Canadian Business editor advises hopeful home buyers to wait
Posted September 26, 2012 8:44 am.
This article is more than 5 years old.
Graham Scott, managing editor of Canadian Business magazine, has some simple advice for Torontonians thinking about buying a home: wait.
“There are a lot of lessons to learn from Vancouver’s experience here in Toronto,” Scott said. “What they saw first in Vancouver was that the number of houses being sold slowed down and then the prices dropped. What we’re seeing in Toronto is that the number of sales are slowing and so we think that the drop in prices is going to be the next thing.”
Scott stopped by Breakfast Television to discuss his magazine’s latest cover story The Housing Crash Begins.
It’s hard to pinpoint exactly when the drop will start in Toronto, Scott said, but “we can definitely expect to see a slowdown probably over the winter and into next spring.”
So what should be at the top of the minds of people looking to buy in the near future?
“Waiting,” Scott said. “This is a really good time to wait and see because … it’s likely there’s going to be more supply on the market before long and you may have more options.”
Click the attached video to see the full interview.
Read the article in Canadian Business here.
