Our Current Housing Market
The median (not the average) price of a two-storey home during the third quarter decreased 4.3 per cent year-over-year to $387,830.
Bungalows prices rose slightly during the same period, up 0.9 per cent to $334,087.
Year-to-date, sales in the city are up seven per cent to 2,855 from 2,677, while listings have fallen two per cent to 6,393 from 6,520.
Although sales might be up, home prices (according to this chart from CREA) are down from last year, but have increased slightly since January.
What Should I Do As A Buyer?
People have been asking us this a lot in the last few months.
Our answer is simple, if you can afford to get into the market, it is still a good time. Home prices might go down. They might not. Interest rates might drop – and that’s great if you have a variable interest rate.
If you are looking to get into your first home, or if you are looking to move into a new home, this is a good time to buy.
What Should I Do As A Seller?
This question depends on a few things?
– When did you purchase your home?
– Do you need to sell right now?
– If you sell now, are you still ahead?
– Are you selling a house, condo or townhouse?
Selling in a buyers market is still ok assuming that you will still get more for your house than what you paid for.
This is a tougher market to sell in. There is a lot of inventory. There are a lot of families dropping prices. If you find yourself being cash strapped after this, the answer is, you should probably wait. Assuming you can.
Some people are suggesting we are in a balanced market right now but we believe there is still downward pressure coming. We still believe a recession is looming and home prices will continue to decline.
“The Federal Reserve is poised to begin at least a six-month operation to buy about $60 billion of Treasury bills per month, as the central bank seeks to ease cash shortages that caused a recent spike in the overnight cost of borrowing.”
We also know that the new PST is affecting new builds which also adds pressure to pricing.
As always, if you need help buying or selling your home, please let us know. We are happy to help.
Gregg Bamford and Ryan Bamford
