Wednesday, July 16, 2008

Long Term Is Best

Every Google alert I got today was about "spiraling" house prices or the Canadian real estate market hitting the brakes. After scanning quite a few they all boiled down to a 5% drop in housing prices in Alberta, leveling in Vancouver and Ottawa saying no to 40 year mortgages.

Vancouver was bubbly for a long time with the never ending condo market and the incredible lack of affordability, Ottawa and Ontario are suffering high dollar blues and Alberta is leveling out after an incredible increase that threatened to erode affordability.

If you own a home and aren't trying to sell then no problem, if you own investment property then keep it rented and make sure it's covering the bills. However, if you are trying to sell now then you have some pretty bad timing! Why not wait a year, try and make your property cash flow then put it on the market??

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