Are you planning to move to a new neighborhood in Canada soon?

While it is exciting to become a homeowner, going through the home-buying process might be a daunting task, and choosing a neighborhood that is best suited to you and your family can feel like a big decision. There are so many things that you need to check before you choose your neighborhood to avoid having home buyer’s remorse later. 

You would certainly not like to regret your buying decision after shifting to a new place and vent about the property you bought. So, before you settle into a new place make sure that you have explored the neighborhood and done preliminary research on the area. 

Imagine that you have taken possession of a new place and unloaded your belongings when you suddenly realize that your neighborhood is not a safe place. Would you like to stay in such a place? Having a good knowledge about the place where you want to buy your property is thus very important. A good foundation of information would help you make the right decision. 

If you want to feel confident about your buying decision, there are a few strategies that you can follow to be well-informed about a neighborhood before you take the leap. 

Keep reading to find out how you can investigate a new neighborhood.

You can plan a few visits to the neighborhood where you want to buy a house to get a clear idea of what the area is like. Virtual tours and pictures of the neighborhood might not be enough for you to develop an idea about the place. Exploring the neighborhood in the daytime and nighttime and also during the weekdays and weekends would help you know the place better. 

If you find that there is much traffic noise or other noises that could be annoying, you would probably ditch the idea of staying in that neighborhood. It is thus wise to pay a few visits to the neighborhood to know what you can expect there during your stay. You can also check out your options for all the amenities that you require including shops, restaurants, parks, hospitals, and recreational facilities near the neighborhood during your visits.

An encounter with your future neighbors can be the best way to know about the place where you are planning to settle down. The next time when you will go to explore a neighborhood, try greeting the locals. You can ask them about what they like and dislike about the place. That way you can connect with the place and get an idea about the neighborhood. The bits and pieces of information provided by them would help you to decide if the neighborhood is the right choice for you.

Besides, conversations with the people living in the neighborhood would help you to know how your future neighbors are. Living in a neighborhood where your neighbors are friendly and helpful would give you a different level of satisfaction. So, if you get a positive vibe while speaking to the locals, you can consider living in that neighborhood. 

When you are planning to move to a new neighborhood, one of the first things that you should do is check if the place is safe for you and your family. As crime reports are easily accessible in today’s world, you can investigate a neighborhood’s overall safety before committing to a new abode. Although there is some level of criminal activity in almost every place, consider staying in a place that has a lower crime rate if not zero. You can check with the local police department to find out how safe your future neighborhood is, talk to the local residents or even ask you real estate agent, who can be a valuable resource for crime reports in an area.  

It is important to determine the market value of a property before purchasing it. You should be aware of the average house prices in the neighborhood where you want to settle. If you want to make a long-term investment, you should definitely check the valuation of the house that you want to buy. This strategy would help you to evaluate how much you can afford. There are various online tools available to determine the value of a property. So, you can check it out yourself or can also consult a real estate agent.

As your daily commute can have a significant impact on your mental peace and happiness, it is important to check how long it might take you to reach your workplace and the availability of public transport during peak hours. Although Google Maps can give you a general idea about the route and duration, experiencing the journey yourself would give you the best idea. Whether you commute by car or public transport, you should check yourself if you are going to be okay commuting from your prospective neighborhood daily. 

It might be hard to know a place completely unless you live there but digging into the details of your potential new home’s neighborhood would help you know where you are getting into and would keep your headaches at bay. As a home is a long-term commitment, make sure that you do your research well and consider both the pros and cons while choosing your neighborhood. 

Remember that staying in a good neighborhood would keep you happy and let you live peacefully. So, if you have found a neighborhood where you think you will find happiness and peace, go for it. If you are still looking, get in touch with ASB Real Estate today for unbeatable property deals. 

If you have checked the housing market in Canada in the last few years, you are already aware of the topsy-turvy condition of the market. After the outbreak of Covid-19, Canada’s real estate market has considerably slowed down with a sharp drop in housing investment. While the real estate market in Ontario experienced record-setting gains in the early days of the pandemic, several small cities felt some of the largest losses in 2022. 

In Ontario, property values fell 22 percent in Cambridge, which is the greatest drop so far. As the real estate market has cooled down drastically, the question that pops up in our mind is: Could the real estate bubble in Ontario burst anytime soon? 

Some experts believe that there won’t be a housing market crash in 2023. In fact, they anticipate that there might be an increase in sales in some areas. Rick Sharga, Executive Vice President of market intelligence at ATTOM Data says, “I think we’re more likely to see the market cool.” So it seems there is some hope that home prices might dip in 2023 and that homebuyers will be able to re-enter the market. We have to wait for some time to see how far the home prices drop.

What caused the decline in housing sales?

The slowdown in housing sales is a result of the Bank of Canada’s high interest rates. As the central bank has been struggling to battle sky-high inflation, it announced a 0.25 percent rate hike on January 25, 2023. This hike, which is the eighth hike over the last year, has brought the policy interest rate of the Bank of Canada to 4.5 percent. 

