Waiting To Buy?

Are you in the situation where you're ready to buy but want to wait and see how the market reacts to all these changes such as mortgage rates increasing, real estate mortgage rule changes, Bank of Canada rates changing?

Well, yes I will say that speculating on how the market will change may save you money, but it can also hurt you as well. In our current market there has been a decrease in sales and an increase in inventory. Which means the supply and demand has shifted and we are edging into a buyers market. How many other people may be thinking the same thing as you, thinking maybe we should wait for a couple of months and see how things go. A lot is the answer. With a combination of summer months ahead and an increasing large inventory, why wait until everyone starts to buy again and the market changes from a buyer to sellers market? Not only will the fall bring buyers aggressively trying to buy a house or condo but mortgage rates may increase as well. Now you've lost out on making bids below list price and are competing against several other buyers. You've also possibly lost out on current great mortgage rates which may increase over the next two or three months and if the rates rise fast enough that erases any sort of gains you've made on price. So does waiting really benefit you? If you're a first time home buyer sometimes the best thing to do is forget about market timing and do whats currently best for you. If you can afford to buy then that's probably the right time to do it.