Low housing demand is placing pressure on Canadian house prices, according to a latest report from the Canadian Real Estate Association. While Statistics Canada has indicated a slight increase in new housing starts over the last year, demand outstrips supply by nearly nine times, leaving buyers with little room to negotiate. In Metro Vancouver alone, there have been 20% increases in residential sales over the past year and half, even in the desirable lower price bracket. And that’s not the case across the rest of the country, where realtors report that there aren’t enough homes for sale to support the growth they are hoping for. So while we are expecting a slow start to the spring market, the Toronto market continues to outpace all others.
Don’t Fall For This One Mistake
With little hope of a quick reversal, what can you do? The easiest thing to do when looking for an ideal home for you or your family is to avoid the trap of flipping through MLS realtor in Canada. Most realtors will tell you that there’s nothing wrong with using one of these services to find your ideal home, but be warned that even if you do get the property listed through MLS Listings in Canada, you must study the fine print. While most contracts run for 30 years, some contain provisions which allow the seller to list the unit immediately, meaning that any improvements could trigger a one month notice from the Realtor.
A listing realtor who is really concerned about their client’s interests will always check the contract carefully before listing it with MLS. This shows the listing realtor is concerned about the potential property value, not just the current square footage rate. While the Realtor may not have control over contract conditions, the buyer does. Buyers should use caution if they find something that may cast doubt on the value of their investment. Using a realtor that really has your best interest in mind is the safest bet.