Page 5 - Real Estate Now-Mar/Apr 2022

“Unless something drastically changes, I don’t believe we’re going to see a lot of supply in the market,” she said. “I
think we’re still going to go down this path of lots of demand, not a lot of supply.”

What does the spring 2022 market look like for buyers?

Given the predicted ongoing housing supply shortages, the best
strategy for prospective buyers is to be as prepared as possible.

“The first thing you usually need to understand as a buyer is
your own financial circumstance,” said Yao. “You have to talk to a
mortgage broker, you have to know exactly the area you want to
be in. You need to know your price range. You need to know the
details of the property that really matter to you before actually
going and looking.”
Once you’ve consulted with your mortgage broker and you’re
ready to begin touring homes, Morrison and Yao both agree it’s
essential to move on new properties quickly once they become
available.

For instance, Morrison says you’ll want to ensure your bank allows you to access deposit funds swiftly in the event
of an offer. You’ll also want to view properties within the first day or two they’re listed on the market so you can get
ahead of competing purchasers.

“The more days that go by, the more time people have had the opportunity to see [the property], and if you’re the
buyer, you don’t want other people to see it,” said Morrison.
What can sellers and investors expect for spring 2022?

Compared to buyers, sellers have the upper hand in the current market with more purchasers compared to listings.
However, this doesn’t mean those putting their home on REALTOR.ca can slack off on any of the important setup
steps.

As homes are heavily viewed and marketed online like any product, Morrison explains professional photography,
staging, and cleaning is crucial to getting your listing off on the right foot. It’s also beneficial to consider including a
home inspection report for added transparency and knowledge.

Yao explains, thanks to the efficiency of technology and the current
competitive market conditions, buyers will often narrow down their
choice of homes online before making a showing request to visit
them in person, hence the importance of a good online presence.

“People are used to seeing a place before going into it. They want to
understand things even more so now. Especially with the multiple
offer situations,” said Yao. “You don’t really have the time to go around
to 20 houses and then pick one and go for a second showing and so
forth.”

For property investors looking for cash flow, Morrison expects the
rental market will continue to strengthen into the new year as people
return to downtown areas for work.

If you are thinking of buying, selling or renting a home in spring 2022,
consult the help of a local REALTOR® for expert advice and guidance
on the market. ■
The information above is for informational purposes only and should not be used as investment or financial advice.
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