Lately Mother Nature has been letting us know, she's The Boss. Note to all men-Never take a woman for granted!! Hopefully she will show us her warmer side soon.
Spring has been late in coming this year but it may mean it's an excellent time to buy a house, without the frenzied competition like last year. Since the introduction of the Stress Test this year, that has tightened mortgage regulations, buyers have taken a more wait and see attitude. Therefore there is a more balanced market, without the multiple offer situations.
In the GTA, March sales were down 39% from last year and the number of sales was also down 12%. As the weather warms up it is expected demand will also warm up as well, in the second half of the year. The sales increase may be relative to below average level of listings later in the year - that sounds like multiple offers to me. Did I mention now may be a good time to buy?? If you or someone you know is thinking of a move this year, just get in touch to get a headstart on a more affordable purchase.
One new program that we don't have, is the Home Energy Rating and Disclosure, that would require every homeowner to conduct an energy audit before listing their home. And this score would have to be posted on the listing. You can thank Ontario Realtors, whose opposition deterred the province from proceeding. You're welcome.
And for you homeowners, springtime means paying attention to your investment, with maintenance in some areas of your home that you may have been neglecting. It's a good time to change filters on your furnace, fridge and water system, as well as having your air conditioning serviced. Check out your caulking inside and out and pay attention to gutters and down pipes. Every spring many homeowners get caught with a backup in their eavestroughs, which can cause leaking or flooding in the basement - not fun!
Keep the faith - Spring is coming. Good things come to those who are patient...
All the Best,