In this series, the author shares insights and tips from his search for an affordable urban home. Chances are you are one of numerous Canadians, like me and my wife, trying to buy a home this year. Anyone looking for a home in Canada's major cities knows the real increases have been much higher. It is important for buyers to understand the dynamics of this market and adopt appropriate strategies to protect themselves With a shortage of homes for sale and pent-up demand, housing prices are increasing at an alarming rate. Add to this the looming fear of escalating interest rates and the usual spring surge in demand, and the result is a difficult situation for would-be home buyers.
Sellers have a definite advantage.
It is important for buyers to understand the dynamics of this market and adopt appropriate strategies to protect themselves. Otherwise, one is bound to spend many frustrating months searching for a home or, worse yet, get caught up in the frenzy of a spiralling market and pay too much or buy an inappropriate house. I am one of many Canadians learning just how this market works. Start with a pre-approved mortgage from your bank. Determine exactly what you can afford before you begin your search.