In the last week or two, the market has suddenly surged where many listings are now receiving acceptable offers on their properties! It’s as if buyers came out of hibernation all at once and in line with the nicer weather, typical during the spring market season.
This resurgence is not only being experienced in single family homes, but in revenue property as well in many areas of the West Island and even off island for that matter.
As the Bank of Canada held itself back to further raise lending rates last week, many banks are securing rates of below 5% for 5 year terms on any new purchase and locking in those rates till September, or the traditional 120 day period to allow their clients to purchase with rate in pocket.
Although we are not seeing the craziness of last year’s spring market, where sellers were contending with a large volume of multiple offers, this market is somewhat more subdued due to a more balanced supply vs demand ratio. The phenomena seems to be concentrated in properties below $750,000, the range in which first-time buyers navigate the market, but we are seeing movement in higher price ranges as well, depending on the community.
As explained in my last blog, there is no “market” per se when considering a move. The focus of activity is about your present neighbourhood vs your next neighbourhood and the market data contained therein. Your realtor must therefore have an analytical eye to market conditions in order for you to maximize your equity on the sale and maximize the “return on value” of your purchase.
This is a great market to get into, still great inventory and price flexibility!
LET’S GET MOVING!
Marc.
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