Is the Canadian Real Estate Market Slowing Down?
Are you planning on buying or selling property net year?
Currently, statistics indicate that the Canadian real estate market may be slowing down following unexpected growth in 2013 and concerns that the market may be overheated. While this is unlikely to impact your ultimate decision to buy or sell, understanding these trends can certainly help you to get the most bang for your real estate buck!
According to the most recent quarterly forecast published in September by the Canadian Real Estate Association, national activity is expected to continue to rebound and grow throughout next year, though slowly. This forecast reflects gradually increasing sales activity, continued economic recovery and only slightly higher mortgage interest rates and it indicates that growth will be in-line with the 10-year average. This is good news, as an overheated market and inflated prices could result in even tougher mortgage lending rules across the country!
So what does a slower market mean for the average real estate consumer?
Well for one thing, average home prices are expected to remain firm and an average increase is expected nationwide. This is good news for home sellers, particularly here in Ontario where home prices are expected to rise in line with the national average, with Toronto area home prices expected to surpass that number.
A slower market nationwide will almost guarantee that the bank of Canada will maintain the current super-low interest rates at least for another couple of years. This ensures that everyone, from the first-time buyer to the experienced real estate investor, can feel confident purchasing property.
The one thing that all home sellers do need to be aware of in a down market is that you will likely need greater exposure to successfully sell your home at a price you like. A top-notch real estate professional can help you ensure your home is displayed and marketed as professionally as possible and that will certainly help you to make the right move.
Contact Nargess Giahi, a real estate broker with track record of top 1% across Canada since 1988. Nargess Giahi sells and buys commercial, residential real estate listings in Central Toronto, North York, Thornhill, Richmond Hill, Maple, Stouffville, Vaughan, Aurora and Newmarket. Contact her today at 416-704-9111!