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Hi @Jellish, welcome to the forum.
I'm no expert, so this is only my thought/guess & not investment advice.
If you can hold off the home purchase for the short/mid-term and continue to rent that may provide more stability/security, more peace of mind. Home prices may lower, and potentially drastically. It's good that you are considering all options. My "crystal ball" broke years ago and have no idea what this new economy will look like but the old one is broke?.
 
Hi @Jellish welcome to the Forum!

I'm no financial or real estate expert, but buying a home is always going to be a bit of a gamble. Generally speaking if you're not anticipating selling again for a long time, chances are good you will come out ahead in the long-term. That said, I might consider waiting a bit longer, until you have more certainty in your employment situation. Buying a house is stressful enough, but adding the stress of uncertainty of steady income could prove to be too much to handle.
 
If you can, @Jellish, definitely hold off on the purchase -- if it is a new house (not lived in before) you can work with the selling agent to extend the due diligence period to say 120 days, giving you a better sense time-wise of where things stand down the road; if it is a resale, then you can work with the seller to the same end. These tactics will at least afford you time for which you can improve your perspective on the overall deal without losing your place-in-line.
 
I bought a condo in the Monaco 2 December, 2014. In spite of the loss of valuation over the years, don't regret it, and believe in the community with projects coming down the pipeline. However, I took the gamble that the poster above is thinking and found myself out of work with our contracts on hold coming back from Christmas break. I spent five months looking for work with most of my savings in the down payment and resorting to bottle picking and cash advances off two credit cards to get me through until I found a job.

Eventually I found work that completely changed the direction of my life, was able to rent the condo out at slightly less than the mortgage/fees/taxes. The job had me live in 22 towns across BC and Vancouver island in the following 24 months. I camped in the truck a great portion of that to collect the per diem money, spent nights by bio luminescent water, met a couple incredible women in that time, and eventually bulked up enough capital to protect my mortgage and return back to school as a 30 year old student for a Petroleum Engineering Tech program. Got honors, attained work with job security, a defined benefits pension plan, make the most I ever had, and live on the west coast.

Before I start to sound like an old man rambling at clouds, I want to say that my point is that nobody can tell you if it's right for you to buy a home or not, we can advise you on the high level of risk in the real estate market and direct you to investments with a better ROR, but as long as you're okay with depreciation, and are capable of living within your means if you have to find alternative avenues of revenue, then it's never a bad time to buy a place - especially when you plan to live in it long term.

My opinion? Now is a time to hold, bulk up your savings, and monitor for any lagging indicators in the real estate market over the coming months. Prices aren't going to soar anytime soon but are likely to go down.
 
Aaaw that sucks! Me and my friends went there a couple months ago for a games night and it was a great place. Will miss it for sure :(
 
 

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