If you were to run a quick Google search you would find so much information, – conflicting – information, about what is happening in the Real Estate market today. Some articles stating housing prices are going to drop and others saying the GTA has been strong and will remain resilient. Like always, I strongly advise caution and some common sense of your own. Always seek to understand what type of real estate asset (condos, cottages, single family, pre-construction, etc) is being discussed and what City or Town is the focus of the article. These things are all variables that can significantly impact ‘what is happening in the market’. Trust only the resources you rely on and never trust anything or anyone who promises you guaranteed returns and a mountain of cash. Real estate can and will change, this is normal and it will happen. And really the only time I advise extra caution is if you are looking to cash out of an investment or principal property in the near future (less than 5-7yrs). In this case you do need to exhibit more caution than those looking to hold on to their real estate for longer term (10-15+ years).
Real estate has been affected by Covid, it has impacted most obviously the condo market in Toronto but also has had impacts on cottage country and certain pockets in the GTA. I would generally see this as an opportunity for Buyers or Investors to take advantage of and even if you are looking to buy or sell your principal property – I wouldn’t deter it.