Investing in real estate a year ago would have meant buying property at a much higher price, resulting in a long-game investment strategy where the return value would have taken many years. While prices were high, interest rates were at an all-time low, so your mortgage repayments were manageable.

Fast forward to Fall 2022 and into 2023. The market has cooled, prices are down and buying a property for much less than what you would have at the beginning of 2022 is a real possibility.

Whether now is the right time to invest is a question many advisors are trying to answer.

 Jon Flynn, a Real Estate Broker of Record has done analysis of the current market. He advises that there are four indicators needed to say it's a good time to buy, and it may be wiser to wait with the possibility of a near recession and further interest rate rises. Watch his analysis HERE.

Wise advice at this time may be to spend your time researching investment possibilities. The following points could help you get prepared to buy when the market is right.

Are you looking at condos, high-rises, or family homes? Determining the type of house you want to invest in will change depending on your budget and other costs. Consider condo fees if you buy there. If you purchase a home, what will the maintenance costs be like? Is it a large property, and are there renovations needed?

If you are purchasing your first investment property, you want to find a location to be a good return for your investment. Depending on the type of property you want to buy, do your research into property markets in different locations. More remote areas away from big cities are always cheaper, but you have to weigh up the location for a would-be renter.

It's important to consider what you will do with your investment. If you are buying a dual residence where you live in one part and rent out the other, that can be good for paying down your mortgage while also managing the property yourself. If you buy a home and rent it out, screening prospective tenants and finding someone who will look after your investment is important. While rentals are high demand, this could be a good option for your investment to pay for itself. 

4. Consider Condos Over HomesBuying a cheaper condo or apartment in city areas could be a good investment and entry point for a new investor.  With housing availability low, Sabine Ghali(link) from Buttonwood Property Management suggests that buying a condo could be a good investment due to the high demand for rentals.

 5. Invest In A Fixer-UpperWhen the time is right, buying a renovator's delight can be a good investment. According to CFA Iain Butler(link), if you have some trade experience behind you and can see a good potential opportunity, buying a home to flip could be for you. If it just needs some cosmetic lifts and updates, you can flip a great return on investment once you sell.

The most important thing as a prospective investor is to do your research and get good financial advice.