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Entries posted March 2022

Helping you navigate the current housing shortage

Over the past two years, housing prices have soared because of low inventory. With few listings, buyers have been forced to participate in bidding wars and this has driven the prices up more than 50 per cent in some communities. For example, in January of 2019, there were 604 active listings; in January of 2020 that number dropped to 388 and two years later, in January of 2022, there were only 116 listings on the market. Why houses are in short supply: • Ontario would need to build up 1.2 million new homes to match the average of G7 nations • The labour force is exhibiting slow growth • Our population is growing – We welcomed 401,000 newcomers last year and are expecting 411,000 this year • The pandemic has impacted the supply chain and this has affected the home construction industry What can we do? If you are looking to buy a home, you have two choices: acceptance or disappointment. I recommend that my clients accept the situation and do their best to navigate it. Re-assess your priorities and ask yourself some important questions. • How to know if you want or need to change homes? • Does the home fit my needs? Is the home too big or too small? • Is the home too expensive in regards to the lifestyle I want? • Can I afford a bigger home to live my dream? • Do I want that to change? Is this the right time for me to move on? These are some important questions to ask yourself and then we can watch the market. And so, with patience, trust and a willingness to focus on the positive, you can open to other possibilities. If you have questions or concerns, feel free to reach out to me. I am here to listen and to help.

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