The best time to buy a home is always five years ago.
– Ray Brown
You may have heard here and there, “it’s a buyers market” and asked yourself “Why?” and “Why now in 2016?” Well, here is why…
LOW INTEREST RATES
The Bank of Canada, in its latest rate announcement on Jan. 20, held its target for the overnight rate at 0.50 per cent, citing a setback brought on by a decline in oil and commodities prices. BoC expects the economy to grow by about 1.5 per cent in 2016 and 2.5 per cent in 2017.
SPRING IS AROUND THE CORNER
Spring in real estate is typically the “busy season.” As there’s warmer weather and longer days, it generally encourages more activity in the market. Those who were thinking of selling but delayed through the winter months might now consider otherwise putting their house on the market.
Further to this, those looking to buy are equally more motivated to get out and look around when there’s favorable weather on their side, and when, coincidentally there a greater volume of listings to choose from and to bargain those prices down as the supply of house on the market for sale outweighs the demand in the market; allowing buyers to have more purchasing power.
Even on the new-home front, builders often use the spring season to launch new developments, and to add incentives for any remaining inventory in existing communities. Aspen Ridge, Saskatoon’s newest emerging community in University Heights, has its Phase 1 now in development with 130+ lots available for single family dwellings. This new neighborhood is great for affordable living.
HISTORY IS ON YOUR SIDE
If you’ve heard the saying, “Don’t wait to buy real estate, buy real estate and wait,” but aren’t sure what it means exactly,read here.