All forces point to a strong spring market.
What are they?
1. Continued low emergency rates for mortgages that are being pushed upwards.
2.HST to hit in July
3. Mid April banks will apply more stringent methods of reviewing candidates--relying on fixed rate products and not the lower variable rates posted. Also, banks will like to see stronger downpayments.
4. More inventory to hit market, making it more enticing for buyers to get out and see homes and find the best deal
With all that, demand is going to continue to outstrip supply for a while. And that means prices aren't coming down while rates are going to go up.
The market is strong, the economy seems strong and people need to own homes.
Get your preapproval stamped today and if you're planning on buying and believe in the almighty variable rate...know that June 1st (if not July), that sucker is headed upwards too!!
The good news is...there are good opportunities out there in all ranges. Yes, the competition is tough. And you've gotta be ready and quick to the draw. Today marks the third day in a row, that I attempted to book a showing for a buyer client on day 1 of the listing to find out that the house sold firm the first hour it hit the market!! If you're looking to spend your hard earned cash and need to buy, please don't sit at home in this market and rely on realtor.ca You'll officially be seeing everything 2 days too late. Get in the game folks. The rules are changing, the players are changing and the speed is lightning quick. If what your doing isn't working...change it up. Bring in help!!
Cheers-
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