Perspectives Real estate update: Why the market is likely to heat up this spring
Feb 19, 2025
Join Tracy Gomes, Senior VP of Real Estate Secured Lending at Scotiabank, and Jean-François Perrault, Chief Economist at Scotiabank, as they dissect the current Canadian housing market. They discuss recent buyer-friendly regulations and rising optimism for the spring season. Learn how immigration policies might impact demand and what sentiment is like from those active in real estate. They also ponder what buyers should consider when diving into the market this spring, amidst a backdrop of fluctuating interest rates and construction dynamics.
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Housing Market Optimism
- Lower interest rates and regulatory changes make buying a first home more realistic for Canadians.
- These changes include increased million-dollar cap and extended amortization periods for insured mortgages.
Resale vs. New Construction
- Optimism exists in the resale housing market due to lower interest rates and increased demand.
- Condo developers, however, face challenges selling units priced higher than the current market supports.
Mortgage Pre-Approval
- Get pre-approved for a mortgage before house hunting.
- Consider all costs, including legal fees, appraisals, and property tax, to determine affordability.