Is Now the Right Time to Buy a House?
Source: Aya Al-Hakim Global News, August 29, 2022
Is now the right time to invest in property?
Home prices are falling in many parts of Canada, but there are important factors to consider before making an investment, according to experts. Knowing what the mortgage rate is and how much a family spends every month amid rising costs of living are some of the factors that need to be taken into account before purchasing real estate, they say.
The latest data from the Canadian Real Estate Association (CREA) showed prices hit $629,971 in July, down five per cent from $662,924 last July. On a seasonally-adjusted basis, it amounted to $650,760, a three per cent drop from June. When pandemic lockdowns began in March 2020, the average national price was $543,920.
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