How's the Market? ... Seriously, how is the market?
It can be any way you want it to be. Here's proof:
- Toronto house prices could slip in 2015, TD Bank predicts (4 Feb)
- Toronto Condo Prices Have Likely Fallen Sharply - Huffington Post Canada (19 Aug)
- Condominium prices falling while low-rise homes continue to soar - Financial Post (19 Aug)
- In a hot Toronto market, should I price my house high or low? - Globe and Mail (15 Aug)
- Strong July home sales in Vancouver, Toronto show market picking up steam - Globe and Mail (2 Aug)
- Real estate markets set for 'major slowdown' - CBC.ca (8 Aug) Notice how 'major slowdown' is in quotes
- Rising mortgage rates grim news for sales - Toronto Star (23 Aug)
- Canada's housing market still running hot - Globe and Mail (11 Aug)
- No more tightening needed after measures averted housing bubble: Flaherty - Financial Post (21 Aug)
A simple Google search returned links that I have reproduced above. Depending upon who you choose to pay attention to, you can decipher the market in any which way you wish.
Do you see the sharp contrast in the headlines? As I always ask, does the news make the press or the press makes the news? Well, it is a little bit of both. While professional bodies such as Canadian Real Estate Association (CREA) and Toronto Real Estate Board (TREB) come out with statistics all the time, it is up to the user of that information to interpret them anyway they want. How these stats apply to you is just as unique as your situation.
Let me illustrate with a simple example:
So you see; if you believe that your situation is just as common and regular as the next guy, then you will do just fine by reading the newspaper and drawing your inferences.
On the other hand, if you believe that you are unique, with your own set of circumstances, specific goals and personal objectives, then you should immediately consult a real estate professional. And when you do, be very honest and forthright. It is just like going to the doctor's office. If you hide your symptoms, then you will get the wrong prescription.