4 ms·

That’s a funny statement considering parts of Toronto are down 30% in the past 4 months and the Bank of Canada hasn’t finish hiking rates.

• OJFord 4y ago
  I'm not Canadian or particularly familiar, but that's 30% down having done something like 300% since 2009 right? So if you've been renting for the last 13 years waiting this to pounce, you're hardly going to be patting yourself on the back thinking it was such a smart move. Unless you mean having bought there 4m ago would suck? Well, sure, but this 'advice' is only for a home, where you live, not an investment property. And as for looking right now vs. waiting short-term for prices to drop (and paying rent meanwhile) - that's surely priced in. Suppose it could still make sense to someone personally if it put them in a better mortgage position (at the risk of a worse rate).
  • refurb 4y ago
    People who bought 2 years ago would now end up selling for less than what they bought. Some places will bottom out at 50% of current price. That means if you bought since 2016 or so your house is worth less than when you bought it.