{"id":23433,"date":"2024-03-01T12:55:32","date_gmt":"2024-03-01T17:55:32","guid":{"rendered":"https:\/\/www.zolo.ca\/blog\/?p=23433"},"modified":"2024-03-07T10:54:52","modified_gmt":"2024-03-07T15:54:52","slug":"real-estate-markets-for-buyers","status":"publish","type":"post","link":"https:\/\/www.zolo.ca\/blog\/real-estate-markets-for-buyers","title":{"rendered":"Best Buyer&#8217;s Markets for Homebuyers in Canada 2024"},"content":{"rendered":"\n\n\n<p>For Canadian first-time homebuyers seeking an affordable place to live, finding a home in a buyer&#8217;s market can give them an edge when making an offer and negotiating.<\/p>\n\n\n\n<p><strong>In a buyer\u2019s market, there are more homes for sale than buyers looking to buy, which gives buyers more options and better negotiating power.<\/strong><\/p>\n\n\n\n<p>In a buyer\u2019s market, it\u2019s normal to negotiate the price of a home and add conditions like financing and a home inspection. Homes also tend to sit on the market longer, so you can take your time viewing a home instead of waiting in long lines for open houses. All of these factors combine to give you a noticeable advantage in the homebuying process, so it\u2019s worth considering choosing a buyer\u2019s market when home shopping.<\/p>\n\n\n\n<p>But what makes a buyer\u2019s market \u2013 and where are Canada&#8217;s best buyer\u2019s markets? Keep reading to find the nine best buyer\u2019s markets in Canada.<\/p>\n\n\n\n<section class=\"bg-white border-t border-b border-blacklight my-12 md:my-16 sticky md:relative top-0 md:top-auto z-10 md:z-auto alignwide  wp-block-zolo-block-toc \" aria-hidden=\"true\"><div class=\"wrapper relative max-w-2xl mx-auto md:py-8 flex flex-col flex-shrink-0 max-h-screen md:max-h-none\"><input type=\"checkbox\" id=\"toc-toggle\" class=\"hidden\"\/><label for=\"toc-toggle\" class=\"flex justify-between cursor-pointer md:cursor-auto py-4\"><div class=\"toc-title leading-normal font-medium m-0\">In this article<\/div><svg class=\"w-6 h-6 fill-current text-blue md:hidden transition-transform duration-150 ease-in-out\" viewbox=\"0 0 24 24\"><path d=\"M22 12c0-5.5-4.5-10-10-10S2 6.5 2 12s4.5 10 10 10 10-4.5 10-10zM6.9 10.9l1.4-1.4 3.7 3.7 3.7-3.7 1.4 1.4L12 16l-5.1-5.1z\"><\/path><\/svg><\/label><nav id=\"toc-nav\" class=\"zolo-toc-nav max-h-0 md:max-h-full overflow-y-auto scrollbar-hidden overscroll-none\"><ul class=\"zolo-toc-list my-4\"><li><a class=\"entry-title no-underline hover:underline\" href=\"#best-real-estate-markets-for-homebuyers\">Best Real Estate Markets for Homebuyers<\/a><\/li><li><a class=\"entry-title no-underline hover:underline\" href=\"#what-makes-a-good-buyer\u2019s-market?\">What Makes a Good Buyer\u2019s Market?<\/a><\/li><li><a class=\"entry-title no-underline hover:underline\" href=\"#is-now-a-good-time-to-buy-a-home?\">Is Now a Good Time to Buy a Home?<\/a><\/li><li><a class=\"entry-title no-underline hover:underline\" href=\"#buyer's-markets-represent-an-opportunity-for-canadians\">Buyer&#8217;s Markets Represent an Opportunity for Canadians<\/a><\/li><\/ul><\/nav><\/div><\/section>\n\n\n\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" width=\"1024\" height=\"1210\" loading=\"lazy\" src=\"https:\/\/www.zolo.ca\/blog\/wp-content\/uploads\/2024\/03\/144263-Zolo_Buyer-Markets-in-Canada_Inline-visual_Top-9-Real-Estate-Markets_Superside_V1-1-1024x1210.png\" alt=\"\" class=\"wp-image-23470\"\/><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"best-real-estate-markets-for-homebuyers\">Best Real Estate Markets for Homebuyers<\/h2>\n\n\n\n<p>Here&#8217;s an in-depth look at the best buyer\u2019s markets in Canada.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"1.-southern-georgian-bay-district---western-region\">1. Southern Georgian Bay District &#8211; Western Region<\/h3>\n\n\n\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" width=\"1024\" height=\"695\" loading=\"lazy\" src=\"https:\/\/www.zolo.ca\/blog\/wp-content\/uploads\/2024\/03\/144263-Zolo_Buyer-Markets-in-Canada_Inline-visual-01_Superside_V1-1024x695.png\" alt=\"southern georgian bay district western region buyers market\" class=\"wp-image-23442\"\/><\/figure>\n\n\n\n<ul class=\"wp-block-list\"><li><strong>Peak Price:<\/strong> $1,160,202 (Feb 2022)<\/li><li><strong>Average Price:<\/strong> $749,050 (Dec 2023)&nbsp;<\/li><li><strong>Sales to new listings ratio:<\/strong> 36% (Dec 2023)<\/li><li><strong>Months of inventory:<\/strong> 12 (Dec 2023)<\/li><\/ul>\n\n\n\n<p>The Western Region of <a href=\"https:\/\/www.zolo.ca\/georgian-bay-real-estate\">Southern Georgian Bay<\/a> District posted the lowest SNLR in December of 2023, at 36%, with 12 months of inventory at year-end.