If you are having trouble moving into a bigger home, don't be too desperate. You’re not alone!
Prices of bigger and more expensive homes in Canada are rising significantly faster than those of cheaper properties, Canadian Imperial Bank of Commerce economist Benjamin Tal has found. The phenomenon is limiting peoples’ ability to trade up, and causing many to choose to renovate their existing home instead.
The trend is pronounced in cities including Toronto, Ottawa, Calgary and Edmonton. Spending on home renovations as a percentage of total residential investment is at its highest level on record.
And the “move up” market is becoming paralyzed at the same time that tighter mortgage rules and higher home prices have knocked many potential first-time buyers out of the market, Mr. Tal says. “The homeownership rate among Canadians aged 25-35 (first-time homebuyers) has fallen from 55 per cent in 2012 to the current 50 per cent,” he says in a report to be released Monday. The rate has remained stable for people over age 35.
Read the full article HERE >>> ‘Move up’ market taking hit as prices of bigger homes swell by Tara Perkins
Here within Durham Region, the market is not as hectic or challenging. Good houses take time to find, so I advise people to plan ahead and to be patient. If you are thinking or a move, contact me for a consultation. We can meet, discuss your plans and come up with strategy that will get you the next home you desire, without paying too much.
Re/Max Rouge River Realty Ltd., Brokerage
905-668-1800 or 905-427-1400