Housing Market Slowdown Ahead - How to Prepare for Potential Buying Opportunities
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Economic growth is slowing and we could enter a recession in 2023, which could lead to lower housing prices.
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High mortgage rates have worsened housing affordability. Discounted rates are still around 5-6% range.
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Major pullbacks in Canadian home prices are rare. Keep an eye on the unemployment rate as a indicator.
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Build credit score by paying all debts and cards on time. Contribute to a first-time home savings account.
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Lower rates and prices together can improve affordability. Dramatic improvements are unlikely in 2024.