Is it when everybody is buying, when the prices are rising, when there are not enough choice on the market, when it is not possible to negotiate, when you are prompted to make a quick decision not to miss an opportunity ?
Would it be when the market is slower, when there are more properties on the market, when the sellers know they need to examine all offers,
This being said, NOW would be the best time to buy!
Mortgage rates have come down significantly, see www.ratesupermarket.ca
According to the Canadian Real Estate Association ( CREA )
- National MLS® home sales activity is expected to decline in 2009 before rebounding in 2010, according to a new residential housing forecast prepared by The Canadian Real Estate Association.
- National MLS® home sales activity declined 17.1 per cent in 2008, and MLS® sales activity is forecast to fall an additional 16.9 per cent to 360,900 units in 2009. This would be the lowest level for national sales activity since the year 2000. Sales activity is expected to decline from levels set in 2008 in every province, led by declines in British Columbia, Alberta and Ontario.
- National MLS® home sales activity is forecast to rebound by 9.9 per cent to 396,600 units in 2010, marked by an acceleration in activity in the second half of that year. The rebound in activity in 2010 is forecast to be biggest in British Columbia and Alberta. See full article >>
As part of the federal budget, Canada’s “Economic Action Plan” includes a first-time home buyers’ tax credit of 15% on closing costs (to a maximum of $5,000), which would be worth $750 off a buyer’s federal tax bill. They have also increased the amount that first time buyers can withdraw from an RRSP to purchase a home from $20,000 to $25,000 for individuals, and from $40,000 to $50,000 for couples.
Looking at this forecast, the worst thing to do would be to postpone a house acquisition to 2010 , all we have to do now is to let our clients realize this.
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