Updated: Jan 25, 2019
What should we do in 2019? With the economy slow down, the trade war between US and China and the uncertainty of the real estate market, is this a good time to buy or sell? It really depends on your situation.
For the buyers:
If you are still renting and the contract is expiring within 6 months and have the ability to do so, why not? All the renting cost will help you pay off most or all of the monthly mortgage. Interest rate is almost the same compares with 10 more years ago (another lower rate just announced a week ago). Housing market is long term investment. If you are ready, its the time you should go in. Myself is a good example, I got my job and kept the job for 2 years and believed that I would be stable with my monthly income. I finally had my deposit ready and the credit was good. I didn't want to move anymore. These are all the factors (not limited to these factors) will come together before you start looking for a home. If one of these factors is not ready, you are not ready! Remember, any of these factors might go away next months! Take them when they are there!
For the sellers:
If you are selling your smaller house and want to move to a bigger home or selling your condo and buy a freehold, yes, I believe this is a good time. Smaller houses, especially condo has a higher than average increase both in price and volume while bigger houses has a huge drop in volume and lower adjustments in price in 2018. Lots of people misperceived the news that the price of the houses has been dramatically dropped; However, according to the TREB, average price of freehold house has actually increase from $734,847 in December 2017 to $750,180 in December 2018 even thought the volume has been drop from 4,873 to 3,781. Year-over-year percent change for detached dropped 4.4%. Year-over-year percent change for Semi-detached increased 3.2%. Year-over-year percent change for Townhouse increased 5.3% and Year-over-year percent change for Condo increased 9.9%. Is it a good time to sell? Yes, in some situations.
Maybe real estate market is dropping in 2019, or maybe not. When to look for a home? When you are ready!