The soaring interest rates are posing challenges to potential homebuyers and sellers by making homes unaffordable. Mortgage rates are also responsible for the decline to a certain extent. Reports show that there has been a drop of 25 percent in sales in 2022 from 2021.

As a result of soaring mortgage costs, a large number of borrowers are at risk. With rising borrowing costs, housing sales and prices are struggling. However, 2023 won’t be as catastrophic as early 2022 as per reports shared by experts.

Where will the Ontario housing market head in 2023?

While sales dropped in the local markets from August to September last year, sales across the country were up 1.3 percent in October. This increase in sales after a slowdown gives us hope that this year the sellers and buyers are going to return to the housing market. 

As the bank expects the current inflation rate to fall to around 3 percent by the middle of 2023 and 2 percent in 2024, it announced in January that it would now pause further changes to its policy rate. Governor Tiff Macklem said, “We are pausing interest rate hikes to assess whether we’ve raised interest rates enough to get inflation all the way back to target.” This pause might bring buyers and sellers back into the market. 

Randall Bartlett, Senior Director of Canadian Economics reported that the pause in rate hikes is cutting down some mortgage rates. With the mortgage rates stabilizing, we can expect the real estate market in Ontario to heat up again soon. TD Economics has also changed its previous housing market projection and predicted increased sales and a drop in prices in 2023, followed by a rebound in the next year. So we can already spot a silver lining amidst the darkness.

What is the expected average house price in Ontario in 2023?

In early 2020, the average house price in Ontario was under $600,000. In September 2021, the price peaked and was over $880,000. In contrast to the housing market in 2022, most regions in Canada are about to experience more balanced conditions this year owing to the current economic conditions. The average house price in Canada for the month of January 2023 was $612,204. There is anticipation that there would be a further decline in prices across Ontario in the coming months. We might not see sharp decline in house prices. The prices are, however, predicted to drop slightly. 

Will the housing market in Ontario crash?

As house sales and prices will continue to fall in the next few months, this shift will help the Ontario real estate market to bounce back. Home prices are expected to drop 25 percent from their peak by the end of 2023. With a drop in prices, affordability is hopefully going to improve and housing activity is supposed to return to its pre-pandemic levels by the end of 2024. So, it is unlikely that there would be a real estate market crash anytime soon. Let us hope that these changes set the stage for recovery and revitalize the real estate market in Ontario. 

If you are planning to buy a house in Ontario or considering selling your property, ASB Real Estate is the best resource for you. Get in touch with us today and become our happy client!

Are you planning to buy a property soon?

It is going to be one of the most significant financial transactions you will ever make. To make things easier, you can choose a real estate agent who would guide you throughout the buying process. There are many real estate agents in the market. But, choosing the right real estate agent for you is important as a real estate agent can make or break your home-buying experience. 

Who is a real estate agent?

A real estate agent is a licensed professional who helps buyers and sellers in property transactions. From assisting buyers in finding a property to negotiating the price and getting them the best price, a real estate agent plays a crucial role in helping clients navigate the buying process smoothly. 

Why should you hire a real estate agent?

When it comes to understanding the real estate jargon, it is always better to hire the right real estate agent who would assist you in getting the best financial deals. In Canada, you would find many real estate agents but not every real estate agent is proficient in getting the best deals. So, it is important to hire the best one who would understand your needs and not end up wasting time on properties that won’t be within your budget. 

If you want to experience a stress-free property buying experience, hire an experienced and efficient real estate agent. It might cost you little amount of money but the process of buying will be less stressful and time-consuming with the help of an agent. He would identify appropriate properties that fit your budget, provide you with valuable information about the neighborhood, assist you in home inspections, handle negotiations, and help you find your perfect home with the right price. 

How can you find the right real estate agent?

Before you choose a real estate agent, make sure you invest some time and carry out extensive research. It is not easy to find someone who would fit your needs. You need a real estate professional who has enough idea about the specific area where you want to buy your property. He should be the one whom you can trust and rely on. He should listen to your priorities carefully and represent your needs accordingly. Here we will discuss a few tips that can help you find the right real estate agent who is the best fit for you. 

Seek referrals

Although you will get a lot of referrals from your family and friends, it is wise to seek referrals from real estate professionals. Even mortgage brokers can give local agent referrals. You can also head to the internet and search for the best real estate agents in your area. 

Talking to new property buyers who have moved into the area you are planning to settle in can also help you get referrals of the best real estate agents as they have researched the same recently. 

Do your research 

Research is the key to getting the best real estate agent. Before you hire someone, read the reviews of various real estate agents online and check the services they offer, their charges, and their record of recent property sales. 

Compare the reviews of the agents whom you have shortlisted and check who has deepest knowledge about the local market. Go for the one who has the best reviews and would be the best fit for your need.

Interview potential agents

Arrange a meeting with the shortlisted agents who you think would be able to make your buying process successful. Ask them some general questions like how many buyers they have helped to purchase a home and how many active clients they have. Their replies to your questions would help you get an idea of how good they are at their job and make it easier for you to come to a final decision.