<\/p>\n\n\n\n<p>The Western Region of this board includes Wasaga Beach, Clearview Township, Collingwood, The Blue Mountains, the Municipality of Meaford, and Grey Highlands.<\/p>\n\n\n\n<section class=\"wp-block-zolo-related flex items-center py-6 leading-tight border-t border-b border-blacklight undefined\"><p class=\"font-serif pr-6 md:pr-12 mr-6 md:flex-shrink-0 border-r border-blacklight\">Related content<\/p><p class=\"related-link w-full my-0\"><a href=\"https:\/\/www.zolo.ca\/blog\/most-affordable-cities-ontario\">The Most Affordable Cities in Ontario to Buy a Home<\/a><\/p><\/section>\n\n\n\n<p>Most geographical areas within this board are located less than a two-hour drive north of Toronto. This proximity to the GTA makes the area popular for younger buyers who may be hybrid workers looking to get closer to nature and downsizers who may be semi-retired and looking to cash out of their GTA homes.<\/p>\n\n\n\n<p>Each market offers a unique blend of homes ranging from residential dwellings in smaller towns and the rural areas in between to a mix of waterfront homes\/cottages on the many rivers and lakes.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"2.-lloydminster\">2. Lloydminster<\/h3>\n\n\n\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" width=\"1024\" height=\"695\" loading=\"lazy\" src=\"https:\/\/www.zolo.ca\/blog\/wp-content\/uploads\/2024\/03\/144263-Zolo_Buyer-Markets-in-Canada_Inline-visual-02_Superside_V1-1024x695.png\" alt=\"lloydminster buyers market\" class=\"wp-image-23443\"\/><\/figure>\n\n\n\n<ul class=\"wp-block-list\"><li><strong>Peak price: $417,363 <\/strong>(Sept 2021)<\/li><li><strong>Average price: $260,000<\/strong> (Dec 2023)<\/li><li><strong>Sales to new listings ratio:<\/strong> 40% (Dec 2023)<\/li><li><strong>Months of Inventory:<\/strong> 11 (Dec 2023)<\/li><\/ul>\n\n\n\n<p>Ll<a href=\"https:\/\/www.zolo.ca\/lloydminster-real-estate\">oydminster<\/a> is a unique city as it straddles the border between Alberta and Saskatchewan, similar to Ottawa\/Gatineau. The region is incorporated by both provinces as a single city with a single municipal administration. There are some minor differences in property on either side based on tax code, lending availability, and real estate regulations. As a result, the <a href=\"https:\/\/www.crea.ca\/\">Canadian Real Estate Association<\/a> (CREA) records statistics for Alberta and Saskatchewan portions separately.<\/p>\n\n\n\n<p>The Saskatchewan side of the city is classified as a buyer\u2019s market with a low SNLR. In contrast, the Alberta side is more competitive with a much higher SNLR of 69%, placing it in seller\u2019s market territory.<\/p>\n\n\n\n<p>This split in the city\u2019s recording with CREA does cause some unreliability in the data, as the average home price in Lloydminster, Alberta, was slightly higher than the Saskatchewan side at $280,000. There does seem to be some volatility in the average price metric for both markets. However, Lloydminster is still a good option for buyers because it\u2019s a reasonably priced and slow-moving market. Canadians looking to buy their first homes won\u2019t have to worry about the \u201cfear of missing out\u201d (FOMO) from rising prices or the \u201cfear of not getting out\u201d (FONGO) from falling prices.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"3.-south-okanagan\">3. South Okanagan<\/h3>\n\n\n\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" width=\"1024\" height=\"696\" loading=\"lazy\" src=\"https:\/\/www.zolo.ca\/blog\/wp-content\/uploads\/2024\/03\/144263-Zolo_Buyer-Markets-in-Canada_Inline-visual-03_Superside_V1-1024x696.png\" alt=\"south okanagan buyers market\" class=\"wp-image-23444\"\/><\/figure>\n\n\n\n<ul class=\"wp-block-list\"><li><strong>Peak price: $700,261<\/strong> (Jan 2022)<\/li><li><strong>Average price: $573,739<\/strong> (Dec 2023)<\/li><li><strong>Sales to new listings ratio:<\/strong> 43% (Dec 2023)<\/li><li><strong>Months of inventory:<\/strong> 17 (Dec 2023)<\/li><\/ul>\n\n\n\n<p>South <a href=\"https:\/\/www.zolo.ca\/central-okanagan-real-estate\">Okanagan<\/a> is a region located in British Columbia, Canada. It is known for its beautiful landscapes, vineyards, and recreational activities. This market was especially hot during the urban exodus catalyzed by the pandemic, causing a lot of investment into vacation and staycation homes.