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Discussion Starter #1
My in-laws sold their house just before Covid 19 really became an issue. They have to move out of their house by June 30, 2020. They are wondering if they should hold off as they have been told that the market is likely to fall due to falling house sales, lack of movement in the market etc. They have no mortgage and are currently looking to move further North from the GTA (About 30 min North). They can stay with us if need be or our siblings if they dont find a place by June.

My thoughts, I am not sure what the market is going to do, so we have been telling them to keep looking for a house and to put offers in. However, they do have a place to stay if they don’t find a place by June. It’s so hard to know what the market will do, will it go up once the lockdown is lifted as everyone can now go about a look at houses again? Or will house prices head down lower and the in laws could potentially snag a good deal giving them some extra cash for retirement? I feel like they might be in a decent spot to make some extra money but could it backfire with housing prices going up?
 

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I doubt prices will go up, but timing the market rarely works. I’d suggest they look for a place they like at a price they are happy with and ignore things if prices continue to fall. They were happy with their purchase price at the time, and should continue to be so.

the market is currently rather dead, people don’t want to look or sell, financing is difficult and will probably get worse. Houses were overpriced to begin with, but your parents also need somewhere to call their own. these are all factors in the buying process. They will probably get a good deal, will it be the best possible, hard to say. Probably not, so what they get a good deal anyway. Trying to time the bottom is nearly impossible, but prices have a Ways to drop.
 

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Discussion Starter #3
Thanks for the advice, this confirms what I’ve been thinking too, So hard to time the market and the parents do want a place for themselves sooner than later.

Thanks.
 

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I agree. The way I look at it, you are either buying a 'house' as an investment or you are buying a 'home' you want to live in. The price you pay for a house is not necessarily the price you would be willing and happy to pay for a 'home.'

A lot of people have difficulty separating the two which I think just causes them unnecessary grief. Suppose they see the perfect house in the perfect location at a price they can afford, what's there to think about? You buy it, you live happily in it until you have some reason to sell it.
 

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I would just buy another home ,I do not think prices will change much they are more or less getting asking and over right now in GTA ,Zoocasa will show you that .
 

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I would just buy another home ,I do not think prices will change much they are more or less getting asking and over right now in GTA ,Zoocasa will show you that .
Yes, my understanding is that new listings are down, number of houses sold are down, but prices are holding steady. None of that is surprising really.

The difficulty I would have is in the 'viewing' when looking to buy. An online viewing really doesn't cut it no matter how well it is videoed etc.
 
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