There is no doubt house prices have dropped since Feb 2022. Are houses now really cheaper? Hint this is a trick question.

I’ll walk you through the cost of owing a detached house, semi-detached house and a condo in the city of Toronto in Feb 2022 versus now.

There is a lot of noise in the media about real estate. Whether you rent or own, no doubt housing is a hot topic around the water cooler, well maybe water cooler chats don’t exist anymore since March 2020. The 2 takeaways from this video are:

1. Average numbers are meaningless. Look at specific data on what’s happening in your area. What happens in Windsor, Vancouver or Halifax is irrelevant to specific areas in the city of Toronto. Average Canadian numbers are meaningless

2. Everyone’s situation is different. If you are a move up buyer, this is your time since you can buy with less competition. Keep in mind, we’re starting to see multiple offers pop up here and there in the city of Toronto

Until next time….happy home hunting!!