<\/p>\n\n\n\n<p>The real estate market in South Okanagan offers a variety of homes ranging from residential dwellings to smaller towns and rural areas. Additionally, there is a mix of waterfront homes and cottages along the rivers and lakes in the region.<\/p>\n\n\n\n<p>Much like the Southern Georgian Bay District, South Okanagan attracts a diverse range of buyers, including individuals seeking a closer connection to nature and those seeking greater affordability than the Lower Mainland of British Columbia.<\/p>\n\n\n\n<section class=\"wp-block-zolo-related flex items-center py-6 leading-tight border-t border-b border-blacklight undefined\"><p class=\"font-serif pr-6 md:pr-12 mr-6 md:flex-shrink-0 border-r border-blacklight\">Related content<\/p><p class=\"related-link w-full my-0\"><a href=\"https:\/\/www.zolo.ca\/blog\/most-affordable-cities-bc\">The Most Affordable Places to Live in British Columbia<\/a><\/p><\/section>\n\n\n\n<p>As a hot tourism market, South Okanagan was significantly impacted by British Columbia\u2019s recent <a href=\"https:\/\/www2.gov.bc.ca\/gov\/content\/housing-tenancy\/short-term-rentals\/short-term-rental-legislation\">Short-Term Rental Accommodations Act<\/a>. This act likely created a lot of supply by regulating some of the 16,000 homes in the province used for vacation rental purposes. Many owners elected to sell those homes because they may not be as profitable as long-term rentals. As a result, many tourism-centric markets are falling into buyers-market territory.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"4.-muskoka-&amp;-haliburton\">4. Muskoka &amp; Haliburton<\/h3>\n\n\n\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" width=\"1024\" height=\"695\" loading=\"lazy\" src=\"https:\/\/www.zolo.ca\/blog\/wp-content\/uploads\/2024\/03\/144263-Zolo_Buyer-Markets-in-Canada_Inline-visual-04_Superside_V1-1-1024x695.png\" alt=\"\" class=\"wp-image-23471\"\/><\/figure>\n\n\n\n<ul class=\"wp-block-list\"><li><strong>Peak price: <\/strong>$1,216,769 (June 2023)<\/li><li><strong>Average price:<\/strong> $784,057 (Dec 2023)<\/li><li><strong>Sales to new listings ratio:<\/strong> 49% (Dec 2023)<\/li><li><strong>Months of inventory:<\/strong> 9 (Dec 2023)<\/li><\/ul>\n\n\n\n<p><a href=\"https:\/\/www.zolo.ca\/muskoka-lakes-real-estate\">Muskoka<\/a> and <a href=\"https:\/\/www.zolo.ca\/haliburton-real-estate\">Haliburton<\/a> are two picturesque buyer&#8217;s markets in Ontario, Canada, known for their stunning natural beauty and recreational activities. These regions attract tourists and residents with charming towns, pristine lakes, and lush forests.<\/p>\n\n\n\n<p>The Muskoka region is often called &#8220;cottage country&#8221; due to its abundance of vacation homes and cottages nestled along the shores of its many lakes. This region offers a perfect escape from city life, providing residents and visitors with opportunities for boating, fishing, hiking, and enjoying the great outdoors. Muskoka is also home to several quaint towns, such as Bracebridge, Huntsville, and Gravenhurst, each offering unique charm and amenities.<\/p>\n\n\n\n<p>Muskoka and Haliburton offer various real estate options, from cozy cottages and waterfront properties to spacious country homes and vacant land. The real estate market in these regions tends to be influenced by seasonal demand, with the summer months attracting more buyers and higher prices. However, these regions&#8217; beauty and recreational opportunities make them desirable places to live or own vacation property throughout the year.<\/p>\n\n\n\n<p>Both cities are likely outside of commuting distance for most full-time workers in the Greater Toronto Area but have become a popular market for those working remotely or on a hybrid work model, who can stomach the longer commute just one or two times per week.