Reply To: Fernie property… so where shd we all be buying ?

January 7, 2005 at 5:00 pm #13620
griz-boy
Participant

Free elk meat at your door. HA

Yah so anyway when will the interest rates go up? That’s the big question. I locked in a couple years ago in fear that they would go up that year, two years later and only minimal increases. But for the new home owner if the rates do go up sharply housing prices will go down, a good time to buy if you have a large sum of money. Now that theory that can be applied to cities like Calgary but if it would happen in a small market like Fernie is to be yet determined.

Prices right now are way to over inflated. From last year, prices increased by 35%.

Rental income is also a factor you might be deciding to purcahse a home with a suite for a little more than one without. I can be rented out for 5 months of the year if not year round which helps pay for the overall morgage. Its the old saying make your money make money.

Besides an investment I think the question is, where do you want to live to fit your lifestyle?

I am getting off topic but hope it helps you. I decided to buy in town for my own reasons.