It’s no secret that Ontario’s larger cities have been experiencing a housing shortage for years. But now the problem is extending to the rest of the province as big-city dwellers migrate to smaller communities, generating a sudden spike in demand and depleting the remaining housing supply. So what does this mean for homebuyers in more rural markets like Oxford County?
Ontario has been one of the hottest housing markets in the nation, and as a result home sales are outnumbering new listings. As inventory levels are dwindling and borrowing rates remain historically low the shortage of residential properties, especially single-family properties, is anticipated to continue. As such, the strength of demand will drive the average price higher as potential buyers compete for the most desirable properties.
Unfortunately at a time like this rural homebuyers are often at the mercy of the market. They can either pay the higher prices, lower their expectations and purchase a less desirable property, wait for the market to level out and for prices to go down, or look to other more affordable markets elsewhere in the province or country.
Now perhaps more than ever it is critical to work with a qualified real estate professional. If you are thinking of buying a home during a housing shortage and are unsure what to do next, don’t panic. An agent like myself can work with you to make sure you don’t have to sacrifice everything to get the home of your dreams.