going to share with you three reasons owning a home in Edmonton right now is a smart financial decision.

Reason #1 - Low Interest Rates

Currently the lowest interest rate being offered in Canada is 2.20%. Please know these low rates won't last forever. That's why it’s important you take advantage of them now. With this type of interest rate you can save quite a bit of money. That's extra money you can use for other things.

Reason #2 - Plenty of Mortgage Options

With interest rates being so slow, more and more financial institutions are trying to capitalize on this windfall. That means you will be presented with a variety of mortgage products from several different brokers. This of course works to your advantage. When you have more options you are able to pick what will work best for you. But again, please know this won't last forever. The sooner you act, the better off you will be.

Reason #3 - High Rental Rates

As a tenant renting is not the best option. That's because rental rates are extremely high right now. If you look at the numbers, it makes better financial sense to actually purchase a home than rent one. This is of course assuming you qualify for a good mortgage rate.

Currently these three financial incentives are available to those who are interested in purchasing their own homes. But again, these things are not permanent. Interest rates could rise in the next 24 hours. That is why it is so important you seize this moment.

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