Will the pause on interest rate drive up Canadian housing prices?
Before I answer the question, let me share this clip from Global News with you.
[Global News]
As with everything else, people have opposite opinions.
On one end, they believe that we have hit the bottom and things will just go up from this point on.
On the other end, they think that the worst has yet to come. Prices may fall another 10% or so before they level out in a few months.
Which side are you on?
Here’s how I see this.
They seem to be on opposite ends, but they are really just saying the same thing.
What do I mean by that?
The optimistic side thinks that we have hit the bottom already.
The pessimistic side thinks that it will take a few more months before we hit the bottom.
You see, what they are both saying is that we would see the bottom in 2023.
So the general consensus is that the market will be on the road to recovery.
Does a few months’ time make a difference in the long run?
No. Not at all.
Here’s the thing.
It’s impossible to time and catch the rock bottom.
When the market was at the peak, people were waiting for the market to crash.
When the market crashed, they were waiting for the market to go even lower.
Then they missed the bottom and they got frustrated.
So they wanted to wait for another crash and the cycle continued.
My winning recipe is to stick to the same old principle.
Real estate prices fluctuate up and down over the short term, but the long term trend is always up.
If you buy and hold, you always win.
So every year I put aside some money to invest in real estate, including last year during the market crash and back in 2009 during the Great Recession as well.
If you are ready to invest now and enjoy the long term gains, you can schedule a call with me at the link below.
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