01/29/2024
When is a good time to buy real estate? I believe the answer is NOW. While I’m clearly biased as I work in the industry, I’ll put forward a few arguments which are largely supported by this article (below);
1) there’s is a housing shortage as a result of big immigration numbers which are expected to continue. Approx 500,000 new immigrants are due to land in Canada each year, with approx half of those landing in the GTA.
2) interest rates are high now, but they’re expected to come down later this year. Real estate is a long term investment. While carrying costs may be high now, due to higher interest rates, that’s likely to change in the near future.
3) Rents are high and there is continued upward pressure on rental rates given that most people cannot afford to buy. This is good for you if you’re a landlord.
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“We believe in the long-term health of Canada’s housing market. To protect it, we need to address the housing supply shortage across the...”