September 2026 Victoria Real Estate Market Update Click Here For Full-Screen Market Snapshot September 2026 by Andy McGheeSales Rebound, Inventory Stays Healthy, and Buyers Remain
Buy A Home And Invest In Your Future.
Dated: December 29 2023
Views: 145
BUYING A HOME IS AN INVESTMENT IN YOUR FUTURE
For most people, taking out a mortgage is the most significant financial commitment they will ever make. Here are some facts to keep in mind when considering buying a home as opposed to renting:
- Suppose you are aged 35 right now and buying your first home. In that case, you will likely be mortgage-free when you are 60 and sitting comfortably on a considerable asset.
- Your investment will likely appreciate considerably in 25 years. It's essential, however, not to buy with the intention of making a quick fortune; think of home buying as a long-term investment.
- Buying a home is a very effective way of saving regularly over many years. Even if you never buy into another retirement or investment plan, you effectively put money away for the future.
- Owning a home of your own means you and your family can set down roots, get to know your community and involve yourselves in it.
- As your family grows and moves to homes of their own, you will have the option of earning extra income by renting out spare rooms or floors if local bylaws allow.
- If you plan to borrow money from a bank or other financial institution, owning your own home is a definite plus when it comes time to negotiate.
- You may not need as much money as you think to enter the home market. Qualified buyers can buy a house with as little as 5% down through the Canada Mortgage and Housing Corporation's (CMHC) mortgage insurance scheme. You may also be able to use RRSP funds as part of your down payment.
- With many kinds of investments, you must pay a capital gains tax on your profit. If your home is your principal residence, this tax does not apply.
After you have considered all aspects of home ownership and are ready to begin your search, it's time to contact your REALTOR®. They have access to the Multiple Listing Service® (MLS®), a cooperative marketing system through which properties are bought and sold. Using the MLS®, your Realtor can prepare a customized list of properties for sale that best meet your needs and budget.*
*Victoria Real Estate Board. Reprinted with permission.
Andy McGhee Personal Real Estate Corporation
I'm a REALTOR®️ and a Licensed Plumber & Gasfitter with over two decades of experience in the residential sector. I bring specialized knowledge and expertise together to give you an unfair advantag....
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The trademarks REALTOR®, REALTORS® and the REALTOR® logo are controlled by The Canadian Real Estate Association (CREA) and identify real estate professionals who are members of CREA. The trademarks MLS®, Multiple Listing Service® and the associated logos are owned by CREA and identify the quality of services
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