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A consumer guide and workbook - page 17 / 79

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BY understanding THE HOUSING M A R K E T, YOU’LL have

a better SENSE OF WHAT, WHERE AND WHEN to buy.

10

STEP 2 • MARKET FORECASTS

Buying a home—an important lifestyle and investment decision

You want to buy at the best price possible. You want your monthly payments to be as affordable as possible. You want your home to increase in value as much as possible.

To make sure all that happens, it’s important to look beyond your individual purchase before you buy. You need to look at larger market conditions. What’s happening around you (house price trends, mortgage rate movements, new home construction)

will have an influence on your purchase. The more you know, the more control you have.

How do you develop an understanding of how the housing market is evolving? The easiest answer is to take advantage of the information offered by CMHC’s Market Analysis Centre through any regional CMHC Business Centre.

The Market Analysis Centre is there to give you a clear picture of the current housing market. Local market analysis reports are published on a regular basis. They provide information on recent trends in housing market conditions.

Your local CMHC market analyst can tell you if it’s a buyer’s, seller’s or balanced housing market.

In a buyer’s market, the number of homes avail- able for sale exceeds the demand, so prices will either stabilize or drop.

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