Broker Clinton Howell breaks down the latest changes to mortgage rules and explains why buying or upgrading now can be a sound investment
Burlington Real Estate: Why Now Is a Great Time to Buy
The Burlington real estate market has been undergoing a shift, according to Broker Clinton Howell. This change began following the Bank of Canada’s interest rate cut on October 23rd, sparking an uptick in transactions. “The market has been transitioning from a buyer’s market to a more balanced state, and right now, it’s leaning towards a mild seller’s market,” Howell explains.
This makes it an opportune moment to buy, whether you’re a first-time homebuyer or planning to upgrade. Howell highlights several key factors contributing to this favorable environment.
Firstly, the Bank of Canada recently announced a substantial 50-basis-point rate cut, expected to stimulate the housing market by encouraging more buyers to enter. Secondly, home prices, which had been declining over the past six to seven months, have stabilized. Current prices are comparable to those from a year ago, and there’s a healthy inventory of homes available.
Additionally, new mortgage rules coming into effect on December 15th are set to benefit first-time buyers. “Combined with the lower lending rate, we’re likely to see increased market activity,” says Howell.
Experts share his optimism. The Canadian Real Estate Association’s November 15th report predicts higher transaction volumes and rising prices in 2025.
“There’s a saying in real estate: success isn’t about timing the market, but time in the market,” Howell notes. “Right now, prices are at a low point, and with indications of growth in 2025, it’s a smart time to buy.”
