The Great Gitchigoomie of Real Estate

The Great Gitchigoomie of real estate, the Toronto Market, is without question a fair weather friend. November waters were stormy and grey, but in the big expanse, sunny sparkly days will come.  Condo sales, starts, pre-build sales and prices are suffering. New build freehold is at a standstill.  Builders and speculators are nursing knuckles. The TRREB statistics presented here sit in comparison to the year before, and last year…sales were slow. So, don’t be  too heavily inspired by the uptick in sales.

Most Buyers and Sellers have strapped on the life preservers.  Sellers do not want to sell low and most will not. Some are more attached to their primary needs and goals and will accept reasonable but not robust prices. Buyers think that interest rates will come down, and they wonder if they will have more choice in the spring. Alert — those 5 year fixed rates may not come done, at least not much.

This week at a meeting of Mortgage Brokers and Scotiabank economists, the Brokers were told the fixed five year rate is pretty close to its bottom, if not sitting right at it. The economists told them that house prices will go up, but the 5 year fixed will be steady.  Mortgage Brokers were advised to tell realtors and clients that the time is now. Buy.

However, if you are a world affairs watcher, a news reader and especially a YouTube deep diver you are wondering about calamity.  Is the world about to fall into an economic abyss? Are the global doomsday hornswabblers correct?

The best advice this realtor can give is think of your home as your hearth, not your business enterprise. Buy a house according to your needs and your big life goals. Enlist the wisdom of your best financial advisors.  There are some good options on the market right now. There are even some that an advisor with a steady world view would suggest are a GOOD DEAL.