A real estate agent and recent homebuyer speak on their experiences
Patrycja Budzynska is a real estate agent in Truro. She encourages people to dive into the housing market if they're able to. Brendyn CreamerTRURO, N.S. — At a time when real estate in Colchester is in great demand, realtors and homebuyers alike say there just aren’t enough houses on the market.
She explained there was a big push for purchasing homes when mortgage rates fell to a drastically low amount during COVID. This led to an increase in demand. It’s only now that mortgage rates are beginning to return to normal, said Budzynska. These peaks are the highest mortgage rates have been in over 10 years, according to data from the Bank of Canada.
According to statistics from the Canadian Real Estate Association , the average residential price steadily increased in 2019, crossing over the $250,000 range. The Canadian Mortgage and Housing Corporation reported that in the last quarter of 2022, there were 226 housing units under construction in Truro, with 26 having been completed in that time frame.
“As long as people are determined, and they have their resources, they’re getting there. Sometimes you just have to crunch your numbers a bit and you have to start not where you want to be, but people are getting what they want."“We don’t have enough homes on the market, it’s still competitive. If you’re thinking about getting into home ownership, just from my experience and the numbers we are seeing, I would suggest just to jump into it.
Smith bought a house on Pictou Road, Bible Hill in October 2021. Though he admitted that he is better off than most, with no urgent need for housing, he still found the process exhausting. Smith ended up settling on a house from a private seller. He stopped by a house one day that was being renovated and struck up a conversation with the owner.
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