Many view September as the actual start of the year as children are back to school, summer holidays are over, cooler weather arrives, and we begin to focus again on our daily routine.
It’s also typically a great time to start looking for a new home. More listings come onto the market during this time of the year, which is perfect for buyers looking for a first home, forever home or an investment property.
The Canadian Real Estate Association reported that the number of homes sold has declined over the last 4 months even though homes listed for sale have increased. The attempts by our federal government to “soften” the housing market by making it more difficult for buyers to qualify for financing appear to be working.
Robert Hogue, senior economist at RBC, stated
Housing market developments in July are consistent with our view that Canada’s market is in the process of moderating to a more sustainable level of activity.
While interest rates have gone up slightly, affordability is still not a concern for many people.
Matt Fabian, TransUnion Canada’s director of research and analysis, recently stated that while mortgage debt has increased over the last several years, fewer Canadians are concerned about handling their mortgage payments and overall debt.
“Despite increases in mortgage debt, serious delinquency rates remain low with very little volatility observed over the past two years. Consumers have so far been able to manage their mortgage obligations despite the increasing balance levels.”
This could be the perfect time for you to make a move. Find out the options that are available to you and how much you can qualify for in today’s market. Together we can find the right mortgage that helps you achieve your goals.
Phone or email us today.