Good News and Bad News

Reports across the country regarding the state of housing in Canada have been conflicting this week. The general consensus is that the overall market has cooled, the debate seems to be about what 2013 will look like. CREA (Canadian Real Estate Association) is expecting an overall drop in sales next year by 1.9%. This drop is to be mainly focused in Ontario while Alberta and Manitoba are expected to remain stable. This is opposite to a study conducted by Genworth Canada which predicts an overall increase in the housing market in 2013. Edmonton is expected to perform the best with a 3.2% increase in condo prices while even the Greater Toronto area is expected to see condo prices climb by 2.5%. So there is good news and bad news depending on who you want to believe. The likelihood is that the Vancouver area market will continue to correct and there does not seem to be a consensus on just how much. As prices soften and the market stabilizes, now is an excellent opportunity for first time home buyers to enter the market. Those who take advantage of it will be able to get excellent prices on homes as well as historically low interest rates on mortgages. Don't get caught out of the market, call me today!