It's time for homebuyers and sellers to take a deep breath...the busy real estate season is ready to take off! What's the forecast for this year's real estate activity?
Research by the Bank of Canada suggests that tightened mortgage rules will reduce sales activity in housing markets across Canada, particularly in and around Torono and Vancouver. Meanwhile, potential homebuyers throughout other areas of the country are anticipated to pause on the sidelines, as they save up larger down payment before purchasing and contributing to a modest improvement in sales activity during the second half of 2018.
The Canadian Real Estate Association (CREA) notes that the anticipated decline in Canadian sales activity in the fist half of 2018 due to an erosion of housing affordability from tighter mortgage regulations may be mitigated by a number of factors. Some buyers who qualify for a smaller mortgage may purchase a lower-priced home, while others may opt to stretch the amortization period to allow for more affordable monthly payments when financing their purchase.
It's at times like this, when home sellers need help with crafting a well-honed and executed listing strategy in order to maximize their home's selling price and minimize the time on market, and home buyers struggle with affordability concerns, that the services of an experienced real estate sales representative become even more crucial.
Are you thinking of buying or selling this year? Please remember that you're welcome to call wtih any and all of your real estate-related questions - there's never any obligation!