- Inventory plays a large factor in this - the more houses available for sale, the more it gives buyers an advantage in the market. According to a recent report by the Canadian Real Estate Association (CREA), “there were 5.1 months of inventory on a national basis at the end of June 2017 – up a full month from where the measure stood in March and the highest level since January 2015”. Real estate, like any market, is all about supply and demand - as supply increases, it helps to outweigh the current demand.
- An increase in interest rates, plus a new Ontario housing policy (introduced in late April) have prompted home buyers to carefully consider their next steps. Policy changes include foreign taxes and taxes for properties left vacant, to name a few.
- This shift means that buyers are feeling less pressure to make quick purchases, and they want to take their time reviewing the options available, and make their decision based on the house that best fits their criteria. If you are selling your home, this will mean that you will want to ensure that your home appeals to the largest number of buyers possible, allowing you to stand out against your competition (i.e. other homes for sale in your neighbourhood).
- Conditional offers are back! During the seller’s market selling spree, it was uncommon for a buyer to place any conditions on their presented offer. A conditional offer means that the buyer has placed one or more conditions on their offer to purchase your home, and these must be met before they will finalize the sale. This may include (but is not limited to) a home inspection, financing, and/or sale of the buyer’s property.
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