Often I hear people saying;" I am going to wait for the market to go down (or soft) before I buy my house". The speculations by general public and media was the housing bubble will burst after Olympics 2010. Nothing happend. Infact prices went up. There has not been a better time to buy than RIGHT NOW. The prices are stable, interest rates are historically low and we expect this low prime rate trend to continue till our neighbour's economy revives.
I don't foresee the interest rates going any lower and if the real estate trend is to be followed the prices are going to appreciate. Thus, if you could qualify for a mortgage and could afford your mortgage plus additional household expenditures, contact a Real Estate Agent and start your home search.
Tighter mortgage rules, which went into effect in July, drove August home sales down across Canada. However, prices seem to be holding steady. So, do not interpret less number of home sales as housing prices going down.
I was recently reading articles on business insider regarding housing and mortgage and came across this article. This furthur proves my point that Canadian real estate market is still very robust. Click here to read the article.