Here’s a look at where the Canadian market stands right now, and what you’ll want to keep an eye on moving forward.
LOW HOUSING INVENTORY
At the end of last year, tight inventory created a great market for sellers. Even if the market begins to cool, 2021 may still bring favorable conditions for sellers and a competitive market for buyers(1)
BUYER DEMAND IS INCREASING
Many millennials and renters still have plans to buy a home in the next few years(2) With interest rates hovering at historic lows, homeownership could be more affordable for many during the first mortgage term, making this the perfect time for those with a steady income to buy.
MOVING TO THE COUNTRY
At the end of last year, close to a third of Canadians 3 wanted to leave the city and move to rural or suburban communities, especially as remote work becomes more common. But those who prefer city life may be able to scoop up a recently-vacated condo(4) for a lower price as some owners leave for the country.
WE NEED MORE SPACE
Homes with extra rooms and outdoor amenities like a pool, balcony, or patio are attractive to an increasing amount of buyers looking for more living space(3) as family and work needs shift.
SHOULD YOU CONSIDER A MOVE THIS YEAR?
ARE YOU FINANCIALLY SECURE?
If you have a steady stream of income and can secure a downpayment, now is a good time to enter the market, since low-interest rates will make your monthly mortgage payment more affordable. Otherwise, keep saving and revisit your search when finances are more stable.
DOES YOUR JOB ALLOW FOR EXTENDED REMOTE WORK?
Employees with a flexible work-from-home policy don’t necessarily need to live in the same place they work. This can lead to housing opportunities in areas you hadn’t previously considered.
HOW OFTEN DO YOU FIND YOURSELF NEEDING MORE SPACE?
Most families could benefit from an extra room or two, these days. Consider upgrading this year while market conditions are solid. If you’d rather renovate your current home, call me for a referral to a trusted contractor!
ARE YOU HAPPY WITH YOUR CURRENT LOCATION?
This is the perfect time to find a great deal in your dream location. For moves locally, I’m here to help you figure out your options! If you’re trying to change cities, still give me a call — I’m part of a vast network across Canada and the United States.
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THINKING OF BUYING OR SELLING THIS YEAR? GIVE ME A CALL, AND I’LL HELP YOU GET STARTED ON YOUR JOURNEY!
Oh, by the way…if you know of someone who would appreciate the level of service I provide, please call me with their name and contact information. I’ll be happy to follow up and take great care of them in a way that is healthy and safe.
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SOURCES: 1. Robert Hogue, “Monthly Housing Market Update,” RBC, October 2020 2. CIBC, “Millennials: Rent or own?” 3. RE/MAX CANADA, “Canadian Housing Market Outlook (Fall 2020)” 4. Matthew Halliday, “Canada’s big-city condo market most vulnerable to pandemic headwinds,” The Globe and Mail.