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"5.-portage-la-prairie\">5. Portage la Prairie<\/h3>\n\n\n\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" width=\"1024\" height=\"696\" loading=\"lazy\" src=\"https:\/\/www.zolo.ca\/blog\/wp-content\/uploads\/2024\/03\/144263-Zolo_Buyer-Markets-in-Canada_Inline-visual-05_Superside_V1-1024x696.png\" alt=\"portage la prairie\" class=\"wp-image-23446\"\/><\/figure>\n\n\n\n<ul class=\"wp-block-list\"><li><strong>Peak price:<\/strong> $345,331 (June 2023)<\/li><li><strong>Average price: <\/strong>$247,500 (Dec 2023)<\/li><li><strong>Sales to new listings ratio:<\/strong> 50% (Dec 2023)<\/li><li><strong>Months of inventory:<\/strong> 11 (Dec 2023)<\/li><\/ul>\n\n\n\n<p><a href=\"https:\/\/www.zolo.ca\/portage-la-prairie-real-estate\">Portage la Prairie<\/a> is a city located in Manitoba, Canada. It is approximately 85 kilometres west of Winnipeg, the capital city of Manitoba. The city is known for its vibrant community, rich history, and diverse economy.<\/p>\n\n\n\n<p>One of the notable features of Portage la Prairie is its strategic location. It is situated at the Trans-Canada and Yellowhead Highway intersection, making it a central transportation hub in the region. This advantageous position has contributed to the city&#8217;s economic growth and development.<\/p>\n\n\n\n<p>Portage la Prairie offers a range of recreational and cultural amenities. The city boasts numerous parks, green spaces, and recreational facilities, providing residents with outdoor activities and leisure opportunities. The community also annually hosts various events and festivals, showcasing the city&#8217;s vibrant arts and culture scene.<\/p>\n\n\n\n<p>The real estate market in Portage la Prairie offers a mix of residential properties, including single-family homes, townhouses, and condominiums. The city&#8217;s affordable housing prices make it an attractive option for homebuyers looking for more affordable options compared to larger urban centers.<\/p>\n\n\n\n<p>Overall, Portage la Prairie is a welcoming and thriving buyer&#8217;s market that offers a high quality of life and affordability. With its strategic location, diverse economy, and range of amenities, it continues to be an appealing destination for residents and businesses alike.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"6.-swift-current\">6. Swift Current<\/h3>\n\n\n\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" width=\"1024\" height=\"695\" loading=\"lazy\" src=\"https:\/\/www.zolo.ca\/blog\/wp-content\/uploads\/2024\/03\/144263-Zolo_Buyer-Markets-in-Canada_Inline-visual-06_Superside_V1-1024x695.png\" alt=\"swift current buyers market\" class=\"wp-image-23447\"\/><\/figure>\n\n\n\n<ul class=\"wp-block-list\"><li><strong>Average price:<\/strong> $208,979 (Dec 2023)<\/li><li><strong>Sales to new listings ratio:<\/strong> 50% (Dec 2023)<\/li><li><strong>Months of inventory:<\/strong> 15 (Dec 2023)<\/li><\/ul>\n\n\n\n<p><a href=\"https:\/\/www.zolo.ca\/swift-current-real-estate\">Swift Current<\/a> is a city located in Saskatchewan, Canada. It is the sixth-largest city in the province and serves as a regional hub for southwestern Saskatchewan. The city is known for its vibrant community, strong economy, and beautiful natural landscapes.<\/p>\n\n\n\n<p>The city&#8217;s size makes it easy to navigate, and traffic congestion is rarely an issue. Swift Current is also strategically located along the Trans-Canada Highway, providing easy access to other major centers and attractions in the province. This accessibility is a plus for individuals who travel frequently or commute for work.<\/p>\n\n\n\n<p>For potential home buyers, Swift Current, Saskatchewan, offers a blend of affordability, community spirit, economic stability, and quality of life. While it may have a different pace or amenities than larger urban centers, its charm, friendly atmosphere, and range of services make it an attractive option for many.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"7.