Canadian home prices have increased an average of 17% over the last year!
This is despite the pandemic, months long lockdowns, high unemployment, ballooning federal government debt and the possibility of a so-called “second wave.”
In my view, this is good news for Canadians, as home ownership has proven to be a valuable, stable investment for about 65% of people in this country for decades (in addition to putting a roof over their heads).
Evan Siddall, the outgoing head of Canada Mortgage and Housing Corporation (and former Goldman Sachs banker) recently predicted a drop in home prices of between 9% and 18% by next year.
So far, the market is proving that his predictive powers are the same as every other expert’s -namely, as good as flipping a coin.
©Pazder Law Corporation (2020)
Questions? Call Kenneth Pazder or Melissa Valana (604-682-1509)
DISCLAIMER: The foregoing is not legal advice. It is for information purposes only. When undertaking a financially significant transaction such as a sale or purchase of real estate it is always recommended that you obtain professional advice to assist you to make the best decision. If you don’t know a good realtor, mortgage broker or banker, we can help you with that selection as well.