Since the beginning of the pandemic, Ontario has been a seller’s market. This means that the cost of homes is rising, which is beneficial to people who are in the market to sell their space. However, this is a dilemma for those looking to buy real estate. Due to the contradiction between low interest rates and high home prices, buyers are facing a difficult purchase decision. In this article, we will share four things you need to know about the Toronto housing market.
The Interest Rates Are Low
Over the last few years, interest rates have continued to drop in Ontario. This means that saving for a down payment is easier than it once was. If you are planning on selling your home and moving to the city, you will benefit from these low interest rates when purchasing property in Toronto or elsewhere in Ontario.
In addition, this means that buyers are more eager to purchase homes because they know the rates are currently low. Since these numbers can begin to rise unexpectedly, it is important for people in the market to make their purchases fast.
The Cost of Relocation Is High
After an unpredictable second wave of COVID-19, Ontario has been one of the most affected provinces in Canada. As a result, the supply of real estate being listed for sale has risen sharply due to an increase of people selling their homes.
In addition, it means that the cost of housing has increased dramatically in the last few years.
If you choose to sell your home, you need to remember that purchasing a new home will be an investment if you move within the region. If you are relocating to a different province, look for one that offers a better environment for buyers.
There Are New Policies in Place for First-Time Buyers
The government has started to engage in a practice of offering a loan to people below a certain income threshold to help them with their down payment. This is beneficial to first time buyers and low income households who lack the necessary finances to buy a home. This has created an increase in demand for homes throughout Ontario, which means that selling your property fast will be likely.
There Are Home Buying Investment Groups That Are in the Market
If you are looking to sell your home quickly without overcoming many hurdles, it is advantageous to consider working with a real estate investment group. If you want to sell your home before prices rise any higher, selling it to an investment group will give you access to the needed funds without having to sort through offers, choose the best one, and work with an inexperienced buyer. SLG Home Buyers purchases properties in cash, no matter what their condition.
The housing market has become increasingly controversial in the last few years. Due to the high demand, selling your home could potentially be more difficult if you are selling it independently. On the other hand, selling to an investment group keeps all negotiation between two parties on good terms.