Is it a good time to buy?

For Canadians pondering a purchase, the numbers are clear. Today is a much better time to buy than at any time in the past two years, but conditions could improve further, and prices could continue to fall.

Marketing timing is very difficult. However, lucky for buyers, the property market moves more slowly than the stock market. Buyers are trying to avoid buying today only to learn that they could have saved thousands by waiting a few months.

With a growing selection of homes for sale, prices are trending downward, and buyers are firmly in the driver’s seat. While a well-located, competitively priced unit may still attract interest, most sellers will find themselves forced to offer concessions or accept lower prices to secure a deal. This is a huge adjustment from previous markets where there were bidding wars and people made unconditional offers.

Unless compelled by necessity, like an addition to the family, patience may prove a virtue.