fareedy shakir
by on July 12, 2020
Where's the Real Estate Market Heading? Is it a good time to market? are the questions I get most frequently from my clients and friends. Sounds just like a simple question but the clear answer is complex and can alter from one day to another once we grapple with world events and world economies, the Canadian economy, the Canadian dollar, interest rate projections and actual rates, legislative changes effecting mortgages, taxation and the like. As an example, this past year there clearly was much discuss interest rates increasing which in part fuelled demand in the real estate market. Yet here we sit in spring 2011 and just this week (March 1st) the Bank of Canada announced for the fourth consecutive time they've held the overnight lending rate. And that's just the general picture! Within the big picture is the small picture such as for example demand within our community, our neighbourhood, our street, the purchase price selection of our homes and other factors. This makes the seemingly simple question a loaded one. In response, I would use the language "Balance" and "Stability" to best describes the general real-estate environment over the following few years. Based on Phil Soper, President of Royal LePage, inflation is low, and real price increases will be in the reduced single digits. There are fundamental elements in Canada that will drive the housing industry forwards and upward over time. We have quite strong immigration, continued low interest rates and improved economic conditions and corporate profits. We will more than likely not see the type of home appreciation that we did in the 2000's but more of a gradual improvement and expansion of the housing market overall. Robert Hogue, Senior Economist with RBC says "We are on the way to a best oakville realtor far more stable and sustainable housing market in Canada. The 2000's have observed quite strong growth. 2008 was a wild ride. Now I believe we are in a brand new part of the cycle which is going to be more sustainable and stable" For those of us living in the Oakville Milton area, our stats have just been released for February 2011 predicated on transactions through the Board MLS System. Based on Jack McCrudden, President of OMDREB "Area sales have declined in comparison to this past year when the resale housing market was driven by concerns over interest rates, the impact of the HST and potential changes to mortgage rules" He continues to express that Oakville also will experience a balanced market, with opportunities for both sellers and buyers. So Oakville does be seemingly falling in line with overall national expectations in several fronts with the exception of price increases. Our average sale price increased 12% from the same period this past year to an average price of $645,904.00. Oakville is really a very desirable place to call home and demographically there is an opportunity for "progress" purchasers as a result of amount of Ontarians within their'prime earning years '. Oakville lies well to take advantage of this opportunity. As we undertake 2011 I will continue to provide updates on my website based on what I encounter inside my day to day experiences being an Oakville realtor. So check back often, and please don't hesitate to contact me with your questions.
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