Real estate is a passion in Canada, not to the same degree as hockey but still a passion. People are always talking housing prices and where the market is. Buying a house is your biggest investment and should be a well thoughtout process. But it is also your home, a home your family grows up in and loves. So we as realtors and you as a consumer have to find the right house at the right price.My biggest worry right now are people are waiting for the crash. The big real estate 'correction'.When you are buying on speculation you are thinking with your head, when you buy your home it should be with your heart. Now you have to find the right balance. Everybody in our industry knows there are price corrections, we had one in 2006 when our prices were below the national average and increased 25%, what goes up must come down and we had another correction this past year when prices have dropped 8-10%. Do I see a correction in the near future? Not to those degrees. Neither up or down. I expect the market will be shaky for the next year but the real estate market is always shaky, people have wondered about their housing price and value for the last 30 years and will worry about it for the next 30.
My wish is for you to find the right house for your family, make that decision with your heart.
Then make the financial decision - Can we afford this home?
I just finished reading an article in the Montreal Gazette. The article was written by a journalist who had some advice years ago from a co-worker about not buying a home. This journalist then talks to Don Lawby, the head of Century 21 Canada. I have had the pleasure of meeting Don on a few occasions and listen to him speak. His vision of someones home is similar to mine. Don is a good man, a man I respect. Take a look at the article: http://www.montrealgazette.com/business/Forget+market+timing+buying+house+about+life+timing/3128990/story.html
So buying your home is an emotional and financial decision. Base your decision on your needs, not where real estate experts or the press say. The market will go up and down during the time you own your home. Make an educated decision.
Thanks for reading
Ken Devoe Century 21 Advantage
Red Deer AB