It seems like every week, you see another article in the Globe and Mail about the impending crash and chaos that is about to breakout in the streets. Crews are standing by to clean up the blood and aftermath of this terrible spiral of the housing market.
So...any time now!
Yes, certain segments of the market have softened : See "Condos"
But the majority of major markets, save for Vancouver, are still seeing rising prices, bidding wars and houses going for 'over-asking'.
Here is an article regarding some of the bidding wars in Toronto:
http://www.theglobeandmail.com/life/home-and-garden/real-estate/you-want-that-home-join-the-line/article11543034/#dashboard/follows/
Notice how specific the market is that they talk about? "Detached Homes"....
Funny enough, the same thing seems to be happening in Guelph. A friend of mine is moving from Thunder Bay to Guelph and is currently looking for a detached home in the $350,000 range...and it's becoming very tough. Houses are going over asking even here!
This seems to prove me right, that there is no such thing as the "Canadian Housing Market". Each market, segment, neighbourhood and housing type is unique.
Experienced investors "look behind the curtain" to see what is really going on. They look at the specific market factors regarding the subject property and manage to block out the 'noise' from the media and naysayers.
You should do the same.
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