Potential homebuyers hope patience pays off as they wait for housing market to cool down
Kelly Anne Reinhart and her husband have been living in Guelph for years and now her husband is looking for a change. But Kelly Anne says they won’t be leaving the city any time soon.
“The prices that are out there and how much people are selling their homes, or the properties for, is way too much,” she told CTV News.
With no houses in their budget range, Kelly Anne hopes the cooling prices will fall enough for them to buy a home in Waterloo region.
“It’s hard like you can't find an apartment now for under a thousand dollars."
Housing prices have steadily declined since last spring but mortgage rates are the highest they’ve been in years with the Bank of Canada’s key interest rate now at 4.5 per cent, the highest it’s been since 2007. This is the eighth consecutive increase since March.
According to this month’s Royal LePage price survey, the aggregate price of a home in Waterloo region fell to $729,700 in the fourth quarter of 2022. While home prices have come down steadily, it’s still not enough for some potential buyers.
"With this inflation, it makes it very hard especially now with hydro going up in price, gas, everything like that is just ridiculous,” said Kelly Anne.
Chris Mochrie, a broker with M1 Real Estate Brokerage in Guelph said while homebuyers are waiting for the market to cool, there’s still strong demand for properties in the lower range of the market, especially from first-time buyers.
"As a first-time homebuyer, this is what they are waiting for so if there were some people who were on the outskirts looking in now they have their opportunity to buy in a comfortable situation,” said Mochrie.
While some say patience will pay off, Mochrie believes buyers don’t have to wait.
"Now that the prices are going down in some places it’s easier to look around," said Kelly Anne.
"It's a great time to buy because you can negotiate, so I'm already seeing that some of these buyers that were sitting on the sidelines are finally saying ‘yes now is a good time,’" explained Mochrie.
He adds 2023 may bring homebuyers better luck.
"Now that the Bank of Canada is saying they're going to cool off on the rates there's gonna be a little bit of stability and people are going to get their feet wet again."
CTVNews.ca Top Stories
Grandparents killed in wrong-way crash on Hwy. 401 identified
A 60-year-old man and a 55-year-old woman killed in a wrong-way crash on Highway 401 earlier this week have been identified by the Consulate General of India in Toronto.
Police arrest 3 Indian nationals in killing of B.C. Sikh activist Hardeep Singh Nijjar
Three people have been arrested and charged in the killing of B.C. Sikh activist Hardeep Singh Nijjar – as authorities continue investigating potential connections to the Indian government.
Suter scores late goal, clinches series for Canucks
Pius Suter scored with 1:39 left and the Vancouver Canucks advanced to the second round of the NHL playoffs with a 1-0 victory over the Nashville Predators on Friday night in Game 6.
TD worst-case scenario more likely after drug money laundering allegations: analyst
TD Bank Group could be hit with more severe penalties than previously expected, says a banking analyst after a report that the investigation it faces in the U.S. is tied to laundering illicit fentanyl profits.
Quebec man who threatened Trudeau, Legault online sentenced to 20 months in jail
A Quebec man who pleaded guilty to threatening Prime Minister Justin Trudeau and Premier François Legault has been sentenced to 20 months in jail.
Human remains found in rural Sask. possibly a decade old, RCMP say
RCMP say human remains found in a rural area in central Saskatchewan may have been there for a decade or more.
Britney Spears 'home and safe' after paramedics responded to an incident at the Chateau Marmont, source tells CNN
A source close to singer Britney Spears tells CNN that the pop star is 'home and safe' after she had a 'major fight' with her boyfriend on Wednesday night at the Chateau Marmont in West Hollywood.
Canadian doctor concerned new weight-loss drug Wegovy may be used inappropriately
As Wegovy becomes available to Canadians starting Monday, a medical expert is cautioning patients wanting to use the drug to lose weight that no medication is a ''magic bullet,' and the new medication is meant particularly for people who meet certain criteria related to obesity and weight.
Drew Carey is never quitting 'The Price Is Right'
Drew Carey took over as host of 'The Price Is Right' and hopes he’s there for life. 'I'm not going anywhere,' he told 'Entertainment Tonight' of the job he took over from longtime host Bob Barker in 2007.