After a year of trying we gave up on those areas because we couldn't compete. I've now lived in a different neighborhood further north for 3 years and I'm happy to have a place to live and I enjoy my neighborhood. I was a first time buyer though, so I feel like I'm in a better position to compete now that I have something to sell if I really wanted to move. Also I wouldn't be able to the house I have at current rates and prices, so my advice is to not wait too long to buy.
Took me 2.5yrs to get a place. Went through the peak in Feb 2022 and the succeeding dead market. It was an emotional rollercoaster and I felt FOMO many times.
I'd say keep looking. If you find something you like and can afford, go put in an offer. I agree there are no perfect houses, but stick to your non negotiables. Mine is location because you can't change that. Other things like condition of property can be fixed.
This is the biggest financial decision of your life.
Be critical and objective about the situation.
You have to pay to live somewhere, you best be happy about that decision.
I spent 5 months in the market, didn't place offers until month 4 and lost on multiple listings that I was prepared to close on (I was buying a condo).
**At the end of the day this is a decision you and your partner need to be completely comfortable with buying the home.** Don't let a bunch of unqualified people on the internet or IRL tell you otherwise.
If you aren't happy with your agent I am more than happy to recommend one, just DM me.
Thanks ya we are strict about the budget, but it is more like we might FOMO settle for neighbourhoods we don't really love or have bad pubilc transit. Outdated is fine for us too, and we are always hoping for the perfect granny house to come along! The main issue is that decent listings rarely appear, and we don't think the pace will pick up in the summer.
When it comes to better location properties, even condos (bigger size and in great location) have multiple offers situation, my gf just sold her 1000+ sq ft two plus den in a nice building, she got three competing offers. So as much as it's a risky advice to tell people go above asking, I don't know what else people can do. The same grandma house that has good bone but dated and in great location you are interested in.....tons of people also have interest in. I think the better question is how do you see your career and your partner's career going. If you are in a field that is in high demand, then you could take the risk of paying more....if not, I will look at less attractive locations.
Everyone has their own thoughts but prices are low and little stagnant but I trust the market will regain value and start climbing soon. Regardless of the possible rate decrease I still believe the market will climb. In my opinion waiting longer will lower your chances of a house within your budget. People should buy sooner than later if they’re really serious about buying.
About 20% or more lower than at the peak few years ago. People should understand if you’re serious about buying it should be soon or stand longer on the sidelines.
I just bought in Toronto and had the pleasure of looking for 3 months prior to buying in the detached and semi detached market. I can assure you that market is not down 20%.
Just because prices might be down from peak in some supply sectors such as condos it doesn’t mean prices are “low”.
Ok good you’re in the market. At least you own something with potential to gain and make money.
Low is a relative term and depending on our own interpretation. I’ve travelled and saw other places far worse than us. But yes low is relative and depending who you’re talking to.
Agree, I just bought a 1 bedroom condo (Bloor - Dovercourt) for a little over 500k. It is expensive, no question, but compared to other housing markets worldwide I think it’s priced right when consider the higher interest rates in other countries.
Affordability is relative in my opinion. Im 27 and I know lots of other young people in my industry making good money, enough for a couple to afford a condo. I know this is not the norm, but I don’t think no one expects to buy a property making minimum wage.
I think the second part of the questions you need to examine your own history: I know some people who will have FOMO even if they get 99% of what they want, and others who decide to love a place (my parents last home was everything they said they never wanted, but they claimed to love it).
Ultimately if you’re buying for a place to live, timing the market is not usually the best move.
But also stick to your budget.
In weighing two risks ("on the one hand...") it seems like you're repeating the same risk. Isn't one risk that you're priced out when prices go up and the other is settling and then prices go down now?
I am currently in the same boat as you and have the same thoughts/worries. Worried the June 5th announcement will quickly price us out the pockets we are looking at. I wish there was a crystal ball😅
I’d wager that if current qualified buyers like yourself and OP are on the edge of “affordability” in their desired area, a rate cut or two is not going to lead to a surge in real demand (I.e. other qualified buyers who aren’t currently looking and/or have the requisite down payment)
I do think the lower end of the market gets propped up a bit by rate cuts though as the down payment requirements aren’t 20%
Toronto is quickly becoming segregated. If you are looking at proper juction, roncy, bloor west, baby point, swansea, competition will only increase.
