Kuntal Khasnobish's blog

There is no set rule on how many homes you need to view before making a purchase decision. Statistics indicate that the average home buyer ends up looking at eight homes. Depending on your timeline and search criteria, you could be looking at fewer or more before you make an offer. Market availability will also determine how many homes you end up viewing. When the inventory is low, you will likely have to narrow your criteria and settle for viewing fewer homes. On the flip side, the luxury of too many choices may serve to be a burden and overwhelm you.

As the weather continues to warm up across Canada, we’re excited to bring you the latest updates on the Canadian housing market.

The Canada Mortgage and Housing Corporation (CMHC) just published its Spring Outlook, including its forecasts for 2023 and beyond.

The housing market is always changing, and it’s more important than ever to stay on top of the latest shifts in the market to see what it means for you and your goals.

Here’s a snapshot of their analysis, plus what it means for sellers.

There are many benefits to opening your home to prospective buyers. Having an open house will increase the visibility of your home and possibly shorten its time on the market. Your pool of buyers widens when noncommitted buyers have an opportunity to freely view your home.

The advantages of your home over other homes in the neighbourhood can be better highlighted with an open house. Open houses allow you to set the scene for viewing because you can better prepare for how you want it to show and, at the same time, reach many prospects.

You may find yourself in the situation of having to decide between leasing or selling your home. Being aware of the pros and cons of leasing versus selling will help you determine which choice best fits you.

Renting your home gives you a new source of income while benefiting from the deduction of homeowner expenses as your home now becomes an asset. Having a renter gives you more time and cash to ready your home for eventual sale.

A new mortgage or the refinance of an existing loan will have more benefits for your budget if you can do a few things to optimize your financial status before you begin the process. Prior to meeting with a lender, plan on giving yourself at least six months to get these four things in order.

Buying a Life insurance when buying a house is wise investment for homeowners.

Here are a few reasons why:

Spring is here, and with it comes the start of the home buying season.

As you start your search for your dream home, there are a few things to keep in mind about the current housing market.

Prices have softened in many regions across the country, but there are still some markets where home prices are barely off their peaks. In February 2023, the national average home price was $662,437. This is down from the peak seen in February 2022, as prices continue to ease downward and affordability improves.

When you receive several offers on your home, there are several things to evaluate other than the price. You want to be able to accept, reject or counter any offer once you have vetted all these details of each offer.

The amount of earnest money submitted should be 1% to 3% of the purchase price. A higher earnest money amount gives strength to an offer and is a good indicator of a serious buyer.

If you’ve been thinking of selling your property, you might be having doubts about whether or not it's the right time. There’s more and more talk about the real estate market cooling down from the pandemic-fueled frenzy.

The good news is that it’s still a seller’s market and the ball is very much in your court.

This is why:

- Inventory is currently growing, but there’s still a shortage of homes to meet buyer demand

- Conditions are still in the seller’s favor

Backing out of a home purchase can be done, but where you are in the process of the sale and what your purchase contract says will determine if there will be any consequences for doing so.

Prior to a seller accepting an offer from you, you can withdraw your offer anytime. Just be sure you do so in writing.