Ask for credentials

Check if the real estate agent you want to hire holds a proper license. When you see that your real estate agent has a license, it would help you to verify details about his experience. Besides, seeing the license would help you to rely on the prospective real estate agent.

Check their communication style

When you communicate with prospective real estate agents, check how responsive they are. Observe how they tries to sell themselves. If you find that they are taking a long time to respond, you should probably find someone else who is a better fit. After all, they have to negotiate a purchase with another agent so if they have weak communication skills, they won’t be a good fit. 

Check the agent’s local market knowledge 

You need to hire a real estate agent who is familiar with the real estate market in the area you want to settle in. An agent who knows an area inside out is the one who can get you a perfect home. So, ask a few general questions about the local area to test the agent’s knowledge. This would help you to understand if he can serve your need.

Ready to find a real estate agent?

Remember that you are going to make a huge financial investment in the buying process. So, trust your instincts and make a well-informed decision. Make sure that you do not rush into making a decision. Or you could call ASB Real Estate today and enjoy a smooth and successful home-buying experience.  

If you are planning to move to a new place, you might want to take some time to think about what features and amenities you wish to have in your new apartment. You would not like to regret not having a laundry room or a big living room after relocating. So, before you set out to hunt for your new home, make an apartment wish list. This would help you to have a clear idea of what kind of apartment you would like to settle in. 

There may be things that you have dreamt about having in your new apartment like a Jacuzzi or a garden but it won’t be possible to have everything that you have wished for if you are on a limited budget. 

You need to be practical and prioritize things that you honestly need from an apartment. So, create a wish list accordingly. As you start exploring apartments, refer to your wish list to know right away which unit would be the perfect choice for you. 

Create a personalized apartment wish list

A property purchase decision is largely influenced by a list of essential items or features that are required in a new apartment. So, you can note down the items that come to your mind right away when you imagine your dream apartment. These items should be considered the first few items on your apartment wish list. Now you can of course add more to that list. If you find that your list is already long, try narrowing it down by asking yourself the following questions.

What are the must-have features that you want?

There must be some features that are necessary for the apartment you are looking for. One of the most important features that matter to most home-buyers is the location of the apartment. You may want to have an apartment that is closer to a railway station for a hassle-free daily commute to your workplace. If this requirement is not fulfilled, you would probably move on to the next option available. This is an example of a must-have. 

You may be looking for more must-have residential features like a parking space and fitness center. Include the must-have features that best match your lifestyle in your wish list and keep an eye out for the features when you visit potential apartments. 

What are your preferred features?

Consider the features that you would prefer to have in your apartment. When it comes to desirable features, you have to understand that you might have to give up these features if required. 

Let’s say you want to have a bathtub in your bathroom. Now if you find an apartment with all the amenities except a bathtub at a cheaper rent, you would probably prefer to give up the feature and relocate to this place.  

How many rooms do you want in your apartment?

If you have lived in a small apartment with one bedroom all this while, you must be looking for a bigger apartment with more rooms. Ask yourself if two bedrooms would be sufficient for you and your family. Note the number of rooms you want to have in your apartment unit in your wish list. Visit a few apartments yourself to check out the size of the rooms before you make your final choice so that you don’t have home-buyer remorse later. 

What kind of neighborhood would you prefer?

While some people prefer staying in a vibrant area full of coffee shops, restaurants, and recreational facilities, others prefer staying in an apartment tucked away in a remote area from all the hustle and bustle. 

If you prefer a peaceful residential setup, you should consider this point in your wish list. It is important for you to stay in a neighborhood that suits you best. So, check out whether the apartments that you have shortlisted fall under the type of neighborhood that you prefer.

What are some of the appliances that you want your apartment to have?

If you want your apartment kitchen to have up-to-date appliances, such as a microwave, an oven, a dishwasher and a garbage disposal, include these items in your wish list. Make sure that the apartment you are considering has these appliances. Appliances like washing machines and dryers are also popular apartment amenities. So, check out if these appliances are available in the unit you are considering. 

Do you have a preference for a hardwood floor?

Some people prefer hardwood floors to traditional carpets. It is not only easier to clean a hardwood floor but is also more durable. Besides, a hardwood floor looks stylish. If you are one of those people who have a thing for hardwood floors, this should be on your wish list. 

Do you want your apartment to have internet access?

As internet access is a must these days, make sure to include this apartment feature in your wish list. Check out apartments that offer free Wi-Fi access. Also, check for yourself if there is any dead zone in your apartment unit when you go on a tour. 

Finding accommodation in Canada that best suits you would become easier if you have a wish list in your hand. A wish list will not only clear your confusion and help you understand your requirements, but will also help you take the right decision when you are on a house-hunting expedition. 

Take your time and create a comprehensive wish list. Make sure to narrow down your options, as you cannot have everything on a tight budget. Your wish list would help you find a suitable apartment that fits your living preferences. 

Once you have made your wish list, get in touch with ASB Real Estate, and we’ll make sure that all your wishes come true.