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An analysis from The Economic LongWave suggests that the current Canadian real estate market is down but still not ideal for buyers. As per the analysis, the market will be at its lowest in 2025 at the earliest, which will be the perfect time to invest. Courtesy: Twitter.com/TheELongWave
A report from Zoocasa suggests that housing prices are down in 14 out of the 20 regional markets in Canada. Average home prices have declined about 15% from their early 2022 peak. They’re forecast to drop 12% this year, according to the median view from a February poll of 13 housing experts. There is room for a further price decline, which may materialize in the next few years.
Another essential factor to consider before buying real estate is the mortgage rates. While mortgage rates were relatively low in the last few years, the current variable rate is 6.40%, nearly doubling from 3.40% in 2022. Higher mortgage rates can lead to higher monthly mortgage bills and lower profitability when the property is rented or sold.
Rents are another factor that plays a part in when you should invest in the real estate market. While the demand was unusually high during the pandemic, it has since eased, and the rents have dropped in recent months. The Canadian government is also working on providing newer housing projects to ensure enough accommodations are available.
Other related factors should always be considered besides the housing market charts hitting the ground. They often act as the barometer for whether it is time to invest or wait for a future time. Currently, The Economic LongWave’s assessment appears to be on target.
See the full tweet here:
There is a time to buy and sell Canadian Real Estate; that time to “buy” is not here “yet’!
We have yet to roll over into a hard landing, which should appear no later than the fall of 2023. A bear market rally (spring market) is inevitable before the next downward leg commences.… pic.twitter.com/vrHzetevdE
— The Economic LongWave (@TheELongWave) April 4, 2023
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