Well if you keep doing that you might be priced right out of the market, or you might be lucky and the bubble might finally burst in your area, and you might be able to pick up a cheap(er) house. Right now, the answer is keep waiting because new housing prices have gone up yet again(our friends from Stats Canada report). New housing prices jumped 0.3% in January making the year over year price jump for the previous twelve months 10.1% (down from 10.7% in December). This means if you were going to buy a house last year, but procrastinated a year, you now have to pay 10.1% more. Unless you found an amazing investment (like real estate 🙂 you are farther behind again.
In Ottawa/Gatineau we were lucky in that we had a monthly drop of 0.2% which is nice to see, but if you lived in Edmonton, forget it, your monthly priced index jumped over 1%! Holy crap! Luckily year over year Edmonton wasn’t the most insane (at over 40%), Calgary wins that honour of 40.*% year over year price increases.
It’s interesting because in the states economists have been commenting about the “bubble bursting” in home sales, yet here in Canada, the sales just keep rolling along.
It’s interesting that neither major political party in Canada has mentioned anything about this increasing cost of buying a house and what they’d do about it. Wonder why not?
