Having second thoughts if you should invest on a property now? We’re giving you some facts that will hopefully help you make a chose and take advantage of the best circumstances currently available for prospect buyers.
2018 is the Year
2017 was reported having a volatile Housing market, fortunately 2018 could be the year favourable for buyers as the market finally calms down. Canada has adopted new and firm mortgage rules and according to the Canadian Real Estate Association, or CREA, the 1st half of 2018 might show a decline on the property sales figures across the country. With a more considerate market conditions, potential purchasers may be able to grab a very timely real estate bargain and own a home that they can live or sell in the future. The President of Royal LePage, Phil Soper, says that the new OSFI’s Stress Test rules will seize out some transactions from the market eventually pushing property prices down and having homebuyers benefit in the process. Also, lenders pass the cost of borrowing from banks on to consumers with higher mortgage rates; and when that occurs, prices fall because fewer people will be left to afford the homes. TD Economics estimates that the new rule will cut demand for homes by 5% to 10%, shaving 2% – 4% off house prices.
Buy a House during the Winter Season
Its wintertime and as usual, people tend to wait for spring and summer seasons to look for and buy houses. However, procuring a house over the cold weather has its advantages as the competition for acquiring would be few. There is always a lower inventory with lesser number of houses offered on the market throughout the freezing weather, but this opens opportunity for clients to find the ideal home in terms of location and space with less worry of it being offered to other numerous customers. Prices may probably be lower throughout this season as supply, in time, will exceed demand. Real estate agents are more inclined to negotiate the selling price, closing costs, closing date or even terms of the sale, including what household appliances and items are included in the sale. Little activity amid the colder half of the year also means you will have the full attention of your realtor working hard for you to ensure they can bargain a sale.
Experts estimated that prices may be pushed upwards due to some factors, though, separate considerations will likely to push prices back down limiting the rate of price increase. House-hunting gains looks bright for this year and this season, hence, interested investors should capitalize on the chances it presents while it is obtainable. This is a great time to spend in real estate since prices are expected to be low and possibly the interest rates are reasonable as well.
Buy the perfect home with the help of Daniel and Bonnie Wan today! Save yourself all the trouble and get the help you need.