-parry-sound\">7. Parry Sound<\/h3>\n\n\n\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" width=\"1024\" height=\"696\" loading=\"lazy\" src=\"https:\/\/www.zolo.ca\/blog\/wp-content\/uploads\/2024\/03\/144263-Zolo_Buyer-Markets-in-Canada_Inline-visual-07_Superside_V1-1024x696.png\" alt=\"parry sound buyers market\" class=\"wp-image-23448\"\/><\/figure>\n\n\n\n<ul class=\"wp-block-list\"><li><strong>Average price:<\/strong> $495,219 (Dec 2023)<\/li><li><strong>Sales to new listings ratio:<\/strong> 52% (Dec 2023)<\/li><li><strong>Months of inventory:<\/strong> 11 (Dec 2023)<\/li><\/ul>\n\n\n\n<p><a href=\"https:\/\/www.zolo.ca\/parry-sound-real-estate\">Parry Sound<\/a> is a buyer&#8217;s market that offers a variety of options ranging from waterfront properties, which capitalize on the stunning views of Georgian Bay, to more inland homes that provide privacy and tranquillity. Home demand can vary seasonally, influenced by Parry Sound\u2019s popularity as a vacation destination. Buyers should be aware of the competitive nature of waterfront properties and the potential for higher price points in these areas.<\/p>\n\n\n\n<p>Parry Sound is a popular destination for outdoor enthusiasts, offering various recreational activities. Visitors and residents can explore the beautiful hiking trails, go boating or fishing on the bay, or simply relax on the sandy beaches.<\/p>\n\n\n\n<p>In addition to its natural beauty, Parry Sound boasts a thriving arts scene. For example, the town is home to the <a href=\"https:\/\/stockeycentre.com\/\">Charles W Stockey Centre for the Performing Arts<\/a>, a renowned venue that hosts various concerts, theatrical performances, and cultural events throughout the year. Finally, the annual Festival of the Sound, held in Parry Sound, attracts music lovers from around the world.<\/p>\n\n\n\n<p>For potential home buyers, Parry Sound, Ontario, represents an opportunity to invest in a lifestyle as much as a property. Its blend of natural beauty, community spirit, and a stable economy make it an attractive choice for individuals and families alike. Whether seeking a full-time residence or a vacation home, the diversity of the real estate market here caters to a wide range of preferences and budgets.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"8.-kawartha-lakes\">8. Kawartha Lakes<\/h3>\n\n\n\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" width=\"1024\" height=\"695\" loading=\"lazy\" src=\"https:\/\/www.zolo.ca\/blog\/wp-content\/uploads\/2024\/03\/144263-Zolo_Buyer-Markets-in-Canada_Inline-visual-08_Superside_V1-1024x695.png\" alt=\"Kawartha lakes buyers market\" class=\"wp-image-23449\"\/><\/figure>\n\n\n\n<ul class=\"wp-block-list\"><li><strong>Average Price:<\/strong> $703,623 (Dec 2023)<\/li><li><strong>Sales to new listings ratio:<\/strong> 51% (Dec 2023)<\/li><li><strong>Months of inventory:<\/strong> 5 (Dec 2023)<\/li><\/ul>\n\n\n\n<p><a href=\"https:\/\/www.zolo.ca\/kawartha-lakes-real-estate\">Kawartha Lakes<\/a> is a charming region in Ontario, Canada, known for its picturesque landscapes and recreational opportunities. The market became popular during the pandemic, with some of the highest price growth in Canada recorded in Kawarthas.<\/p>\n\n\n\n<p>Situated among several lakes, including Balsam Lake, Sturgeon Lake, and Cameron Lake, the area offers breathtaking views and a serene environment. The region is a haven for outdoor enthusiasts, with activities such as boating, fishing, hiking, and camping available throughout the year.<\/p>\n\n\n\n<p>Kawartha Lakes also offers a range of amenities and services, including shopping centers, restaurants, and recreational facilities. In addition, the region&#8217;s proximity to larger cities like Peterborough provides residents access to additional amenities and employment opportunities.<\/p>\n\n\n\n<p>For potential home buyers, Kawartha Lakes, Ontario, presents an appealing mix of natural beauty, community engagement, and lifestyle opportunities. The area&#8217;s real estate market offers a variety of options, from cozy cottages to expansive rural properties, accommodating a range of preferences and budgets. While the pace of life is more relaxed, the community is active and welcoming, with ample amenities and services to ensure a high quality of life.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"9.