Will brokers see this as a sign that the housing market is alive and well?
“More Canadians are willing to fight it out to secure a property, with 34 per cent of Canadians willing to enter a bidding war when it's time to buy a home, an increase of 6 points, or 21 per cent, from a year ago,” the BMO Home Buying Report released Wednesday states.
In a bit of positive news for potential homebuyers and, perhaps, Canadians in general, housing price growth is expected to be outpaced by income growth in the year ahead.
“Calgary's market continues to see the strongest fundamentals; Vancouver has rebounded from a soft patch; while Toronto's market remains relatively balanced overall, though the condo market is more amply supplied," Robert Kavcic, senior economist, BMO Capital Markets said. "Overall, sales are expected to hold relatively steady in the year ahead, with price growth in the low single-digit range, below the rate of income growth."
The bank also warned buyers to not get too overzealous when entering a bidding war with fellow prospective purchasers.
“The competition for real estate in Canada, particularly in hotter markets, can be fierce, however it's important that buyers avoid getting caught up in the moment and respect the budget parameters they've established," Laura Parsons, mortgage expert with BMO Bank of Montreal said in the release. "For those willing to negotiate on the price of a home, the most important part of preparing is ensuring they get pre-approved by their bank so they know exactly what their limits are and can stick within them."
by | MBN
About Me
- Jackie Goodlet, Broker
- GTA, Ontario, Canada
- A New Sales Record Has Been Achieved By The Jackie Goodlet Team Who Work Out Of The Whitby Office And Specializes In High End Resale And New Home Sales. According To Broker Dave Pearce The Jackie Goodlet Team Wrote More Transactions Than Anyone Else In The 30 Year History Of Our Firm. Their 255 Transactions Had A Total Volume Of More Than $185,000,000 (185 Million). With Over 25 Years Experience In The Business The Jackie Goodlet Team Has Acquired A Wealth Of Knowledge In All Areas Of Real Estate Including Resale, New Builds, Cottages, Lease, Condos, Vacant Land, Investment And Commercial Properties. With Exceptional Negotiating Skills We Are Confident We Can Save You Time And Money On All Your Real Estate Endeavours. We Look Forward To Hearing From You And Your Referrals Are Always Welcome And Rewarded!
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