Buying a home - should you buy now, or wait? - Ingrid Bjel McGaughey - Mortgage Broker

Should you buy a home during economic uncertainty? A Mortgage Broker’s perspective

I’m going to state the obvious: buying a home is a big investment. In times like these, with economic uncertainty and market turmoil, it’s only natural to feel hesitant about making big financial decisions such as buying a home. I get asked whether it’s a good idea to buy a home right away, or is it better to wait, even in the calmest economic periods. With interest rates fluctuating, inflation not quite under control, and economy looking vulnerable, I’m not surprised that I hear the question even more often.

As a mortgage broker, I help homebuyers navigate these complex decisions every day. Here are my thoughts about buying a home during uncertain times.

So, is now the right time to buy a home?

The short answer is, it depends. The longer answer? Let’s break it down together so you can make an informed decision about the best choice for you.

Focus on your personal finances first

While headlines may have all caps clickbait about inflation, interest rates, or stock market dips, your personal financial situation should be your starting point. Ask yourself:

1. Do I have stable income?
2. Do I have savings for a down payment and closing costs?
3. Is my credit in good shape?
4. Can I handle monthly mortgage payments?

If you can answer yes to these, the broader market conditions are more of a distraction than an important factor to pay attention to.

What are you buying for?

Your intention behind the purchase matters a lot. If you’re buying a home to live in long term (think: at least 5 years), short-term market volatility matters less. Real estate in Canada, particularly in major urban centres such as the GTA, has historically appreciated over time. If your goal is long-term stability, not a quick flip, then buying during uncertain times might actually work in your favour.

Turbulent times can mean opportunity

In a volatile market, some buyers pull back. That means less competition for you. You may find better pricing, more room to negotiate, and sellers more willing to work with you. Combine that with getting pre-qualified for a mortgage so you’re ready to sign an offer, and you could secure a home you love while others sit on the sidelines.

Don’t give in to FOMO

There’s a lot of noise out there – from friends, family, and social media – about buying before prices go up or before rates increase or before all the “good ones” are gone. But homeownership is a personal milestone, not a race. Don’t let fear of missing out pressure you into rushing. While it’s also true that certain opportunities, like lower competition or specific price points, might not last forever, keep in mind that timing the market perfectly is basically impossible, even for the pros. The key is to be informed and financially prepared, so that when the time feels right for you, you’re ready to act with confidence.

Yes, interest rates are a factor, but there are lots of options

Mortgage rates have been fluctuating. But don’t let that paralyze your decision. There are different mortgage options available – from fixed to variable to hybrid – that can be tailored to your specific situation. As your mortgage broker, my job is to help you understand your choices and plan for the future, not just the current market.

You’re not in this alone

Economic uncertainty doesn’t mean you have to make decisions as if you’re in the dark. I work with homebuyers every day to help navigate market conditions, find the right mortgage solution, and make sure you’re financially prepared. As always, my objective is to help you make informed choices.

Thinking about buying a home in this market?

Whether you’re just starting to consider homeownership or you’re actively house hunting, let’s chat. The best decisions come from having the right information, and a plan you feel confident in. I can help you understand your options, get pre-qualified, and move forward with clarity. Yes, even in uncertain times like these.

Please reach out today for a no-obligation consultation!

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