-orillia\">9. Orillia<\/h3>\n\n\n\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" width=\"1024\" height=\"696\" loading=\"lazy\" src=\"https:\/\/www.zolo.ca\/blog\/wp-content\/uploads\/2024\/03\/144263-Zolo_Buyer-Markets-in-Canada_Inline-visual-09_Superside_V1-1024x696.png\" alt=\"Orillia buyers market\" class=\"wp-image-23450\"\/><\/figure>\n\n\n\n<ul class=\"wp-block-list\"><li><strong>Average price:<\/strong> $703,623 (Dec 2023)<\/li><li><strong>Sales to new listings ratio:<\/strong> 51% (Dec 2023)<\/li><li><strong>Months of inventory:<\/strong> 5 (December 2023)<\/li><\/ul>\n\n\n\n<p><a href=\"https:\/\/www.zolo.ca\/orillia-real-estate\">Orillia<\/a>&#8216;s real estate market is diverse, offering many housing options that cater to different needs and budgets. The market includes everything from historic homes in established neighbourhoods to modern developments. You&#8217;ll also find waterfront properties and rural homes just outside the city limits. The demand for real estate in Orillia can be strong. This demand is driven by the appealing location and relatively affordable prices compared to larger urban centers.<\/p>\n\n\n\n<p>A mix of manufacturing, government services, tourism, and healthcare supports the economy in Orillia. The presence of the <a href=\"https:\/\/www.casinorama.com\/\">Casino Rama Resort <\/a>nearby also contributes to the local economy and employment opportunities. This economic diversity helps stabilize the real estate market and can be attractive for potential home buyers looking to settle down in the area.<\/p>\n\n\n\n<p>Orillia&#8217;s strategic location along Highway 11 provides easy access to Toronto, Barrie, and Muskoka. This proximity makes it an appealing location for those who wish to enjoy a smaller city atmosphere while having the option to commute or travel to larger urban centers. The city&#8217;s compact size also means that many amenities and services are within a short drive for residents.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"what-makes-a-good-buyer\u2019s-market?\">What Makes a Good Buyer\u2019s Market?<\/h2>\n\n\n\n<p>In a buyer&#8217;s market, more homes are available for sale than buyers are looking to purchase. Therefore, the situation favours buyers, who have more options and can negotiate better deals. Buyer&#8217;s markets usually lead to lower prices, longer listing times, and less buyer competition. Additionally, sellers may be more willing to make concessions or negotiate terms to attract buyers in a buyer&#8217;s market.<\/p>\n\n\n\n<p>To sum up, here are the differences between buyer\u2019s markets and seller\u2019s markets, with more explanation below.<\/p>\n\n\n\n<div id=\"footable_parent_23451\"\n         class=\" footable_parent ninja_table_wrapper loading_ninja_table wp_table_data_press_parent semantic_ui colored_table\">\n                <table data-ninja_table_instance=\"ninja_table_instance_0\" data-footable_id=\"23451\" data-filter-delay=\"1000\" aria-label=\"Buyer&#039;s vs sellers&#039; market\"            id=\"footable_23451\"\n           data-unique_identifier=\"ninja_table_unique_id_2965444658_23451\"\n           class=\" foo-table ninja_footable foo_table_23451 ninja_table_unique_id_2965444658_23451 ui table  nt_type_legacy_table selectable hide_horizonal_borders hide_vertical_borders striped compact vertical_centered ninja_custom_color inverted footable-paging-right ninja_table_search_disabled ninja_table_pro\">\n                <colgroup>\n                            <col class=\"ninja_column_0 \">\n                            <col class=\"ninja_column_1 \">\n                            <col class=\"ninja_column_2 \">\n                            <col class=\"ninja_column_3 \">\n                    <\/colgroup>\n        <thead>\n<tr class=\"footable-header\">\n                                                                        <th scope=\"col\"  class=\"ninja_column_0 ninja_clmn_nm_metrics \">Metrics<\/th><th scope=\"col\"  class=\"ninja_column_1 ninja_clmn_nm_buyers_market \">Buyer's market<\/th><th scope=\"col\"  class=\"ninja_column_2 ninja_clmn_nm_balanced_market \">Balanced market<\/th><th scope=\"col\"  class=\"ninja_column_3 ninja_clmn_nm_sellers_market \">Seller's market<\/th><\/tr>\n<\/thead>\n<tbody>\n\n        <tr data-row_id=\"17063\" class=\"ninja_table_row_0 nt_row_id_17063\">\n            <td>Key characteristics<\/td><td>More supply than demand<\/td><td>Supply matchess demand<\/td><td>Less supply than demand<\/td>        <\/tr>\n            <tr data-row_id=\"17064\" class=\"ninja_table_row_1 nt_row_id_17064\">\n            <td>Inventory<\/td><td>More than six months<\/td><td>Between five and six months<\/td><td>Less than five months<\/td>        <\/tr>\n            <tr data-row_id=\"17065\" class=\"ninja_table_row_2 nt_row_id_17065\">\n            <td>Sales to new listings ratio<\/td><td>Below 40%<\/td><td>Between 40% and 60%<\/td><td>Above 60%<\/td>        <\/tr>\n    <\/tbody><!