Renting an apartment is like borrowing a home from someone else it's never really yours. In contrast, owning a home allows you to experience the pride of ownership, and the satisfaction of knowing you're making a smart investment.
Buying doesn't necessarily cost more than renting. And since a home is something that can increase in value over time, the sooner you become a homeowner, the sooner you can benefit.
When you add it all up, there's really no better time to purchase your first home than right now.
Be ready to make an offer
If the perfect home comes along, you may need to act quickly, especially in a competitive housing market. With a PreApproved mortgage, sellers know that you're creditworthy, and you have the ability to make an offer right on the spot'. With Scotia's 120 day Rate Guarantee', you can spend up to four months to close the sale of the right home, without having to worry about changes in interest rates.
Apply for your PreApproved mortgage online at www.scotiabank.com/mortgages
TIP: A home has been an excellent investment over the last 25 years. According to an analysis by Re/Max, the average home price in Canada rose from $76,021 in 1981, to an estimated $277,000 In 2006. For homeowners, that's a 5.3% annual taxfree compounded rate of return.
Source: Remax, 25 Years of Real Estate, January 2007
