Hello again,
Firstly a big :Thank you” to so many of my fans who took the time to acknowledge and thank me for my articles.
This is regarding the challenge of buying a home these days. The combination of high home prices and increasing interest rates has created a less-than-attractive scenario for many potential home buyers.
Having said this we have seen a correction in some home prices in the last couple months. We have seen appraisers correcting values downward from prices agreed to in offers to purchase. In one recent case our appraisal came in low by $100,000 on a $780,000 purchase price. We ordered a new appraisal and that appraisal came in at purchase price! Go figure!
Renting is not necessarily pretty as an alternative. Toronto rents have just risen 17.2% year over year. Higher interest rates and cooling demand for housing ownership has pushed demand to rent.
I hate bringing negative news your way but this is what I have been seeing.
Keep safe and be well.