Torontonians are used to a hot housing market where homes sell above asking in a matter of days. Anyone who owned a home when the pandemic began has watched its value go up, perhaps by as much as 30 per cent.
But now the market is showing signs of correcting itself and the Bank of Canada has indicated it plans to continue raising the overnight interest rate to get inflation under control. So is it still a good time to sell your home?First of all, few people sell their house without planning to buy another one, says Phil Soper, CEO of Royal LePage. So you might not get the peak price you would have a few months ago, but you won’t be paying that peak price either.
Patience is key, agrees John Pasalis, president of real estate brokerage Realosophy. If you’re unsure about what’s to come, sell your home first before putting in any offers so you know exactly what you can afford. Context matters too, says Pasalis. Depending on how long you’ve owned your home, you may have already seen its value go up by quite a lot, so it might not make sense to get too worried about smaller monthly ups and downs.People are used to playing the housing market like the stock market, says Soper, but it’s time to come back down to reality. This isn’t a crash at this point, it’s a return to more normal conditions.
Experts 🤣🤣🤣🤣🤣 hopefully they are better than all the Covid 19 experts that pushed fear and misinformation
guessing this is bought and paid for by real estate companies
Just in time for election.
Keep waiting people! As the inventories pick up, so will competition and that will lead to further prices drops. Who believes the economy is weaker now than 2019 and things will return to mean. Why do people expect a bounce? cdnhousing cdnecon
Business Business Latest News, Business Business Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: globeandmail - 🏆 5. / 92 Read more »