The Coles Notes answer to “Is 2019 A Good Time To Buy A House?” is…YES!
Buy a house in 2019 especially if you are looking at your forever home and/or homes in Toronto over $2 million. Compared to 2017 there are some incredible opportunities. It’s been many years since we have seen “deals” in real estate. These “deals” are in the high-end and luxury homes in the Toronto core. The Spring of 2017 was frothy. Very frothy. The higher end homes have levelled off and pulled back in value since then.
Toronto House Prices in 2019
Buying a house in 2019 under $1.5 million is more of a seller’s market (ie., the buyers are in very tough competition with many other buyers, the seller holds the product that the buyers want). It’s still a good time to buy at this price point is the entry into house ownership. This value simply will not go down in the short or long term. There is far too much competition amongst current Toronto residents and the 200,000 people moving to Toronto on an annual basis.
There is little doubt that in 10 years time that today’s (2019) house values in Toronto will look incredibly cheap! Buying and holding real estate is a phenomenal way to increase your net worth and live in a space that you love!
Media Negativity Around the Real Estate Market
Don’t focus too closely on the media headlines it never serves particularly fruitful as it triggers negative emotions that typically don’t serve people well. Also, media headlines are always behind the market, sometimes as far behind as 6 months. It’s best to trust a true real estate professional to guide you through what is actually happening in the Toronto real estate market.
When is the Best Time to Buy a House?
Ultimately the best time to buy a house is when you are ready. When you have decided that it’s time, you have the necessary funding and you are excited to take the plunge. Markets cannot be timed. Period. So always purchase when you are ready and prepared.
Ready to buy a home now, or want to know more about if 2019 is a good time to buy a house? Get in touch today and we can discuss your options.
