Are you a first-time home buyer trying to navigate your way through the real estate market in this pandemic? The Star recently interviewed six experts – two economists, three real estate brokers, and a mortgage specialist – and together, they offered some advice and tips.
The market is beginning to stabilize again with more buyers beginning to make offers. According to Andrew Harrild of Condos.ca, this is the best time for first-time homebuyers to enter the market since 2009. James Laird, president of CanWise Financial, echoes this by highlighting how mortgage pre-approvals are beginning to pile up again after slowing down over the past few months.
The demand, styles, and prices of homes in each neighbourhood vary. Zoocasa CEO Lauren Haw suggests that in order to get a good deal, narrow your search in on individual neighbourhoods and housing categories.
With many not seeing themselves returning to work full-time, Haw believes that ‘secondary cities’ including Newmarket, Barrie, Aurora, and the surrounding areas will continue to see thriving markets – just like before the pandemic.
For those who will only be commuting to work from an office one to three days a week, it might be smart to consider buying in one of these neighbourhoods. However, keep in mind that when things eventually reopen, you will want to be within close proximity to restaurants and entertainment.
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