I'm often asked by both clients and friends if it's "the best time to buy?" I've always had difficulty answering this question and probably always will.
I can only assume that by "Best" they mean "Cheapest." For me to answer that, I'd have to know exactly what the market will be doing at all times, essentially forecasting world markets, unemployment rates, etc. making me both extremely talented and extremely wealthy. Unfortunately for me, (and any other human being for that matter) that's impossible.
I will tell you why now is "A Great Time To Buy!"
Plenty of Property to Choose From. We've seen a slight shift in the ratios of Buyers to Sellers over the last few years resulting in more houses on the market. Not too long ago you had to offer full price the day a property was listed. That didn't even guarantee your offer was accepted! Now things are moving at a different pace. Buyers can take the time to look carefully, weigh pros and cons, compare and most important, negotiate.
Government Kick Backs. I call them kick backs but they come in the form of rebates and grants. First time Buyers can borrow against their RRSPs for their down payment and apply for a rebate on their land transfer tax. Home owners can apply for a rebate on certain improvements made to their property. We also have numerous energy saving grants and rebates offered for making your home more efficient. Some of these programs are new and are in place to help Buyers on a budget.
Interest Rates are Low. If you are of the small minority paying cash for your home, please skip this part. The rest of us find ourselves shopping the banks for a mortgage. The only good thing about borrowing money, if I had to pick one at all, is borrowing at a low rate. We are seeing percentages right now that almost make me feel sorry for my bank. Almost.
To answer that age old question, is it the best time to buy? I don't know. Is it a good time to buy? In my opinion it is.