--ninja_tobody_rendering_done-->\n    <\/table>\n    \n    \n    \n<\/div>\n\n\n\n\n<p>Buyer\u2019s markets are measured based on three key characteristics:<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li><strong>Market absorption rate<\/strong> &#8211; the rate at which available properties are sold or taken off the market.<\/li><li><strong>Months of inventory<\/strong> &#8211; how long it would take for all of the homes currently on the market to be sold<\/li><li><strong>Sales to new listings ratio<\/strong> &#8211; compares the number of properties sold to the number of new listings in a given period<\/li><\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">Market Absorption Rate<\/h3>\n\n\n\n<p>The easiest way to measure whether a market has more buyers or sellers is by using the <a href=\"https:\/\/www.zolo.ca\/blog\/glossary\/market-absorption-rate\">market absorption rate<\/a> (MAR).<\/p>\n\n\n\n<p>MAR is the rate at which available properties are sold or taken off the market. It measures the demand for properties in relation to the supply. For example, a high absorption rate means there is strong buyer demand, and homes are selling quickly, resulting in a seller\u2019s market.<\/p>\n\n\n\n<p>On the other hand, a low absorption rate suggests a buyer&#8217;s market. In this case, homes take longer to sell, and there is a higher supply of homes relative to demand.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Months of Inventory<\/h3>\n\n\n\n<p>The months of inventory (MOI) metric is used in real estate to estimate how long it would take for all of the homes currently on the market in a specific region to be sold, given the current sales pace. As a result, SNLR calculated by dividing the active listings by the average monthly sales volume.<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li><strong>Buyer\u2019s market<\/strong> &#8211; More than six months of inventory<\/li><li><strong>Balanced market<\/strong> &#8211;&nbsp; Between five and six months of inventory<\/li><li><strong>Seller\u2019s market<\/strong> &#8211;&nbsp; An area with less than five months of inventory<\/li><\/ul>\n\n\n\n<p>MOI is not a perfect metric. Thanks to the rise of the digital age, homebuyers&#8217; average time to discover and purchase a home has shortened over time. Furthermore, sellers will sometimes de-list properties, which can skew inventory data. For this reason, we use MOI and other metrics to determine which regions are buyer\u2019s markets. One of those is the sales to new listings ratio (SNLR).<\/p>\n\n\n\n<section class=\"wp-block-zolo-related flex items-center py-6 leading-tight border-t border-b border-blacklight undefined\"><p class=\"font-serif pr-6 md:pr-12 mr-6 md:flex-shrink-0 border-r border-blacklight\">Related content<\/p><p class=\"related-link w-full my-0\"><a href=\"https:\/\/www.zolo.ca\/blog\/why-is-housing-so-expensive-in-canada\">Why is Housing So Expensive in Canada?<\/a><\/p><\/section>\n\n\n\n<h3 class=\"wp-block-heading\">Sales to New Listings Ratio<\/h3>\n\n\n\n<p>The sales to new listings ratio (SNLR) is a measurement that compares the number of properties sold to the number of new listings in a given period. Consequently, SNLR provides insight into the balance between buyer demand and seller supply in a real estate market.<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li><strong>Buyer\u2019s market<\/strong> &#8211; SNLR below 40%<\/li><li><strong>Balanced market<\/strong> &#8211; SNLR between 40% and 60%<\/li><li><strong>Seller\u2019s market<\/strong> &#8211; SNLR above 60% percent<\/li><\/ul>\n\n\n\n<p>The sales to new listings ratio is calculated by dividing the number of properties sold in a given period by the number of new listings during the same period. As a result, this ratio indicates the balance between buyer demand and seller supply in the real estate market.