If you bought a house in Newmarket in January 2022, the average price of a home then was $1,307,551 (peak was Feb2022 @ $1,444,858), versus June 2022 when the average price of a home was $1,143,875... that's $163,676 less on average than January.
Well, does this mean it is still a bad time to buy? No, not really. While interest rates have risen making the monthly mortgage costs more expensive, the fact that the homes are selling for much less could mean you're much better off in 5-years when the mortgage is up for renewal, than you would have been had you bought in January.
Here is a great video from the guys over @ Mortgage Wellness to breakdown what rising interest rates actually mean to homebuyers and families who are getting into the market... long and the short of it, is that it's a better time to buy now as your mortgage balance will be less than it would have been had you bought in January.
Thanks Nick L'Ecuyer for the great content
