Asked by Buyers:

Are there deals to be had with Bank sales/Foreclosures??

Yes. Some bank sales are listed for less than comparables in effort to get a quick sale. Also in some instances a power offer can lead to considerable savings off the list price.

Caveat: Banks aren't always willing to negotiate their ‘already low' price; All Banks sales are ‘As Is', which means there are no representations or warranties made regarding the condition of the property in question.

How long will these interest rates last??

While I am not an economist and suited to forecast this information, popular thought has these rates staying at or below this level for the rest of the year.

Will there be a Real Estate recession in Canada??

No, not the likes that happened in the U.S in 08-09. Their recession was due to the competitiveness of the private banking industry which led to frivolous credit availability and other inherent market conditions not present in the Canadian marketplace.

Are prices dropping??

No. There is a market correction taking place. Old, unattractive properties are dropping in price to realistic levels. Also new homes which are generally overpriced to begin with are falling back in line with comparable properties as builders try to remain competitive.

Are there deals to be had with regular resale's??

Yes. It all depends on the individual situation however. The motivation of the Sellers. Their willingness to be reasonable and sometimes factors such as how much money is owing determines whether or not there is a deal to be had or not. Generally speaking properties that are on the market for a very short period of time may be a property that is priced to sell, which is why it good to have a Realtor on your side, to identify these opportunities as soon as they become available. Also properties that are on the market for more than 90 days sometimes also present good deals as both Realtor and Seller may be ready to be more reasonable than they might have say 5 days into the listing.

Check back monthly as we update FAQ's according to most asked questions!!