Rahul I am not criticizing but other than your point no 1,5 and 6 I personally do not agree with any of them ..If I would have I might be still living in a rental property paying somebody's mortgage ..
All your suggestions are very relative terms ..For e.g. if I do not afford a house at 25 yr mortgage I should not even opt for 40 years ?? If you take a mortgage for 40 years ( as per todays affordability ) you always have option to pay it earlier if money is available ..
If many of us will wait till they have a backup of 6 months mortgage ( that too after paying 20 % down ) we will never be able to buy a house of 200K which will be 300K by the time I cn mange to save for 200K
( I perosnally left a house in Markham 3 yrs back at 280 K with all the points keeping in mind suggested by you . Today there is no way I can even afford that house even with 40 yrs mortagage . I anyway ended buying a house for over 300 K by the time I realized reality .
I agree :
Dont go for 40 years if you can afford 25 or less
Pay 20% or more if you can but dont let it a factor to stop buy a house
Have 6 months ( possibly 12 ) backup if POSSIBLE
Ashwani

-----------------------------------------------------------------
Growing Old Is Mandatory ..Growing UP is Optional

AshwaniG I agree with you. There are different calculations with different times with different purpose. If you are an investor who buy 10 condos in 1 hr or person like you and me who like to buy for long term. There are tons of people who like to use home an ATM machine after a year who gives 50K profit and some of those people are in most trouble these days.

When I was looking condo for rent in last few weeks then I saw how much problem we have in this market with just little slide in price. People are paying 2 mortgages and rent is not covering even 2nd condo/home monthly cost. Houses are on sale for months and not a single offer. Now creb (Calgary real estate board) is saying seller should understand market reality and put right price. Yes for them it just transaction that need to be there in market does not matter who loose or gain.

Thanks Rahul for your advice, I really appriciate for your reply,even i was thinking same way like you. I don't want to go more than 25 to 30 yrs mortgage.

AshwiniG also right as per your financial situation we should take step for house. b'cos as per my personal view specially like we people think not twice but ten times,before taking decision about house. it is a big committment its not a joke.

Many of us we are taking some step without thinking and after sometime we stuck ourselves in very bad money crisis situation. I am trying to plan between mortgage and bank balance.

hope will be ok ?

God is great...........

Sept EREB (Edmonton Real Estate report):
http://ereb.com/marketactivity/September2007.html

CREB: Calgary Real Estate Board
EREB (Edmonton Real Estate report)

Housing expert (EREB and CREB) agent's comments from last few months:

April

“Price increases may moderate slightly as the market returns to pre-boom levels but I do not anticipate that actual prices will decrease.”

May

“With the average price of a single family dwelling rising by over $400 a day, you need the latest market figures that only a REALTOR® can provide.”

June

“The fundamentals of the Edmonton market are still strong and should sustain steadily rising prices for all classes of property,” said Pratt. “Even if prices dip slightly in one or two months, homeowners will still have realized phenomenal growth in the value of their homes.”

July

“Buyers have a large selection of homes to choose from and they are taking more time to make a decision,”

August

“REALTORS® are optimistic and see any price dips as temporary and within the normal range for this market.”

September

Single family dwellings rose 74% in price from January 2006 to May 2007. SFD prices have settled back just six percent since then.

Thanks Rahul, its really good knowlegable information.


Thanks again..........

OCTOBER 2007:

Home prices continue downward slide

Glut of single-family homes crowds market

Mario Toneguzzi, Calgary Herald

Published: Friday, November 02, 2007

The number of active listings in the city remains high and is the biggest factor affecting the local real estate market, said Ted Greenhough, of Re/Max Realty Professionals.
"Prices have come off in my mind 10 to 15 per cent in most parts of the city," he said. "It's going to take a long time to get out of this high inventory situation.

"So I would expect the market to remain relatively depressed for the next few months."