While January is typically equated with a slower time in the real estate market, 2018 has been a major exception.
“Buyers came out of the woodwork in early December and they keep getting hungrier for homes,” says Drew Woolcott.
We have already completed a record number of deals for the month-to-date. We believe there are three things igniting buyers at a typically cooler time of year.
“Many buyers rushed in to purchase before the new stress test came into force to maximize their buying power. And, now we’re seeing a number of purchasers who missed out on that window having to move more West to get the home they’re looking for.”
The December rush combined with people looking to secure their new home on preapprovals that were completed before the Bank of Canada mortgage hike has left a shortage in listings available.
“What this means in actual terms is that houses that were sitting on the market for months are now selling, just because there is not much inventory to choose from. We’ve really seen our spring market start to hit three months early.”
The combination of the stress test fears, mortgage rate increase and lack of inventory have created a perfect storm – and a perfect time for anyone thinking of selling their home to get moving.
If you want to know what your home is worth in this market, call us today at 905-332-9223 to have one of our experts sit down and price your home out for you, with no-obligations.