There is no shortage of media fallout from the Canadian Real Estate Association (CREA) announcement on June 2 that it is revising its forecast for home sales. Some news reports blame inflated prices in BC for precipitating the CREA decision to revise its forecasts. Whatever the source, word of mouth often leads to realization of predictions as more homebuyers take a wait-and-see attitude. But, according to a National Post report, home prices will continue to creep up in 2010 before they drop slightly in 2011.
While experts argue on the severity of a real estate correction, most agree that prices are moving towards a flat line in the coming months. Real estate investors might consider selling now, then reinvesting their dollars as buying opportunities become available.
Pre-approved mortgages allow potential home buyers a window of time during which they can ‘shop around’ for affordable properties while holding on to their negotiated rates – usually for a period of two to three months. With interest rates set to rise, and prices heading downward…now might be the time to sell and reinvest your profit, or get pre-approved for a new mortgage.
Find out what you can afford using the CENTUM Mortgage Calculator.
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