, but there are important factors to consider before making an investment, according to experts. Knowing what the mortgage rate is and how much a family spends every month amid rising costs of living are some of the factors that need to be taken into account before purchasingThe latest data from the Canadian Real Estate Association showed prices hit $629,971 in July, down five per cent from $662,924 last July.
“It’s a counterintuitive behavior … What happens to buyers is when they see an asset losing value, with housing prices going down — they become concerned and say, why should I buy now? even though they wanted the prices to fall, and the moment they start falling, they wait,” said Haider. “Before … it was a time when prices were skyrocketing, there were bidding wars and no conditions on offers,” said Caldwell.“People were just paying far, far too much for a property. So I think it’s much better in the sense that things have cooled off … at least in the one I serve in, there’s a very strong buyer’s market. So technically, it’s a pretty good time to buy,” she added.
“Even finding people can be hard,” said Caldwell. “Look at the cost of lumber before you put on a new deck because it may cost you $10,000 just in lumber today.”
It’s always the right time