These are questions asked in a changing real estate market. The answer depends more on your own situation than market conditions.
The real estate market today is moderating after five record-setting years. That means greater affordability for buyers. It could also mean lower than expected prices for sellers. But if you’re selling one home to buy another, chances are you won’t lose because you will not have to pay as much for your new home.
Is the Canadian housing market heading towards the same crisis as in the United States? The experts say no, because of several fundamental differences. Canada has more conservative mortgage lending practices. Fewer speculative buyers. And not the same glut of housing supply.
Today’s real estate market cycle is trending towards fewer homes sold and slightly lower prices. As with all cycles, this will eventually change.
There are lots of references to the real estate market in the media today. Our real estate market is feeling the impact of the global economic slowdown, and the effects of the credit crunch that began in the United States in 2007. Your local REALTOR® can help you cut through that media clutter.
One thing has remained constant about real estate in Canada – over the long term, it has not only given us the pride of home ownership, but it has paid off as an investment.
Courtesy of - howrealtorshelp.ca
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