Housing CRISIS Update: Prices Drop While Rates Stay High

Canada's housing market has been a hot topic for years, with skyrocketing prices and low interest rates making it difficult for many to enter the market. However, recent changes have caused a shift, with prices dropping while rates remain high. This presents a unique opportunity for buyers, but it's important to approach the market strategically.

To help navigate this changing market, mortgage expert Justin Chaussee offers valuable insights on how to make the most of the current conditions. Here are the key steps he recommends for buyers:

1. Get Pre-Approved

With prices dropping and competition decreasing, it's essential to act fast on the right property. Getting pre-approved for a mortgage will give you a clear idea of your budget and allow you to make a strong offer when you find the right home.

2. Know Your Numbers

Buying a home involves more than just the purchase price. Closing costs, taxes, and insurance can add up, so it's important to have a full understanding of the financial implications of your purchase.

3. Target Motivated Sellers

Listings that have been on the market for 60-120 days typically indicate a motivated seller. These properties may present an opportunity for buyers to negotiate a lower price, especially in the current market.

4. Focus on Long-Term Value

While it may be tempting to solely focus on the current price of a property, it's important to also consider the long-term value. Factors such as neighbourhood, resale potential, and overall condition should all be taken into account when making a purchase.

5. Be Prepared to Sell Your Current Home

If you're looking to buy and sell at the same time, it's crucial to have your current home ready to sell quickly. This will allow you to move forward with your new purchase without any delays or complications.

While the current market may seem daunting, Chaussee reminds buyers to look at the bigger picture and plan for the long-term. And with interest rates forecasted to fall in 2026, this window of opportunity for buyers may not last forever.

For more information and insights from Justin Chaussee, check out his YouTube video "How to Buy Strategically in a Changing Housing Market".