That’s the bad news. The good news is; owning a home probably remains the best investment you will ever make over the long term.
RBC Economics — a conservative and relatively accurate source for housing market projections — recently released a report calling for a 12 per cent price correction for the housing market from last February’s peak, by next winter. That’s cold comfort for homeowners watching their investment shrink from a valuation that never really was. Many stories are emerging in the media of homeowners selling below their arbitrary asking price and referring to the difference as a loss; like it was money in the bank.
And that’s why it’s called a correction; a return of an asset price to its real intrinsic value. Economists with the Canada Mortgage and Housing Corporation have long said the average price of an average home has consistently risen at least five per cent each year in any 25-year period since the Second World War, and there’s no foreseeable reason for the future to be any different.
after rising for a decade or more. homes still have plenty of value
Not if you live in Calgary
I know. And I have been panicking. It's like my home is losing $2,500 per day in its value since March. Longer I hold of selling, the lower the price.
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