Unless you’ve been living off the grid, you know that the economic headlines lately aren’t exactly sunshine and roses. The news of inflation and a cooldown in the overheated housing market are enough to make a potential first-time homebuyer try van life for a while. But is that really necessary? Do you really need to put your moving plans on hold? Here’s a glimpse of what the experts are saying.
Following a brief pause in the midst of the 2008 financial crisis, the Toronto housing market — buoyed by a combination of low mortgage rates, low inventory, strong immigration, and suspected foreign speculation — continued a long run of precipitous growth. For perspective, if you bought a home in the city of Toronto in 2010, the value of that same home today has increased by at least 150%! A big part of this long-term gain has come most recently as the average sale price of a home in Toronto has increased by a staggering 40% since May 2020.
As the market continues to bounce back, a lot of people are finding that they want to continue traveling, and the short-term rental market is stretching itself to meet that demand. You might even find yourself interested in remodeling or renovating your home and investing, but is now the best time? These trends are here to help you decide.
We can’t predict what the housing market is going to do, of course. But what can we tell you? Some pros and cons of buying a home, selling a home, or even renting out your home in 2022. Covering topics from the housing bubble to inflation to interest rates, here’s advice to help you decide if now’s the time for you to jump in.
There’s no doubt the 2021 housing market has been hot, but if you’re thinking about playing your hand at the real estate game in 2022, consider these questions first before starting the home-buying process.
If you’re in the market for a new home, don’t even start looking until you read this recap of the current housing market. We’ll cover all the things you need to know, including how the current housing bubble was created, when it might pop, and — most importantly — when it’s the best time for you to buy a house.