I see all these long long articles ....on real estate...I just have a very simple question and I know no one knows answer to this for sure....but in your opinion...is this the right time to buy a 8-10 years old semi detached house or house prices are going to go down in 3-6 months. How long one should wait and when one would know, now is the time to buy ?

If your goal is to buy a home and your circumstances are conducive to it, any time is a good time.
If you have decided on an area that works for you, and there are houses that you like, why would you wait for some unpredictable changes in prices?
That would be purely speculation.
It's not a stock or bond that you are buying that you need to time the market.

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"Mah deah, there is much more money to be made in the destruction of civilization than in building it up."

-- Rhett Butler in "Gone with the Wind"

Buy if you can afford to pay.
Buy if payment is somewhat in your current rent neighbor hood.
Buy if you know you are going to live in it for more than 5 years.
waiting 10 months does not guarantee a lower price.
All the best

If you are buying your primary residence, I would say go for it. Interest rates are low now + you need to consider the rent amount you would have paid otherwise. If as investment, well, there are couple of other threads going on it.

With around 50K immigrants landing in GTA every year, doubt if the price will drop more than 5-10% - i.e. if they drop at all.

Everyone has rights to make good and bad decision.

Do your own research before making any decision and no-one can help you to educate than yourself. It's a big investment not $1000 lcd TV. People can assist you in particular services when you are ready to pay same like when you are ready to buy lcd and go to best buy.

There are tons on information on different websites including Canadiandesi.

Best of luck.

Let me throw it back at you. How long did you want to wait? And on what basis? Anyone giving you guarantees if the price of a semi-detached house will go down in the next little while? No one can promise you that.

Get a pre-approved mortage so you know what you can afford. Survey the homes in the neighborhood of your choice. Get the range at which they are selling. If your finances jive, you are good to go.

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If you have a gun, you can rob a bank.
If you have a bank, you can rob everyone.
- Bill Maher

Aashu..

It really depends on how desperate your present living circumstances are.

I personally prefer to wait until another 6 months(or more) given the present housing market situation.

If i can buy the same house for 30,000$ less in another 6 months(or who knows.. 1year)..that is 30,000$ saved and earned income!

My 2 cents..

seenappa