The calendar says Spring is here, even if the weather doesn’t.
Traditionally Spring is the time of year when new real estate listings flood the market, and everyone gets busy. The market this year has been going at a record breaking pace, but in spite of that, I hope that home owners will get excited by spring, and decide to put their homes on the market.
We have been experiencing an unprecedented shortage of homes for the number of buyers looking. Many feel the only way to correct the shortage is to have the government intervene, enacting more laws and restrictions.
These actions in the past year seem to have hurt the very buyers they were trying to help. New mortgage rules have made it more difficult for first time buyers to obtain a mortgage, only adding to the problem of soaring prices, and making it harder for them to save for the downpayment necessary.
There is talk of the government placing a foreign investor tax on those buying in the Toronto market, to help ease the inventory shortage, but those in the market say it’s not foreign investors causing the problem.
Many experts says that the only way out of the housing shortage is for more new homes to be built, in recognition of a slow down in new home construction last year.
Perhaps the seemingly easiest solution is for us all to get on with life. Many home owners I speak to are waiting. Waiting to see if prices go up. Waiting to see if more homes will come on the market for them to select from. Waiting to see if interest rates are going up. All these events are likely going to happen… the unknown is just how soon. If everyone who has been considering moving put their home on the market, perhaps our greatest issue would be solved – lack of properties to buy.
If you would like to find out if now is the right time for you to make a move, call one of our Coldwell Banker Community Professionals reps. They will be glad to help you make the right decision.