Though frigid outside, we are in full swing with helping clients prepare for their real estate strategies and ventures for the upcoming year. This time of year often brings about planning for buyers and sellers. We always find this time to be especially active for visiting homes to provide valuation estimates, in preparation for being listed, as well as preparing our buyer clients to jump, in case opportune properties come on the market. We have seen listing and selling activity pick up through the usually slow December holiday season, indicating buyers are moving forward with their plans. The Winter and early Spring market are times where not only families, first time homebuyers and returning snow birds are active, but it is also the season where investors, developers and farmers are more active participants in the market.
We are anticipating the Spring market to improve, as a result of continued demand, consistently low months of inventory (indicating movement in the market), and historically consistent days to sell in our trading areas. Additionally, lending rates are approximately 1.5-2% lower compared to the same time last year, on average. December brought upon new lending conditions as well:
reduced down payment requirements:
5% for the portion of the purchase price up to $500,000, and
10% for the portion between $500,000 and $1.5 million.
extended amortization periods permitted for first time home buyers and those buyers building new homes
allowing mortgages in the amount up to $1,500,000 to be insured with CMHC, contrary to before where only up to $1,000,000 was insurable by CMHC
We have yet to see the full effect of these changes, and many may not find these changes advantageous or applicable to them, but they are fueling some activity.
We all wish we had a crystal ball – we are in a turbulent geo-political era, so are attuned to the fact that market conditions may change quickly. We also appreciate that these times may present different challenges or realities for our various clients, and are here to help guide you through the process.
Though differently so, 2024 was a challenging year for the market as well, but a big “Thank You” to our loyal clients. We were fortunate to enjoy continued success, helping people achieve their real estate goals. We credit our achievements to our clients – none of our success would be possible without you. Your continued support is very much appreciated!
We look forward to helping you, your family and friends, and your referrals this year! Feel free to reach out at any time, we are here to help.