I saw this article and thought now is a great time to send out my "Heads up!" email. I always send one when I believe the market is going to change.
In 2008 I sent out an email to all my SELLERS alerting them that the market was going to correct soon and if they were thinking of selling, they should do it quickly. By the next spring, the market began a significant decline that lasted over 4 years.
When we leveled out in the valley of 2012, I sent out another email, but this time to all my BUYERS that it was time to buy as I felt the market would start recovering soon. By 2014 recovery was in full swing, prices were going up and have been ever since.
I generally get a lot of emails within six months of me sending out my "HEADS UP" email either thanking me for alerting them to the possible change or telling me of the mistake they made by not taking action and waiting too long.
Well, here we are again! Our market has surpassed the peak of 2008 and I believe we are coming to the end. If interest rates take a jump, this correction could come on us with lightning speed but I don't actually see that happening. I believe the spring of 2017 will be the last "great" time to sell. We may or may not have a good fall in 2017 (I'm good at predictions but not that precise!) but I feel strongly that by 2018 our market will be correcting downward.
I want to let you know that if you have any thoughts of selling, I believe you should list your home in March of 2017. May and June will see a ton of listings hit the market and the competition will be very high. March is a great month because any snow we had is gone, lawns can be raked and cleaned up but the competition will not be nearly as tough as in late spring, early summer.
I would love to hear from you in December and January and do a market evaluation for you and help you determine if 2017 is going to be the year you sell or not. There is no cost and no obligation, just information.
As part of a stress test conducted by the Canada Mortgage and Housing Corporation, it concluded that its business would suffer a loss but could withstand a hike. However, for homeowners the pain could be severe.
Interest rates are not the only risk factor for a sharp correction of home prices. A severe and prolonged depression could see a 25 per cent slump for prices.
CMHC said that none of the scenarios it has tested should be taken as predictions.