Today’s online edition of the National Post looks at a home finance issue that may be most relevant in areas like Vancouver, Toronto or Montreal, but that demonstrates the importance of looking beyond interest rates and quick-qualifications when setting out to buy real estate. Although the article focuses on million dollar purchases, any home buyer should consider that strong cash flow may not offset a large downpayment – particularly if you plan to do work on the property, or are in a situation where you’ll be running into heavy land transfer taxes (or, as the article notes, if you are financing mortgage insurance AND a 12% second private mortgage to make up the 20% minimum on a million-dollar-plus home).
Read the article HERE.
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