<strong> <\/strong>For example, an<strong> SNLR of around 50% indicates a balanced market.<\/strong> A higher ratio usually means a seller\u2019s market, while a lower ratio indicates the region is a buyer\u2019s market.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"is-now-a-good-time-to-buy-a-home?\">Is Now a Good Time to Buy a Home?<\/h2>\n\n\n\n<p>The real estate industry is infamous for claiming that \u201cit\u2019s always a good time to buy and sell.\u201d But the reality is that there are advantages to be found in different types of markets.<\/p>\n\n\n\n<p>In a seller\u2019s market, prices typically rise. Because of the rising prices, industry participants often point to those rising prices as evidence that it\u2019s an excellent time to take the plunge into homeownership. Buying when home prices are rising can be risky for buyers, but has worked well in the last several years.&nbsp;<\/p>\n\n\n\n<section class=\"wp-block-zolo-related flex items-center py-6 leading-tight border-t border-b border-blacklight undefined\"><p class=\"font-serif pr-6 md:pr-12 mr-6 md:flex-shrink-0 border-r border-blacklight\">Related content<\/p><p class=\"related-link w-full my-0\"><a href=\"https:\/\/www.zolo.ca\/blog\/2024-housing-market-predictions-in-canada-what-to-expect\">What to Expect in the 2024 Real Estate Market<\/a><\/p><\/section>\n\n\n\n<p>In a buyer\u2019s market, prices are typically stable or falling, so buyers can often negotiate better prices and terms. For example, you may be able to add <a href=\"https:\/\/www.zolo.ca\/blog\/conditions-for-buying-a-house\">conditions<\/a> like financing and inspection. While it can be unnerving to buy a home in a market where home prices are falling, it\u2019s important to remember that as long as you plan to stay in your home for several years, prices are likely to start rising again before you plan to sell.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"buyer's-markets-represent-an-opportunity-for-canadians\">Buyer&#8217;s Markets Represent an Opportunity for Canadians<\/h2>\n\n\n\n<p>There are opportunities in the buyer\u2019s markets in Canada, but many more cities and towns across the country are considered buyer\u2019s markets, too. As a result, I would encourage homebuyers to look carefully at the key metrics mentioned above. That said, remember that your local real estate market can change drastically over the holidays. So, while it can provide some direction, relying on year-end data from the previous year is often difficult. When in doubt, ask your real estate agent for guidance.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>These markets across Canada present opportunities for savvy buyers<\/p>\n","protected":false},"author":115,"featured_media":23434,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[47],"tags":[],"guide":[],"class_list":["post-23433","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-buying"],"acf":[],"zolo_excerpt":"","_links":{"self":[{"href":"https:\/\/www.zolo.ca\/blog\/wp-json\/wp\/v2\/posts\/23433","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.zolo.ca\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.zolo.ca\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.zolo.ca\/blog\/wp-json\/wp\/v2\/users\/115"}],"replies":[{"embeddable":true,"href":"https:\/\/www.zolo.ca\/blog\/wp-json\/wp\/v2\/comments?post=23433"}],"version-history":[{"count":10,"href":"https:\/\/www.zolo.ca\/blog\/wp-json\/wp\/v2\/posts\/23433\/revisions"}],"predecessor-version":[{"id":23472,"href":"https:\/\/www.zolo.ca\/blog\/wp-json\/wp\/v2\/posts\/23433\/revisions\/23472"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.zolo.ca\/blog\/wp-json\/wp\/v2\/media\/23434"}],"wp:attachment":[{"href":"https:\/\/www.zolo.ca\/blog\/wp-json\/wp\/v2\/media?parent=23433"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.zolo.ca\/blog\/wp-json\/wp\/v2\/categories?post=23433"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.zolo.ca\/blog\/wp-json\/wp\/v2\/tags?post=23433"},{"taxonomy":"guide","embeddable":true,"href":"https:\/\/www.zolo.ca\/blog\/wp-json\/wp\/v2\/guide?post=23433"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}