In today's market, many Canadians are wondering whether it is still a good time to buy or sell a home. The truth of the matter is, there is no one right answer to that question. The real question to ask is whether it is the right time for you.

Do not make the mistake of trying to time the market. If you are buying a home, you need to determine the costs vs. the expected return, and then decide if that situation will likely improve if you wait. With today's historically low interest rates, the cost of carrying a home is now very affordable. Your local real estate professional can help you estimate what your expected mortgage, taxes, utilities and other carrying costs will be after your down payment. First time buyers may even find that their carrying costs are comparable to rent. In addition, bear in mind that you can lock in your mortgage rate now to keep your costs low, even when interest rates inevitably start to move higher.

In most cases, a simple calculation will tell you that you have a lot to lose by waiting. The higher carrying costs if mortgage rates go up and the lost equity you might have been building could be significant if you decide to wait. First time buyers waiting to save for a larger down payment could find this especially true when you consider that you still have to pay rent while you are saving for a home.

If you already own a home and want to sell it to buy another, then you have both ends of the transaction to consider. Do not lose sight of the fact that it is the difference between the prices of the two properties that is your primary concern. You need to focus on whether you can afford the additional expense of the new property over that of your present home. Again, here's where your representative comes in -- estimating the proceeds of the sale of your existing home, providing helpful advice on how to keep your carrying costs low for your next home, and helping you lock in a great mortgage rate before you buy.

Therefore, if you think the time may be right for you and your family to make a move just consider the high cost of waiting and talk to your local professional for their expert advice. Instead of trying to time the market, make an informed decision that is right for you and your family.