2019 in Review
Return to more normal markets for buyers and sellers
In 2019 we saw buyers regaining confidence in the markets and sellers a little less greedy. The end result was both the volume of homes SOLD and homes prices increased. Homes that were priced at market SOLD relatively quickly.
Conditions in offers to purchase are back in vogue
We all remember the housing frenzy of 2017 where the only way to get a home was with an offer with no conditions. In 2019 we saw most buyers including conditions of financing and or home inspection in the offers to purchase. The buyers were not in a panic and wanted to buy but only when they found the right home at the right price.
Bidding wars were more select
In 2019 many sellers chose to put their home on the market and market price and take covers as they came in. Bidding wars still existed on hot properties in hot neighbourhoods however we didn’t see the 10+ offers that we saw in 2017.
CMHC First Time Buyer Home Incentives
We love to see new programs launched to help first-time buyers make their first real estate purchase. The good news is that effective Sept. 2 2019, a new first-time home buyer Incentive program has been introduced. Here some of the details you’re going to want to know. You can read all about this program here.
The comparison of 2019 to 2018
The number of homes SOLD: 9% more homes SOLD in 2019
Average Price of a home SOLD: 5.2% higher prices in 2019
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