City Living for a Fraction of the Cost of Toronto? Think Ottawa and Buy Quick! (Even with Bad Credit)

You have likely heard about the increase in housing prices in the GTA. What you may not know is that the March 2017 average sale in the Greater Toronto Area was $916,567. That average figure is slightly more than 33% over the figure for March 2016. Given the direction that the market is heading, does it make sense to buy in Toronto right now? A better approach would be to take a look at what’s going on in Ottawa. Here are some reasons other than purchase prices to consider.

Getting More Square Footage for Less

The housing market in Ottawa is not stagnant but it is more affordable for many families. Depending on what type of home you need and how much room is required, you’ll find that buying a larger home for less is easier in Ottawa. The properties are holding their value nicely so you will have no problem finding financing in most cases. Even if you have to concentrate on lenders who specialize in bad credit mortgages, the odds of being approved are quite good.

Home Insurance Costs are More Affordable

The nice thing about moving to Ottawa is that your home insurance premiums will fit more easily into the household budget. While the exact premium is still influenced by what part of the city you are located and the type of home you purchase, the rates will still be more favorable than what you would pay to insure a similar property in Toronto. Lower premiums translates into the ability to use more of your income for other essentials.

Cost of Goods is Less

You’ll also find that many of the goods and services you use regularly will be more affordable in Ottawa. Expenses like food, utilities, and even fuel for the family vehicle will take less of a bite out of your net income. This makes it easier for you to plan a workable budget that includes putting money into savings each month. Over the years, you’ll strengthen your financial position by having more resources on hand to deal with emergencies.

Additional Home Financing is Easier

Perhaps you made the move to Ottawa some time in the past and would like to secure some funds to make home improvements. You will find that obtaining a second mortgage in Ottawa will be simpler. Even if your credit is less than perfect, there are lenders who are happy to consider the equity you have in your home and help you find the right solution. That allows you to obtain the money you need to improve the property and increase its market value.

While it’s true that credit that has sustained a few dings can make some lenders pause, obtaining a poor credit mortgage in Ottawa is not as difficult as many think. Work with a financial professional who can help you evaluate multiple approaches and aid in the application process. You could have the funds to purchase your first home in Ottawa faster than you think, or have the money to improve your Ottawa home in a matter of days.