Is the time right to buy a new home in Canada? The past year has brought plenty of surprises with it, not the least of which has been the real estate market’s response to the coronavirus pandemic. Demand for homes has increased significantly reflecting the importance people place on a safe and comfortable home.
Where Are Homebuyers Going?
The real estate industry has acted differently depending on what part of the country you’re in and what type of housing you’re looking for. There’s been a noticeable shift away from big cities, with the prices for detached homes continuing to skyrocket, driving more buyers to look outward.
People are looking for more space than they used to have, and if they can’t find it in the city, they’re simply going further afield than they would have in the past, freed by the new work-from-home standard to look for a home in a smaller community that they love.
Toronto homebuyers are looking farther outside the GTA, especially to the north in cottage country and south in Niagara, where builders like Blythwood Homes offer new, custom built homes. For the same budget, you can enjoy a lot more space in a lively community in the countryside like Niagara.
When Is the Best Time to Buy?
With record-low interest rates, buyers can stretch their budgets further, and that means there’s a lot of competition from other buyers in big markets. But there are certain times of the year when you tend to be able to get lower prices when you buy a home.
The most expensive time of year is the most competitive. Spring and summer are the seasons when homes sell the fastest, while winters to be a quieter time that’s more buyer-friendly. Mid-week purchases also tend to be more expensive, while Mondays and Fridays tend to be cheaper times to close. Even a 1-2% reduction in price can save you thousands of dollars, so consider your timing.
Why Buy New Construction?
Buying new construction is the easiest way to get the home you’ve always wanted. At a time when homebuyers’ demands are changing to reflect a desire for more space and comfort at home, custom home builders offer an opportunity to move into a house that’s perfect for your lifestyle.
You can work with a custom home builder on all the details, from appliances to trim styles. Everything is put in place with your tastes in mind. Interior and exterior customization are some of the most popular reasons people go for new construction, but they also benefit from lower maintenance costs in those first few years of ownership.
Bungalow homes are very popular with empty nesters looking to avoid the need for stairs and have a home that will allow them to age in place.
With mortgage rates expected to remain low, the seller’s market in the GTA will continue for some time. Looking outside the city is sure to make your search for a new bungalow easier.