After a turbulent few years, the housing market throughout the country looks as though it’s stabilizing. With that, experts suggest, will come both opportunities and some things that will need to be braved. The world of real estate in Canada is becoming less about a single market across the country and more about localized dealings. In other words, there is no definitive real estate market in the nation, rather various deals with various attributes in different areas of the country.
There is no comparing what transpires in hotter markets like Vancouver and Toronto with those in Calgary or Regina. It’s like comparing apples to oranges.The Canadian Real Estate Association (CREA) said prices around the country are like a roller coaster. For instance, prices are rising in Ottawa while they’re declining in Saskatoon. One other major issue that will play a large part in the real estate market in all areas is the federally-imposed stress test that may make home ownership more difficult for some.
The stress test essentially will ensure that purchasers with uninsured mortgages (or who have 20 or more per cent as a down payment) would be able to afford a prime interest rate even if they secured a mortgage for less than prime. Predictors also suggest that interest rates might be rising in 2018 and will continue to do so through 2019. In terms of residential real estate, condominiums will continue to be popular. They tend to be more popular than single family homes and appreciate more quickly.
Prudent legal advice is necessary for any real estate transaction in Canada. There are costs associated with closing a deal that a lawyer would be able to itemize, giving the client a clearer idea of the total funds they will need to close a deal. A lawyer will also ensure his or her client’s best interests are at the forefront of any contractual agreements.
Source: huffingtonpost.ca, “5 Things You Need To Know About Canadian Real Estate In 2018“, Wayne Karl, Jan. 22, 2018