Spring Market Watch: What Homebuyers Need to Know
February 27, 2025 | Posted by: Keith Leighton
Spring Market Watch: What Homebuyers Need to Know
As the snow starts to melt and daylight stretches a little longer, the real estate market in Atlantic Canada begins to heat up. March marks the unofficial start of the spring homebuying season, and whether you're looking to buy, sell, or refinance, being informed is key to making smart financial decisions. Here’s what you need to know this month.
1. Interest Rates: A Balancing Act
Mortgage rates remain a hot topic as we head into the spring. The Bank of Canada’s next rate decision will be watched closely, as economic trends will dictate whether rates hold steady or begin to decrease. If you’re on the fence about buying, locking in a pre-approval now can provide rate security and peace of mind.
2. Atlantic Canada’s Market Trends
Real estate remains more affordable than in many other parts of the country, but prices are still climbing in key markets like Halifax, Moncton, and St. John’s. Demand continues to be strong, particularly among first-time homebuyers and newcomers to the region. If you’re selling, this could be a great time to list your property. If you’re buying, be prepared to act quickly when you find the right home.
3. Preparing for Spring Competition
With more buyers entering the market, competition is expected to increase. Here’s how you can stay ahead:
• Get pre-approved: A mortgage pre-approval not only gives you a clear budget but also makes your offer more attractive to sellers.
• Work with a mortgage broker: DLC Ideal Mortgage brokers can shop around for the best rates and terms, giving you an edge in a competitive market.
• Be flexible: The more open you are to different locations or property types, the better your chances of securing a home within your budget.
4. Government Incentives & Programs
First-time homebuyers in Atlantic Canada should take advantage of federal and provincial programs, including:
• First-Time Home Buyer Incentive: A shared equity program to reduce mortgage costs.
• Home Buyers’ Plan (HBP): Allows first-time buyers to withdraw up to $35,000 from their RRSPs for a down payment.
• Provincial Rebates & Programs: Nova Scotia, New Brunswick, PEI, and Newfoundland each have unique grants and rebates—be sure to check what’s available in your province.
5. The Importance of a Mortgage Check-Up
If you already own a home, March is an excellent time to review your mortgage. Whether you’re considering an early renewal, refinancing for home improvements, or consolidating debt, a quick check-in with your mortgage broker could help you save thousands over the life of your loan.
Final Thoughts
The housing market is set for an active spring, and being proactive can make all the difference. Whether you’re buying, selling, or looking for ways to optimize your mortgage, expert advice can go a long way.
Looking for guidance? Reach out to your DLC Ideal Mortgage Broker today, and let’s make sure you’re ready for the opportunities that spring has to offer!
