The questions “???” are being asked very frequently in today’s (declining) real estate market.
Buy? Sell? Wait it out? What should you do? Where should you run?
Unless you’re wondering where to park your spare tens of millions of dollars, my strategy is simple – don’t change your plans.
Expecting a baby and want to sell your condo in Toronto to buy a house in Newmarket? Go for it! Kids have moved out to universities, and you no longer need a big house? Downsizing makes perfect sense, and you can use the extra funds as a down payment for your children’s first home (even a pre-construction unit).
Yes, the market is going down, and you won’t sell for the same high price as six months ago. That’s frustrating, but not the end of the world, because you’ll also be buying for less!
The main exception to the “don’t change your plans” rule is first-time homebuyers. In this case, we’d suggest waiting just a bit longer – prices are still going down, and you might get a better deal on the property you want. Feel free to reach out for more details, we’re happy to help.
The second exception is relocation. Different parts of Canada are reacting differently to market shifts. For example, price drops in Windsor are very different from those in Toronto. If you’re planning to move, it’s worth analyzing both markets to see whether now is the right time or if waiting a bit would be a smarter move (if your circumstances allow, of course).
In any case, navigating a declining market is tricky and depends entirely on your specific situation. We’d be happy to give personalized advice (free of charge!), so don’t hesitate to reach out!