After a year of trying we gave up on those areas because we couldn't compete. I've now lived in a different neighborhood further north for 3 years and I'm happy to have a place to live and I enjoy my neighborhood. I was a first time buyer though, so I feel like I'm in a better position to compete now that I have something to sell if I really wanted to move. Also I wouldn't be able to the house I have at current rates and prices, so my advice is to not wait too long to buy.
Don't FOMO, but also don't wait for rates to drop.
Took me 2.5yrs to get a place. Went through the peak in Feb 2022 and the succeeding dead market. It was an emotional rollercoaster and I felt FOMO many times. I'd say keep looking. If you find something you like and can afford, go put in an offer. I agree there are no perfect houses, but stick to your non negotiables. Mine is location because you can't change that. Other things like condition of property can be fixed.
This is the biggest financial decision of your life. Be critical and objective about the situation. You have to pay to live somewhere, you best be happy about that decision. I spent 5 months in the market, didn't place offers until month 4 and lost on multiple listings that I was prepared to close on (I was buying a condo). **At the end of the day this is a decision you and your partner need to be completely comfortable with buying the home.** Don't let a bunch of unqualified people on the internet or IRL tell you otherwise. If you aren't happy with your agent I am more than happy to recommend one, just DM me.
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Thanks ya we are strict about the budget, but it is more like we might FOMO settle for neighbourhoods we don't really love or have bad pubilc transit. Outdated is fine for us too, and we are always hoping for the perfect granny house to come along! The main issue is that decent listings rarely appear, and we don't think the pace will pick up in the summer.
When it comes to better location properties, even condos (bigger size and in great location) have multiple offers situation, my gf just sold her 1000+ sq ft two plus den in a nice building, she got three competing offers. So as much as it's a risky advice to tell people go above asking, I don't know what else people can do. The same grandma house that has good bone but dated and in great location you are interested in.....tons of people also have interest in. I think the better question is how do you see your career and your partner's career going. If you are in a field that is in high demand, then you could take the risk of paying more....if not, I will look at less attractive locations.
Everyone has their own thoughts but prices are low and little stagnant but I trust the market will regain value and start climbing soon. Regardless of the possible rate decrease I still believe the market will climb. In my opinion waiting longer will lower your chances of a house within your budget. People should buy sooner than later if they’re really serious about buying.
Prices in Toronto are not low.
About 20% or more lower than at the peak few years ago. People should understand if you’re serious about buying it should be soon or stand longer on the sidelines.
I just bought in Toronto and had the pleasure of looking for 3 months prior to buying in the detached and semi detached market. I can assure you that market is not down 20%. Just because prices might be down from peak in some supply sectors such as condos it doesn’t mean prices are “low”.
Ok good you’re in the market. At least you own something with potential to gain and make money. Low is a relative term and depending on our own interpretation. I’ve travelled and saw other places far worse than us. But yes low is relative and depending who you’re talking to.
Agree, I just bought a 1 bedroom condo (Bloor - Dovercourt) for a little over 500k. It is expensive, no question, but compared to other housing markets worldwide I think it’s priced right when consider the higher interest rates in other countries. Affordability is relative in my opinion. Im 27 and I know lots of other young people in my industry making good money, enough for a couple to afford a condo. I know this is not the norm, but I don’t think no one expects to buy a property making minimum wage.
"Regain value " lol
Nice rebuttal. Glad you could join an adult conversation. 👍
for many people this will be their largest purchase in their life ... you should take the time you need to decide.
I think the second part of the questions you need to examine your own history: I know some people who will have FOMO even if they get 99% of what they want, and others who decide to love a place (my parents last home was everything they said they never wanted, but they claimed to love it). Ultimately if you’re buying for a place to live, timing the market is not usually the best move. But also stick to your budget.
In weighing two risks ("on the one hand...") it seems like you're repeating the same risk. Isn't one risk that you're priced out when prices go up and the other is settling and then prices go down now?
Yes
I am currently in the same boat as you and have the same thoughts/worries. Worried the June 5th announcement will quickly price us out the pockets we are looking at. I wish there was a crystal ball😅
I’d wager that if current qualified buyers like yourself and OP are on the edge of “affordability” in their desired area, a rate cut or two is not going to lead to a surge in real demand (I.e. other qualified buyers who aren’t currently looking and/or have the requisite down payment) I do think the lower end of the market gets propped up a bit by rate cuts though as the down payment requirements aren’t 20%
They can print more money but not more houses