Did you know?
Resale home prices rose by 4 per cent in the Greater Toronto Area in 2019, according to the Toronto Real Estate Board (TREB) — and prices will continue to rise into 2020 unless there’s an increase in the housing supply, the board predicts.
The Canadian Real Estate Association (CREA) estimates the national home sales to reach 530,000 units in 2020, an 8.9 per cent increase over the total expected for 2019. CREA also expects the national average price to hit $531,000 in 2020, a 6.2 percent increase.
Mortgage Rates Will Remain Cheap
Zoocasa says The Bank of Canada (BoC) - the national central bank that sets the cost of borrowing for consumer lenders - has kept mortgage interest rates relatively low and stable for the entirety of 2019, keeping its trend-setting overnight lending rate at 1.75 per cent in each of its eight announcements. As a result, banks and credit unions were able to keep their variable mortgage and line of credit products competitively priced.
Zoocasa says that due to this, borrowers have had access to some of the lowest mortgage rates on record in 2019 - and this is likely to persist throughout the new year, according to the latest communications from the BoC.
Market overview
If you're planning to purchase a home in 2020, you will face a challenging market.
Zoocasa points out that market conditions in Canada's largest cities have been largely defined by a growing supply and demand gap (a lot of people want homes and there are simply not enough of them right now).
According to Zoocasa, while investors/speculators have also contributed to price growth, the lack of inventory—particularly in the GTA markets—set the stage for bidding wars and a stratospheric rise in home values.
What does this mean for you?
If you're planning to purchase a home in 2020, you will face a challenging market. However, if you are planning to put your house up for sale, you are in luck.
How can we help?
If you are planning on selling your home in 2020 our Certified Pre listing Home inspection program may be just the thing for you.
You want to maximize your home’s value before you sell. Our Certified Home Inspection Program will help you do just that—while giving your potential buyers peace of mind.
The program is a three-step process:
1. We conduct an initial 500-point home inspection and create a list of home deficiencies along with the approximate cost of needed repairs.
2. The homeowner arranges the necessary repairs.
3. We conduct a secondary inspection and generate the final inspection report.
Program benefits:
Maximizes your listing’s value
Helps you avoid 11th hour negotiations
Buyers receive peace of mind from top-quality, unbiased inspection reports
Includes $10,000 home warranty
May include walkthrough with purchaser prior to closing*
* additional costs may apply. Please call for details.
Call 416 878 0248