And it's never been easier!

There is an old adage that says "never put off 'till tomorrow what you can do today." That statement has never been more true than in the current housing market. First Time Buyers.

Despite recent economic hardships, now is one of the best times ever to buy a home. Lower house prices, low mortgage interest rates, and the high availability of entry-level homes on the market have placed Nanaimo and area homes within reach of today's average home renter. As well, competition in the mortgage market allows home buyers increased flexibility in negotiating mortgage payment terms.

If you're a renter, and have never owned a home, ask yourself the following questions:

If you answered yes to these questions then you probably can afford to buy a home right now!

Market research shows that renters overestimate the cost of owning and servicing a home. Let’s say you negotiate a mortgage on a one bedroom condo for $35,000. Your monthly payments would be only $280 plus taxes of $30 a month (approximately). And these payments wouldn’t increase over the 25-year term of the mortgage but would instead seem to decrease when you factor in the effects of inflation.

Are you more worried about the down payment than the monthly mortgage payments? First-time buyers can now use up to $20,000 of their RRSPs for the down payment on their first home. Also, the Canada Mortgage and Housing Corporation (CMHC) will allow first-time buyers to purchase for as little as 5% down. This means the down payment on your $35,000 condo would be just $1750!

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Copyright 2000 Cyndi Beaulieu