Year over Year saw a slight increase for total price increase (0.14%.) This was in thanks to the condo market. Mostly condo apartments (8.68%) impacted that YOY change but also condo townhouses(4.54%.) December showed a change in where the increases are coming from. Condo townhouses (13.30%) are now growing more YOY than Condo apartments (11.40%.)
In the freehold market, detached (-7.05%) saw a decrease in price while we saw a slight increase in Semis (1.04%.) This has maintained in December where detached are declining further (-8.03%) and Semis (4.03%) are still increasing.
What would I recommend?
Look everyone is always asking do I buy or do I sell now? Is it a good time? This is a great question but not an easy answer. Should you wish to upgrade, this a great time. If you have a condo or condo townhouse and want to upgrade to a detached or semi, this is a great time with YOY increases in condos and declines in detached. That means you will get more for your money right now.
Do I downgrade? Can I get more money in the future? The crazy increases from the last 12 years are a thing of the past for detached homes. The question is are you willing to delay your plans in the hopes of possibly getting 1 to 2% more?
Would I recommend in investing in real estate? Absolutely. Just be smart about your investment and always look for positive cash flow. The questions will be what kind of down payment do you have access to and that will dictate what kind of properties you would be looking for and where.
Should I buy my first home or continue saving for a better property? Or will prices go down? The reality is that unless you are living in mom and dad’s basement, you are paying a fairly high rental rate. You are paying down someone else’s mortgage and not creating equity for yourself. And your security in not having the property sold out under you or a “relative” moving in and having to move again. If you have the downpayment and can qualify for a mortgage, buy a property. Whether that is a condo, townhouse or freehold.
I would highly recommend sitting down and review your goals and finances with a mortgage lender and Realtor to ensure that you are making the right decisions for your future. And ask yourself, will I be happy in my current situation in 6 mths, one year, two years? Answers to both of these questions will help lead you down the right path.