Looks like it. But it’s early yet. As always, we’ll see.
The bad news is that if you were holding out for the really really hot deals, you missed them. You should have bought when everyone was still afraid of real estate. The good news is that it’s still a great time to buy real estate. The realistic news is that anytime is a good time to buy because like I keep saying, the roller coaster style ups and downs of the real estate market are only temporary. They go up in the long term, quite a bit faster than inflation too.
As always, just make sure you can make your payments and barring extenuating circumstances, you’ll be fine. Don’t think of timing your buy as being more complicated than it is. That part of real estate is actually quite straightforward and not as important for most people as they tend to think. Look for my six part series on this blog titled “When to Buy and Sell” for more information. You’ll see what what I mean. Especially when you consider that I wrote it last fall when everyone thought the sky was falling. Now that we’re starting to see things turn around, I think more people are likely to take it seriously. I’ll just have to keep it on file for the next time the mainstream media makes everyone needlessly freak out about real estate in a few years time. My guess is six or seven years from now, but as always “We’ll see”.
Way I see it, there are good times to buy and better times to buy. As I heard Canada’s top real estate guru Ozzie Jurock say a couple of weeks ago when I went to see him, “I’ve never regretted buying a property. I’ve only regretted selling them.”
I put some stats from the Vancouver Island Real Estate Board below. These are the average sale price for single family homes in Nanaimo for the past few months. Give you an idea of how sudden the turnaround has been. What’s most interesting to me is the time of year we’re seeing this happen. It’s usually in the spring when you see the bulk of the sale happening. It’s actually been heating up with exponential speed since February. (If you’re a regular reader of this blog you already knew that.) The fall is usually the second busiest time of the year after the spring before it gets quiet in November when everyone starts thinking about Christmas. So I would hazard a guess that there’s more action to come.
July $363, 528