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According to the Canadian Real Estate Association (CREA), national home sales in Canada have declined by 1.9% between August and September, marking a three-month consecutive decrease. Simultaneously, the number of properties being listed for sale continues to rise. As a result, CREA predicts that average home prices are expected to continue to decrease for the rest of the year and into 2024. This shift in the real estate market dynamics has transitioned it into a buyer's market, providing buyers with more leverage and negotiation opportunities, especially during the upcoming winter season.
For those considering buying a home in the winter, several advantages may be in store. Firstly, sellers may be more motivated due to increased competition and the challenges of keeping a home presentable during snowy months, potentially leading to quicker property sales. Additionally, with fewer buyers in the market, bidding wars are less likely to occur, and sellers may be more inclined to accept reasonable offers. The winter season also offers faster closings, as real estate professionals are typically less busy during this time. Finally, winter home buying allows potential buyers to assess how well a property performs in cold weather, from insulation and heating to the effectiveness of maintenance services such as snow removal. Moreover, hiring movers may be more convenient during the winter, as moving companies tend to be less busy and may offer discounts or flexible rates to attract customers.
Read the full article on: HGTV
