Joe And Doug Williams

Is it a good time to buy?

30 June 2020
Joe And Doug Williams

Is it a good time to buy? 

We are getting an above average amount of questions from people who are curious about what is happening in the real estate market, what the future holds, and whether it is a good time to buy. 

We can give a decent breakdown of what is happening in the here and now. But once you get past the statistics and our own direct experience - sizing up the real estate market becomes very anecdotal. The “real estate market” is such a complicated entity - that even properly understanding the present is challenging. Employment, immigration, interest rates, weather, psychology, all of these and many other factors contribute to a very complex matrix. 

Predicting the future is perilous. 

It is so genuinely unpredictable.  When covid first hit in earnest in Mid March, and everyone was told to stay at home, we knew it would impact real estate - but we didn’t know to what degree. As the number of new listings and sales dropped dramatically - we did not know how long they would continue in that direction. And now - with the market rebounding in June (materially in many segments) - we still confess our ignorance about how long this new trend will last. There are a lot of headwinds to say the least - but GTA real estate has proven to be so resilient - that it is truly a fool’s game to predict the future in the short term. 

We would caution homebuyers from trying to time the market - but instead look to the fundamentals of owning real estate.

Predictability & control of your housing 

Joining a community

Long term wealth generation

Favourable tax treatment

Also the question - “is it a good time to buy?” - really should be more about the individual’s personal situation. How secure and predictable is your income? Are you transient - and liable to move in the short term for work? Should you and your partner be buying a home right now, based on the state of your relationship? How will home ownership impact your budget? 

Since it is impossible to predict the market - these personal questions might be more important questions to ask. Just some thoughts. We Hope you are all doing well - and we welcome your questions at anytime.


Cheers


Joe & Doug