What options do sellers have now that the housing market is cooling down?
Canada’s housing market appears to be cooling down, according to the latest statistics shared by the Canadian Real Estate Association. Home sales across the country dropped 12.6 per cent in April 2022 compared to the month before. Along with fewer sales, Canadians are also seeing a decrease in the average price of a home.
In what is increasingly becoming a buyer’s market, some soon-to-be sellers may be wondering whether they should delay listing their homes until conditions become more favourable. Toronto-based realtor Shay Asnani advises Canadians to base this decision on personal factors, rather than market conditions.
“We shouldn't really try to time the market because nobody really knows where things are going to go over the next few weeks, or even the next few months,” he told CTV’s Your Morning on Thursday. “The decision to sell and when you should sell is very case-by-case, and you should make that a personal decision.”
Less activity in the market also means there’s more pressure for sellers to distinguish their homes stand from other properties on the market, Asnani said. In order to maximize their sale price, he recommends that sellers take extra time to clean and properly maintain their homes.
“First impressions are everything. When I go through a home with a buyer, within the first 30 seconds, they pretty much know if they like that home and would consider putting an offer on it,” Asnani said. “If they see this as a home that has been well taken care of [and] is in good shape, then that translates into more perceived value.”
Asnani also suggests having a strong marketing strategy to promote the home, including high-quality photos and advertising on social media.
“It's all about exposure, getting as many eyes on your property [as you can], getting people through the door, and just showing what's really special about your home,” he said.
Watch the full video with CTV’s Your Morning at the top of this article to learn more about how sellers can maximize the value of their homes.
YOUR FINANCES
OPINION | Should you still be saving money with inflation at 7.7 per cent?
With inflation reaching a 40-year high, many Canadians have been left in a state of worry. Not only about the rising prices of consumer goods, but whether or not they should continue to save money. It’s not such a simple question, and it depends greatly on your circumstances, contributor Christopher Liew explains in an exclusive column for CTVNews.ca.
Almost half of Canadians are doing worse financially than the previous year: survey
As inflation rates soar to the highest they've been in Canada in nearly forty years, nearly half of Canadians say that right now, they're doing worse financially than they were at this time last year.
Here's how to save on your next grocery order, according to Canadian couponers
As Canada’s inflation soars, two ‘extreme couponers’ offer their advice on how to save at the grocery store.
4 things Canadians can do to save money on their groceries during inflation
With Statistics Canada reporting a 9.7 per cent increase in food costs over the last year, Canadians are being pushed to find ways to pinch pennies at the grocery stores. Here are some ways to save.
Is it time for a 'gas tax holiday' in Canada?
As fuel prices reach record highs and drive inflation, there have been growing calls for governments to temporarily suspend or reduce gas taxes. CTVNews.ca spoke with experts on whether a gas tax holiday makes sense in Canada.
Canada's inflation nears 40-year high as gas prices soar
Soaring gas prices helped the annual inflation rate in May soar to its highest level in nearly 40 years, as the rising cost of living for Canadians squeezed household budgets and bolstered expectations the Bank of Canada will opt for a supersized interest rate hike next month.
'Retirement crisis' is in the works amid inflation: survey
More Canadians are facing challenges to save for retirement security as inflation continues to soar and markets decline, a new survey has found.
Ontario student warns about losing debit card after $14,000 lands on RBC account
An Ontario student is warning people of the risk that comes with failing to report a lost debit card after $14,000 in fraudulent deposits landed in her RBC account.