Personal Finance

When is the best time to buy a home?

  • Last Updated:
  • Mar 25th, 2010 12:51 pm
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Deal Addict
Oct 4, 2009
1541 posts
7 upvotes
ilusa wrote: Good for you, Obviously your not the typical Rfd'er Who lives on the lake and will pay off a house with in 5 years.. The average person pays there house off over 25-30 year term :twisted:
You're absolutely right. Individual circumstances will impact their decision, making when to buy a house an individual choice.
Deal Fanatic
Jan 18, 2004
6433 posts
1239 upvotes
Canada
Why is there such an emphasis on the HST and buying before the HST kicks in?
Is it just a marketing tool by real estate agents to create more pressure?

HST doesn't affect resale home prices (unless it's not your residence)
HST affects closing costs (maybe $700 more)
HST affects new homes over $400k

Is saving $700-1000 on taxes worth over paying $50k extra on a house?

All the articles and news clips seem to suggest that this HST is going to cost potential home buyers a lot of money and they MUST buy before HST kicks in.

Is it just me or is the HST really not as big as news and marketing makes it to be?
Member
Oct 31, 2007
467 posts
10 upvotes
canadiankorean wrote: Why is there such an emphasis on the HST and buying before the HST kicks in?
Is it just a marketing tool by real estate agents to create more pressure?

HST doesn't affect resale home prices (unless it's not your residence)
HST affects closing costs (maybe $700 more)
HST affects new homes over $400k

Is saving $700-1000 on taxes worth over paying $50k extra on a house?

All the articles and news clips seem to suggest that this HST is going to cost potential home buyers a lot of money and they MUST buy before HST kicks in.

Is it just me or is the HST really not as big as news and marketing makes it to be?

Good analysis on the HST, but as someone else pointed out it's the new CMHC rules on downpayments, together with imminent interest rate hikes, that are also big factors.

No HST here in Calgary, but the other two factors (together with warmer weather) are heating things up out here as well.

The OP's original question is kinda silly because it depends entirely on individual needs/wants. A retiree is going to have different needs and timing than someone with young kids, for example.

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