My wife is kinda forcing me to buy a new house.

We live in Canada, and there is a house for about 240k in a good location.
We might make a decision within a few days then have ownership in early January 09.

If we go ahead, once we move in after paying the downpayment we will be almost with about 1k of savings left combined.

Then there is the welcome tax and notary fee, so that's about 3k there.
We'll have to pay the notary early and then 2k around for the welcome tax for new homeowners.

Of course we will be starting from scratch so we will have to save up pennies even for a new stove, fridge, curtains, etc.....

Is this a good time for us to buy a new home in this economic crisis?

[edit on 14-10-2008 by ModernAcademia]

Id hold off as well from from this idea.
We are going through a major correction and could even be a few years before we see the outcome of all this.
I suggest taking a look into if and when purchasing anything, to be inolved with self sustainment and such.
My parents are looking to sell both homes they own and they are having a hard time becuase of the whole uncertainity of anyone wanting to take a loan out and just how ridiculus price they are commanding for houses.

[edit on 14-10-2008 by GodshipForAll]

It depends on where you reside, I live in Alberta and would not want to buy, just be patient and wait, my house was about 380k about 4 months ago, now i would be lucky to get 300k for it , definitely a buyers market, but if you can wait it out you may get a better deal, and of course there is economy, just wait for while.

my 2 cents

I live in Mississauga, Ontario - And definitely would not buy now. I'm renting an apartment, and although it isn't cheap, I'm holding out for prices to drop. It seems to be a worldwide thing. Do a search and check how even property prices in Beijing are taking a hit.