So What can Buyers And Sellers expect in 2020?
Home Sales are Increasing in 2020
There is an optimistic outlook by the Canada Mortgage and Housing Corporation that the national average price will be up 6.2% to $531,000 in 2020 in Ontario. As a Realtor working daily with Buyers and Sellers, I can confidently say I agree with this optimistic outlook.
It is a Sellers' Market!
Buyers are ready! If you're planning to purchase a home in 2020, you will face a challenging market. There is a lot of people who want homes, and regretfully there are not enough of them right now. This lack of homes for sale is setting the stage for bidding wars and an increase in home values.
Mortgage Rates Will Remain Cheap
Here's some good news for buyers!
The Bank of Canada is keeping mortgage interest rates relatively low and stable for the entirety of 2020. Therefore Buyers have access to low mortgage rates, which retain their monthly mortgage cost down.
It Might Get Easier to Qualify for a Mortgage
More good news for Buyers!
In December, Prime Minister Justin Trudeau indicated that the Federal Finance Minister Bill Morneau would take a look at the controversial stress test's criteria and potentially make changes to allow for more flexibility in qualifying for a mortgage. Well, they have. The government has announced it is easing the stress test for insured mortgages. The changes, which will take effect April 6, will slightly decrease the minimum rate, a buyer has to pay to qualify for insured mortgages while increasing the amount the buyer can borrow. For more information about these changes, please click below.
What to know more about the current market Call us at The Sterling Group at Remax. We will help you!
(519) 837-8811
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