With Toronto House Prices Rising by $550 A Day, Is The 20% Down Payment Worth It?

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Toronto House Prices Are Rising by $550 A Day




The article being discussed is called “Toronto House Prices Are Rising by $550 A Day”. This article was featured on Business Canada and gave some insight on how everyday you delay buying a house in Toronto it will cost you $550. Houses are an investment and buyers should take into account the reasons they delay buying a house and if it they are worth it. For many homebuyers the ultimate goal is to be able to put down at least 20% to reap the benefits. However, is it time to abandon the 20% down-payment rule with house prices growing so rapid. If you live in a city where the real estate market is slow, it does indeed pay to save up for 20%. But say you live in a fast paced real estate environment such as Toronto would it really be worth postponing your purchase when every year the prices dramatically increase. In the end you would actually end up paying more per month because of the time gap.  It is important to take into the consideration the power of NOW. The benefits of the 20% down payment should not be entirely forgotten, but if you’re set on buying in a competitive market take advantage of it right now.

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