The Canadian real estate market has been turbulent in recent years, with the global pandemic and recent possible recessions playing a large role in its volatility. Following a historic rise in housing prices throughout the nation, many Canadians have been quick to dispute the idea of purchasing a home.
Many are often finding themselves saying common phrases such as “I am going to wait until the market goes down before I purchase a home” or “Is now a good time to purchase a home?”.
In other words, many are more hesitant than ever to buy a home.
If you find yourself being one of the many sitting on the sidelines and waiting for the Bank of Canada to announce a decrease in interest rates, we’re here to tell you that now is the time to put yourself on the field and buy real estate.
If you’re still hesitant, no problem! Let’s explore the 3 reasons why you should buy real estate now, together!
1. Long-Term Financial Investment
It’s no surprise that the Canadian housing market has consistently increased over the last two decades, with some of the most rapid growth occurring in the midst of the global pandemic.
As the Bank of Canada has steadily been increasing interest rates over the course of 2023, it is predicted that the housing market will undergo a price drop throughout 2023. This is an opportunity for financial growth!
If you purchase a home now, you're investing your money into a secure long-term investment that's sure to grow in value regardless of the interest rates.
2. Lower Demand
The winter months are known as the slower season for real estate. This is due to many wanting to hold off on moving until after the holiday season, and when it becomes warmer again.
With that being said, this creates the perfect opportunity for housing competition to be lower and for many homeowners to want to sell quickly. This creates an excellent opportunity for potential buyers to negotiate their ideal price, without worrying about potential competition.
November to February is the perfect time for homebuyers with a pre-approved mortgage to find their ideal home, for their ideal price.
3. Appreciation of Value
The real estate market will always be evolving and growing, and there is truly no right or wrong time to buy. The property value will continue to rise over time, no matter the state of the current market. When it comes time for you to sell your home, you could potentially yield a large profit from it.
Not only will the home itself yield a large profit, but the land itself will also increase in value as well.
Next Steps
When it comes down to whether you should invest in real estate, the choice is all yours. Whether you’re still hesitant to purchase a home or are looking for additional resources to get you started, get in touch with our team today! We would be more than happy to provide you with additional guidance when it comes to purchasing your future home.