The housing market in Canada continues to surprise us for both buyers and sellers. Buyers have seen the highest prices and have heard about price corrections for home prices. But have we seen this? Is it possible that the new year will bring a change for you, so you can get your home?
Right now, the truth is, understanding the housing market is hard. But we can start prepping for the next year by thinking about some things. Supply is always a big factor in home prices, and sellers are nervous about what kind of returns they will be seeing for their assets. As such, some will hold off listing their homes when they can.
Sellers never want to sell in a low market. But it is usually during this time that buyers are out in abundance. Included in this group are resellers. This would be the opposite of what we saw this past February. What this could mean is low housing prices all across Canada, which would drastically impact supply in a negative way.
First time buyers are frustrated, as there aren’t many potential homes on the market for them. Many of the houses currently going on the market have had the same owners for over 30 years, so buyers can see their budgets disappear, especially if they need renovations. Often potential buyers find something, but when they see the work that is required, they find themselves running into difficulties because their lender may not be able to finance and insure the property.
Sellers may be feeling less frustration than buyers, but that is until their properties are not selling. We can expect to see a shift in what it means to own property. Families are selling off their assets, and new generations are taking action towards homeownership. In the current housing market, there is really no perfect time to make a move.
Those looking to sell need to find and work with an agent who can help them develop a strategy for bringing a home to market. They should put you on with a clear vision on the values for your area, and let you know of any barriers that may be present to make your property more desirable, as well as what could make it less desirable, so you can avoid that.
Buyers may need to take a look at their options outside of buying a home. One option could be to build a home with us. Contact us to find out more about building your dream home from the ground up.