The housing market is cooling. Should you buy now or wait to see if prices drop?

He wants a two-bedroom, two-bathroom condo in Toronto and is anticipating getting a good deal as the city’s real estate market adjusts to rising interest rates and plummeting sales.

It’s having an effect on prices, which have cooled slightly. The average cost of a home in April was $1.25 million compared to the peak February $1.33 million cost, the TRREB report says. The market is shifting from a seller’s market to a balanced market, experts say.Already there are fewer bidding wars in parts of the city, real estate agents say.

On April 13, the Bank of Canada raised its overnight rate by 0.5 per cent, after a 0.25 per cent hike in March, with another big jump set for June. Canada’s big banks have ratcheted up the prime rate to 3.2 per cent impacting fixed-rate and variable rate mortgages. Toronto real estate broker Wins Lai says when considering buying a property, it’s important to ask yourself, Do you have enough saved for a down payment? Is your job stable? And are you currently renting or living at home?

Even with fewer bidding wars and more conditional offers the cooling market has some buyers and sellers worried, says real estate agent, Mark Campbell.in a bit, waiting to see what’s going on,” he says.

Nope keep waiting. Let the interest rates do their jobs. Yeah you might have a higher interest rate for a mortgage but you might snag a better deal!

Anyone who tells you to buy is an idiot and wants you to lose money. Prices are about to crater 40%

No. They are still propped up with all the free mine Trudeau gave away. This fall will be the BIG CRASH!

Still not a millionaire so no

United States United States Latest News, United States United States Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

OSFI says it may tweak mortgage stress test as interest rates climb, housing market coolsSince the Office of the Superintendent of Financial Institutions toughened the mortgage stress test last June, the country’s housing market and borrowing conditions have changed significantly
Source: globeandmail - 🏆 5. / 92 Read more »

Mortgage stress test rules may change as interest rates climb and housing market cools, says regulatorSince the Office of the Superintendent of Financial Institutions toughened the mortgage stress test last June, the country’s housing market and borrowing conditions have changed significantly
Source: globeandmail - 🏆 5. / 92 Read more »

Interest rate trajectory will depend heavily on housing market, BoC deputy saysThere are some signs that Canada’s hottest housing markets have already begun to cool in response to rising interest rates So bankofcanada, why did you allow the real estate market go to the moon then? Care to explain? vanre tore vanpoli bcpoli cdnpoli HousingCrisis As usual the bankofcanada is impartial 🤦🏼‍♂️ no wonder many think they head should be fired Shouldn’t it be *Inflation*?
Source: globeandmail - 🏆 5. / 92 Read more »