Nico here providing an overview of the real estate market as it stands right now, highlighting the division between condo and freehold markets and the impact of historically low interest rates and recent interest rate changes. I also discuss the current economic situation, advising against making permanent decisions in temporary situations and encouraging people to consider all options before making a decision. Lastly, I differentiated between the freehold and condo markets, predicting that the condo market will remain soft for the next year and a half before prices increase significantly in 2026-2028.
Key Takeaways
1. Potential homebuyers to consider purchasing freehold properties now, as prices are expected to increase in the spring, summer, and fall markets of 2025.
2. Condo buyers to take advantage of the current soft market conditions over the next 1-1.5 years before prices potentially increase significantly from 2026 onwards.
3. Current condo owners to hold onto their properties and consider renting them out if not a primary residence.
4. Condo owners considering selling to wait until 2026-2028 for potentially higher prices.
5. All real estate investors to stay informed about the upcoming Bank of Canada announcement on March 12th.
6. Prospective buyers to explore opportunities in the $1.05-1.25 million range, taking advantage of the new CMHC high-ratio mortgage limits.
7. All individuals involved in real estate decisions to consult with professionals (real estate agents, mortgage brokers, financial advisors, bank managers) before making major decisions.
YouTube Video - A Tale of 2 Markets Condo vs Castle (Freehold)
Ciao ciao
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