If you have been considering the purchase of a single family home for awhile, now is the time to start a serious search. Last year actually would have been a better time to buy because interest rates were lower and qualification rules were easier. Because of the new qualification rules it is making it more difficult for regular families to get into a single family home despite the more favourable market conditions. We are seeing the resale 3-bedroom townhome market push up closer to the single family home prices because the rules introduced at the beginning of the year has given families no other choice other than to make a purchase at a lower price point which actually increases a family’s monthly costs and hugely decreases affordability. It is actually cheaper on a monthly basis to buy a $1.5 million dollar house than it is to buy a million dollar townhouse – if you want the math breakdown just send us a message and we will send it through.
Right now sales have been slow for single family homes, meaning less people are in the market making purchases so Sellers who need to make a sale are more likely to provide favourable prices and terms to Buyers. These are exactly the conditions that make shopping for a house right now perfect.
We believe the window of opportunity on the best conditions for single family home purchase will close sooner rather than later because of the following factors:
- Inventory will decrease in both quantity and quality which historically always plays out because Sellers will wait for a change
- Interest rates are rising making the cost of a purchase greater
- Municipalities are rezoning everywhere which drives up the cost of land a single family home sits on
Like any property purchase, getting help is the first step because everyone has different goals and timelines. Book a consult so we can gather the details and provide you with options that make sense for your specific situation.