What the experts say to Where the Housing is Headed?

Got up early this frosty Spring Morning. I think I was awakened by jet noise of an overhead aircraft. Took the dog for a walk, walked in and made my grandson a hot chocolate and myself a mug of java and caught up some magazine on real estate. I read something that I'd like to share with you. A well know financial magazine, in their wisdom got some Bay Street housing industry observers to answer some tough questions. I have abbravated their long winded answers to the best of my ability to an understandable level for us guys on the main street. The panel consists of

Brad Lamb - owner of the top selling condo firm in Downtown Toronto,

Sherry Cooper -chief Economist BMO Capital Markets,

Garth Turner - Real Estate commentator and a former MP,

Elise Kalles - leading sellers of carriage trade homes,

Harry Stinton - Real Estate Developer,

Richard Wengle - Toronto Premier luxury architect and

Mike Eppel - Business Editor 680News

Question: Whats happening in the Housing market?

Elise Kalles: Well maybe now is not the time to put the home on the market, but as far as buyers go, I encourage them to buy today. Those who want to wait for a clearer view of the future, I tell them that when the future is again clear, the present bargains will have vanished!


Q: So, is everybody just waiting?

Lamb: There are people who are motivated to sell.
Stinson: There are people who have a reason to buy,sell, move instead of treating their home like it is a stock in the stock market and make money in selling their home. they are now buying or selling for a reason.
Eppel: And you actually have time to go through a property without the fear that someone is going to snap it up the next day if you hesitate.
Turner; Now it is getting more into a situation where it is actually more traditional what the home was intended to be: a home.
Q: Is the bidding wars over?

Lamb: I would say 5% of our deals still have more than one offer.
Wengle: Before people were lining up against three or four people and now it has slowed down considerable.
Kalles: There is no feeling of immediacy.
Q: Has the housing market caught up to the reality of what's going on in the global economy?

Copper: I think that many Canadians are still in denial and that there's lot of la-la land still around. They're deer in the headlights. the last thing they're going to do is make an important residence decision. It'll get worse before it get better.

Turner: I think Sherry is right. If you look at what's happened in the financial services, it is likely to happen again in the real estate markets.

Lamb: well ask me if they should wait. I actually think the worst is behind us. I think now is a great time to buy.

Q: Final Question to all: What's your opinion? Would you advise to buy now or wait?
Turner: Media has under reported the financial crisis, however, the low interest rates are here to stay, so avoid rush buys. Shop around if you are buying, take your time.
Cooper: the worst is yet to come, but housing will rebound.The downturn has been worse than expected.
Harry Stison: Buy a home to live in, not to make a profit on. things will stabilize in about 6 months.
Elise Kalles: More high-end homes are sitting on today's market.
Brad Lamb: Real estate has bottomed and is on the upswing.
Mike Epple: Doom and gloomers are getting the most prominent voice.
Wengle: I have found that we are getting back to proper quality building and finishing again, and they are getting better. there is no rush to finish the product anymore.