Enter “Canadian home prices” into a Google search and you’ll find endless headlines about real estate imploding.
That, and 13-year highs in mortgage rates, have driven countless homebuyers to the sidelines. And many are now licking their chops, hoping to buy closer to the bottom.
To do that takes market timing. Most experts discourage timing for good reason. Gauging price direction can be a crapshoot.
Take the most widely used metric of prices in Canada, for example, the Canadian Real Estate Association’s average home price. The country’s average price has skidded 18.4 per cent from February’s peak, and likely 20 per cent-plus once July numbers come out midmonth.
But averages are misleading. More on that in a minute.
Buying some time
If you’re a prospective home buyer, you probably want to know when it’s safe to go back in the water.
I’ll give you some clues and a caveat….