Ontario, as a whole, is becoming increasingly cost-prohibitive for newer buyers, and Stouffville is no different: housing prices have risen nearly 125% over the last ten years.
The ongoing lack of inventory is critical, as the market struggles to provide opportunities for younger Canadians to purchase homes.
“If there’s enough inventory, there’s more of a chance for the younger generation to get their foot into something—even if it’s a condo,” Dolores Trentadue told us.
With ever increasing immigration, continued low unemployment, and a dearth of affordable and purpose built rental housing, prices are expected to continue rising for renters and prospective buyers.
Older Canadians are also staying in their homes longer as they struggle to find downsizing options, further limiting inventory traditionally freed up for new buyers.
Multi-generational family homes are becoming more common. “Before, it’s bringing in Grandma and Grandpa. Now, the kids are getting married and they’re coming back home,” Sonya explained.
For prospective buyers, Dolores and Sonya see interest rates remaining steady with a small drop possible in 2024.
They recommend buyers have financing in order and be prepared for fewer conditions in competitive bidding scenarios.
“But don’t overextend yourself because you’re desperate to find a place,” Sonya added.
Local expertise and market understanding are crucial. For sellers, staging and marketing can go a long way to maximizing value.
“Aligning yourself with a local realtor is very important,” Dolores advises. “No one knows that area better.”
Watch the video with Dolores Trentadue and Sonya Torres by clicking on the image below
