Here in London, Ontario, the real estate market has seen a lot of changes over the past couple of years. London has been renowned for its balanced markets—meaning that the process of buying houses used to take a bit longer than in most other major Canadian cities, giving buyers plenty of time to browse homes and, well, be a little picky. If you didn’t like the master bedroom colour or were looking for a slightly different layout on the main level, you could move on to the next house, confident that you’d find the perfect fit...eventually.
In the past year, however, London has become a much more competitive market and record-setting multiple bids have become almost common place. Houses that would have taken months to sell in the past are now selling, some well above asking, in a matter of days or weeks. Buyers have to be a lot more prepared and focused—getting their pre-approval all ready to go—in order to be first in line for the house of their dreams.
The more competitive nature of the market has turned off a lot of buyers. The thing is, though, that it’s actually a really great time to get into the market. Real estate predictions suggest that this fast-paced market is not slowing down any time soon, and maybe not even for a couple of years, which means that you are still making a solid investment in today’s real estate market.
The other important thing to keep in mind is that, starting in 2018, the Canadian government is tightening up the mortgage rules—yet again—which is going to make it even harder to qualify for your first mortgage, especially if you’re hoping to buy a property with less than a 20% down payment.
Here at Dominion Lending Centres - Forest City Funding, we are experts at getting you a great first mortgage, even with a smaller down payment, which is why we can confidently say that, if you are looking to buy a home within the next six months to a year, you are going to be in much better shape if you start the process sooner rather than later. Not only will you be able to qualify for a larger mortgage now, but chances are that come early Spring, the market is going to be red hot again, and it makes sense to buy now rather than wait.
Have questions? Ready to get started? Give us call today!
Thanks for reading,
Your London, Ontario Mortgage Brokers