Attention Canadian homebuyers! The Canadian real estate market is shifting towards a more balanced state after being tilted in favor of sellers for the past few years. With slowing sales activity, moderating prices, and broader economic uncertainty, more than half (55%) of Canadian housing markets will be in a buyer’s or balanced market this year, according to the RE/MAX 2023 Housing Market Outlook report.
This is great news for those looking to buy a residential property, but how do you navigate a balanced market? Here are seven tips to help you get started:
- Stay within your budget: Know your financial standing and what you can afford in terms of down payment and monthly mortgage payments.
- Do market research: Understand the market trends and dynamics to avoid overpaying or buying in a bad neighborhood or location with low resale value.
- Work with a real estate agent: Benefit from the knowledge and experience of a professional who can help you navigate the market and find a property that fits your budget and personal preferences.
- Don’t be rigid: Negotiations can be crucial in making or breaking a deal, so be flexible in terms of negotiating the property price, closing costs, and other related terms and conditions.
- Get pre-approved for a mortgage: Avoid disappointment by getting pre-approved for a mortgage first, which can also help you determine how much you can afford and what offer you can put on a property.
- Location matters: Push location to the top of the list of essential attributes during the home-buying process. Consider the surrounding neighborhood, schools, amenities, and transportation, which can also affect the property’s resale value in the future.
- Hire a professional home inspector: Essential in any real estate environment, a professional home inspector can identify potential issues that need to be addressed before closing any deal.
Take advantage of this shift towards a more balanced market and use these tips to help you purchase your dream residential property today!