The Bank of Canada’s (BoC) recent interest rate hike from 0.5% to 1% had many Canadians asking: How can I navigate the real estate market right now?
But the April rate increase– with two more consecutive increases expected in June and July – are creating opportunities for potential homebuyers to snatch up their dream homes, and make an investment that will appreciate in the long term.
We consulted with some top GTA real estate agents to learn a few tips and tricks you can use to navigate the market with certainty despite uncertain times:
Find the right fit
Changes in interest rates don’t alter the fact that investing in a property or upgrading to a new home could be a strong financial move in the long run.
For example, because condo prices are maintaining strong market prices while townhouse prices are softening, this could be the right time for condo-owners to upgrade to something more spacious, and take advantage of this byproduct of the interest rate increase.
Secure a sale price now
Right now, sellers may be getting the price they want but an imminent shift in the market could be coming. It’s unclear what the summer will bring, making sellers wary of a potentially cooler market caused by interest rate increases. Luckily, there are services that help with that, like Sale Assurance from Properly, which allows sellers to buy their dream home now and sell their old home later at a guaranteed price – an attractive option for anyone looking to lock in a sale price for their home.
Take advantage of increased inventory
As the market cools, buyers have more choice in homes for the first time this year. These properties are also staying on the market a little longer than we have come to expect. This gives buyers an opportunity to slow down and do their due diligence with things like inspections – and have more of a choice in properties when they begin the hunt for a new home.
The increased inventory, coupled with homes staying on the market for longer, presents a great opportunity for home-shoppers to find the home they’ve been dreaming of for years, and actually have the chance to make a bid on it.
Check out some of the great listings that popped up on the market recently giving us major Dream Home vibes:
You’ll never want to commute to the office again after seeing the expansive built-in home office of this lavish 3,900 sqft Oakville residence. Located in the prestigious Joshua Creek neighbourhood, you might have the opportunity to call this bright and stylish beauty home in this market.
Start here with this beautifully renovated East End starter home on a generous Toronto lot. The beautiful four-bedroom home has been updated top-to-bottom with modern finishes, and the fully renovated basement is a delight.
Aside from being Grammy winners, what do The Rolling Stones, Drake, and Lady Gaga have in common? They’ve all hung out in this recent listing. The sellers of this sunlight-filled loft met while on tour with The Stones, and since then, they’ve hosted the band – and several other celebrity friends – for dinner parties in the gorgeous 1,600 sqft space.
This charming detached home is the perfect fit for a whole crew. Located on a quiet street in the most desirable neighbourhood in Bradford, and close to schools, a library, parks, and transit, you and your loved ones will feel settled in no time.