Facebook
X
Pinterest
Copy Link
One of the most common questions I get when people hear that I am a REALTOR® is, “How is the market?” Here is a quick rundown on a few major things that will effect the market in the next few months.
Federal Mortgage Rules
Effective December 15, 2024 the cap for insured mortgages will increase from $1 million to $1.5 million. Insured mortgages are those with a downpayment of less than 5%, meaning Canadians can now qualify for a $1.5 million home while putting down only 5% on the first $500,000 and 10% on the remaining amount.
Also effective December 15, 2024, all first time buyers and any buyers of newly constructed homes will be eligible for a 30-year insured mortgage. (Previously effective August 1, 2024 only first time buyers purchasing newly constructed housing units were eligible for 30 year amortizations)
Reduced Listing Availability
Combining these changes with the significant increase in number of cancelled and suspended listings – there are currently 1050 active listings in the areas that I service. In the last 30 days, 189 listings have expired, 25 listings have been suspended and 340 listings have been cancelled. Previously we were in a relatively “balanced market” but with all the cancellations (and more will happen in the next 4 weeks) we could really swing to a “seller’s market” for the months of December and January.
Looking to sell in the next 6 months? Let’s talk NOW and get the listing up at the beginning of January. Waiting for the “spring market” will leave you competing with many other sellers that have the same idea! Price competitively and you will find that there are MOTIVATED buyers out there. Buyers that also have fears about the “spring market” and want to buy now.
Are you a buyer looking for your dream home? There are a lot of tired sellers out there. It has been a rough fall for them and many of them are considering pulling their listings off. Now is the time to be out looking and making offers on houses. If you wait till January, there will be other buyers out trying to beat the rush and the increased momentum will bolster seller expectations. Sellers are tired and NOW is the time to negotiate. Call me and let’s get your new home locked down before Christmas!
