New study, which was issued on April 27, provides a view on housing supply and pricing from 2023 to 2025. According to this study of Canadian Mortgage and Housing Corporation (CMHC) research, homeownership will become easier to achieve in the prairie provinces over the next two to three years and the Prairie is the best place to live! Who wants to Immigrate to Canada and want to buy a home Prairie is best for them.
What’s New Study Shows
The general national picture indicates that housing supply will be insufficient to satisfy demand. The new study says, while prices have fallen, homeownership will become less accessible due to increasing mortgage rates and still-high price levels. The Bank of Canada continually raised interest rates to the current amount of 4.5% through the end of 2022. This has increased the cost of major goods and hindered overall consumer expenditure.
Prairie provinces
The Prairie provinces of Alberta, Saskatchewan, and Manitoba are likely to enjoy more favorable housing market trends than the rest of Canada. According to the study, this is due to a significantly lower drop in housing starts (the number of privately owned homes under construction) in 2023.
Are you ready to buy a home?
Homeownership is a major responsibility, and you should be sure your finances are in order before taking on an asset worth half a million dollars or more. Before you buy a house, ask yourself the four following questions:
1. Do you have a down payment?
If you have a down payment saved up, you’re one step closer to realizing your dream of owning a home. Don’t worry if you haven’t begun saving yet. You do not need a down payment to begin your home-buying process.
2. Is your income consistent?
A consistent income can also help you qualify for a mortgage and improve your credit score, which will also help you qualify for financing. If you’re self-employed or make a big percentage of your income in the form of commissions and/or bonuses, purchasing a property can be a little more tricky, so talk to a mortgage broker as soon as possible.
3. What are the current market conditions in where you live?
While market timing is tricky, it is a good idea to analyze local real estate circumstances and ensure they are beneficial for a purchase.
4. Are you ready to settle down?
Finally, are you at a point in your life when it makes sense to settle down? Financially, buying a property is preferable if you expect to stay for at least three to five years. Examine your career and personal lives to ensure that no major changes are on the horizon that may require moving.
