The spring selling season that typically kicks into gear in March has clearly stalled due to the pandemic. Homes sales have cratered and prices are on the decline.Like any market, the real estate market is a forward-looking mechanism that tends to price in expectations for the future. That sounds great in theory but there are always golden opportunities that present themselves in times of grave uncertainty. We are in that period of uncertainty now.
The lowest 5-year variable rate available in the last 10 years was 1.69% in 2017 – today, the best 5-year variable rate is 1.95%. Be razor sharp on your personal finances, secure your downpayment even if it means negotiations with the Bank of Mom and Dad.You can be sure there will be some who think the pandemic will persist and prices go even lower yet there will be others who think we are in the early stages of an economic recovery and will want to act now. The ultimate decision on whether this is the time to buy should always come back to affordability and the lifestyle you can sustain.
First time foreign owners yep!!!
So instead of 800,000 home ill pay 799,999? Cool!
Better read the report from CMHC. Anticipating huge drop in house prices and upwards of 20% delinquency.
A likely recession doesn't sound like a good time. Massive debt and expected higher taxes doesn't sound good.
But how they going to buy if they are going to lose their jobs?
I wouldn’t buy into a falling market
Depends where you live. Not all markets are falling and banks are apprehensive to lend during these uncertain times.
Yeah sure with no job or savings left.
No. If you couldn't afford it before this, you can't now. Because it will catch up with you faster than you can say 'it's only been five years'
PattieCTV Residential Real estate infected with excessive greed.
PattieCTV If the headline contains a question then the answer is usually no.