Take a moment to reflect on life and what is most important to you. Give thanks to those who have made sacrifices along the way so we all can have the wonderful life we live. Life’s hardships often shape us in ways we don’t immediately see yet with time even struggles can become blessings we are grateful for. The same is true for Real Estate. Setbacks and budget squeezes today often steer you towards wiser choices and a better fitting home and investment for tomorrow.
Most regions in Canada are experiencing Buyer Markets especially in the large metro areas of BC and Ontario where home values have decreased significantly from their recent highs. Those markets have seen huge gains for several years so lets say you bought 5 years ago, chances are you would still be ahead in terms of price. A challenge many home owners are facing however is mortgage renewal. 5 years ago the rate was historically low causing many buyers to jump into the market. Even with Bank of Canada lowering the prime lending rate by 0.25% there is an increasing number of home owners in those markets having challenges paying the mortgage causing a flood of foreclosures adding to an already saturated listing market causing prices to drop even further. But not all cities are like that and now more than ever, Location Location Location is important. In smaller markets with strong local economies upward price movement is still possible. Analyze beyond the dynamics of supply and demand and look for fundamentals such as job growth, immigration / in-migration, infrastructure development and cycles between residential growth and commercial growth to give you a clearer picture. Right now, Edmonton has multiple infrastructure projects on the go plus we are seeing increasing commercial developments especially towards the South West and Edmonton’s newly annexed lands.
Sales figures for October are out and they show a balanced market with average prices holding steady like they have done over previous years for the month of October plus the Bank of Canada lowering the lending rate again making mortgages more affordable and increasing your buying power. Last month we said November will provide buying opportunities as November prices often dip down before rebounding in the new year. If you are looking to buy, now is definitely the time you will find great opportunities from motivated sellers.
In a bank foreclosure or court sale, the seller is not motivated or emotional as they have not lived in the home but some foreclosures will be well priced and provide a great opportunity for the right buyer. Want to know what foreclosure properties are available then check our website https://selenacheung.ca/foreclosures/
This article contains the opinions of Andrew Barrett and Selena Cheung. Licensed Realtors® with RE/MAX Excellence.
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