Canadian Real Estate Market Set to Explode this Spring
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Canadian homebuyers can expect to see some positive signs in the spring real estate market, according to a new report by Zoocasa, one of Canada’s top brokerages.
Housing prices took a slight dip this winter, but things are starting to look up with sales increasing and prices declining less month-over-month. It’s like February 2019 all over again, which means we might see more buyers coming out to play.
Here are some market predictions for Canadian homebuyers in the spring.
Low supply has been a major trend in the housing market, but things are about to change, because sellers in urban centers have been holding back from listing for the past year, and they’re ready to come out of hiding. With strong absorption for the first few months of this year, an upswing in new listings in major cities is predicted. Keep your eyes peeled for a bump in new listings after Easter, because they’re most likely on their way!
Last year’s interest rate hikes put a serious hurt on landlords, and many have been losing money due to high monthly mortgage payments. Even though 5-year mortgage rates have come down slightly last month, they’re still significantly higher than last year. Investors are feeling the pinch, and it’s predicted that many landlords will become sellers, bringing more listings to the market. With rent increase limits of 2.5% in Ontario this year, landlords may not be able to cover their costs and may be forced to sell.
With increased activity from sellers in major cities and investor sellers, combined with currently falling interest rates, inventory is set to increase and create more balanced market conditions. This should give buyers the confidence they need to get into the market. However, sellers will still need to make an effort to attract buyers to their properties.
Listen up first-time buyers and homeowners looking for a deal! It’s predicted that the trend of great move-in ready homes getting multiple offers will continue, and homes that need work or have negative aspects will sit on the market. This will give fixer-uppers less competition and could give buyers the opportunity to negotiate a more favorable price. So if you’re looking for affordability or want to get into homeownership, this could be a good option for you.
After years of urbanization, it’s predicted a shift back to the suburbs. With remote work and a desire for more space becoming more common, many people are looking to move out of the city and into the suburbs. This is good news for those looking to sell their suburban homes, as demand is expected to increase.
Green living is becoming more and more important, and it’s predicted that homes with sustainable features will become more attractive to buyers. This includes things like energy-efficient appliances, solar panels, and smart thermostats. Sellers should consider making these upgrades to their homes in order to attract buyers who are looking to live sustainably.
In today’s world, digital marketing is more important than ever. With many buyers starting their search for homes online, sellers need to make sure their properties are marketed effectively. This means high-quality photos and videos, 3D virtual tours, and targeted social media ads. Sellers who don’t embrace digital marketing may find themselves left behind.
Overall, the Canadian spring real estate market is expected to have some positive signs for homebuyers. Keep these predictions in mind as you navigate the Canadian real estate market.