MARKET WATCH * LUNAR NEW YEAR EDITION

The 2021 Real S. Taitt market is off to a robust start. Right out of the gate we have experienced a high demand for all types of dwellings. The condo market has made a strong comeback in the last two weeks, leaving all of those bargains and buying opportunities on the cutting room floor. Traditionally, the first quarter is always the best time to sell, as the supply of suitable homes for buyers is in short supply. Arguably it’s the best time to list, however, most sellers wait until their flowers come out so potential buyers get the true feel of the home. Great idea however, if your home has any adverse influences you will feel it in your pocket book, as competition is fierce in the spring.

Some factors which can justify this insane 1st quarter market are;

·        The Bank of Canada and Federal Government have ensured Canadians that the mortgage rates will remain near historic lows through much of the coming year and possibly beyond.  

·        The mortgage deferral program is winding down with overall minimal foreclosures, therefore, the mortgage market will remain strong as lenders are able to extend credit and lend at these record low rates.

·        As Frontline Healthcare workers became the first recipients of the vaccine across the globe, optimism has been raised to hopefully see the end of the pandemic in the near future.  Therefore, we expect to see continued strong activity in the Real Estate market this year. 

2020 was poised to be a banner year in Real Estate but the Covid 19 pandemic slowed that down substantially.  I anticipate a healthier supply of homes for sale in the spring of 2021 which will relieve some of the pressure for people looking to get into the housing market or upgrade/downgrade to a larger or smaller home respectively.   Here is a great report of the Year in Review and Market Outlook for 2021.

If you have any questions or simply wondering what your home might be worth, reach out and send me a text, email or even a call.  I’m always honoured and delighted to hear from you and the clients you refer.