Did you know that over the first 10 months alone in 2021, 580,000 homes were bought and sold in Canada? That surpasses the entire amount of houses sold in the previous year, which was 552,423 homes.
If you wish to take advantage of this red-hot housing market and make some serious cash, you are in luck. In this article, we will share with you the most important things you need to know about the Canadian real estate market in 2022.
1. Virtual Tours Are In
Due to the pandemic, many sellers ended up doing virtual tours of homes, never seeing them until the actual move-in date. It worked well for them apparently, since many new sellers are still doing virtual tours, despite the end of the pandemic.
Take advantage of this and get sellers who aren’t even in the country looking at your homes. This will open up your home to a bigger and more expansive market of buyers.
2. Interest Rates Are Going Up
This is a given, considering that inflation rates in our sister country, the United States, are the highest they have been in four decades. The Bank of Canada cut interest rates in March 2020 because of the pandemic, but now they are well on their way to raising interest rates again. Keep that in mind when buying or selling homes.
3. Housing Prices Are Going up as Well
If you thought the housing bubble in Canada is about to end, you are wrong. The real estate prices keep going up and up as if there’s no end to it. And this is a good thing if you are planning to sell your home soon.
Sites like Ronneal.com can help you determine how much your house is worth, especially if it’s located in Vancouver Island or Victoria, BC, so check them out.
4. It’s a Seller’s Market All Throughout
It’s a seller’s market in Canada right now. If you weren’t considering selling your home previously, then this seller’s market might have made you change your mind. Who wouldn’t want to sell their home for much higher than list prices?
5. Take Advantage of the Low Supply of Homes
Again, due to the low supply of homes on the housing market, home prices are going up like mad. People are in a panic imagining that Canada is going to run out of homes to sell, and they are ready to pay exorbitant prices to buy a place for themselves.
The Canadian Real Estate Market Is Hotter than Ever
If you were ever worried that the housing bubble in Canada is over and out, then you don’t need to fret anymore. The Canadian real estate market is the best housing market to be in right now. No wonder buyers from all over the world are coming in to take advantage of it.
Make sure you don’t miss out on this tremendous growth as well.
Keep reading other fascinating articles about real estate, and personal finance on our website and keep growing your financial knowledge.