Buying a home is a significant life decision involving many factors. As we start the 2019 year, it is important to remember that for most buyers, choosing a house as a home is more important than choosing a house as an investment.
It’s important to remember the basic purpose of a home: shelter.
Comfortability, proximity to amenities and workplaces, and affordability are key considerations. Whether your property will earn you money in the short term is also important, but should not always take precedence or distract from other factors.
Real estate markets go up and down over time. And 2019 will be no different.
With that said, investment properties are a different matter altogether. Obviously housing market swings will be a larger factor for real estate investors. But the vast majority of folks do not become homeowners to speculate on potential price increases, nor should they.
Treating real estate like an investment has had negative impacts on certain markets in Canada – and has increased risks for new buyers.
This year, buyers should prioritize housing as a home rather than an investment as more real estate supply is made available through densification and new developments in places like North Oakville.