The real estate market is always buzzing in the spring time, but there is some extra buzz this spring and if you’re thinking of buying a home this season then you may want to get an early start.

Here’s why:

The  Harmonized Sales Tax (HST) comes into effect July, 1 2010  and the rate of many goods and services will be raised by eight percent. This includes the commissions, legal services involved in buying a home and home inspection fees.

So you have a bit of time to beat the HST, but you also want to keep in mind that starting April 19, all new borrowers will have to meet standards for five-year, fixed-rate mortgages even if they’re seeking a shorter, variable-rate loan. These new qualifying standards set out by Finance Minister Jim Flaherty also include lowering the maximum amount Canadians can withdraw when refinancing to 90 percent of the value of their homes, from the current 95 percent.

All that being said, these are still not reasons to rush into a home you’re not completely satisfied with. Now is a good time to contact a  real estate agent and let them know what you’re looking for so you can get the first heads up when something that fits your criteria hits the market.

Like you, sellers want to move in early summer when the weather’s nice, work hours are more flexible and their kids are out of school. In the Toronto area, many great homes will sell in the blink of an eye, but sellers know it could take months to sell their home so early bird gets the worm.

There are plenty of great reasons to make this spring the season you find your new home and now is the time to start your search.


Image courtesy of Darya Klevetova