How Do You Buy A Home in a Seller’s Market?
It’s expected that the majority of Canadian housing markets will sit in seller’s market territory in 2021. This is great news if you already own a home and are considering selling it. On the other hand, those who have their sights set on buying their first home this year will face some challenges. How do you buy a home in a seller’s market? Here’s everything you need to know.
Seller’s markets expected to dominate Canadian real estate in 2021
In our annual Housing Market Outlook Report, in which RE/MAX analyzes Canadian real estate trends from the past 12 months and forecasts activity for the upcoming year, RE/MAX determined that 32 of the total 39 Canadian housing markets examined are seller’s markets. Only five markets were identified as being in balanced territory, and just two markets – West Vancouver, BC and St. John’s, Newfoundland – are buyer’s markets.
This means the majority of Canadian homebuyers in 2021 who plan to purchase in any of these cities will likely be up against limited housing supply, lots of competition, and the same question on their lips: how do you buy a home in a seller’s market, with the cards stacked against you?
There are some definitely some buying strategies to employ, but before we get into the nitty-gritty of that, let’s define seller’s market conditions.