It seems like we are being bombarded daily with information, statistics, and some very long term predictions regarding the Canadian real estate market. This information is all based on national averages and statistics. And the media tries to make it all sound DOOM AND GLOOM because that sells newspapers.
“Experts” are predicting very flat growth nationally for the next decade – approximately 2% annually. That’s still higher than the return on most GIC’s.
Many consumers are asking their REALTOR® is it a buyer’s or seller’s market? The answer to that question – it depends on where you live. Currently in the REALTORS® Association of Hamilton-Burlington trading area we are experiencing a Seller’s Market.
The number of listings is down from last year but we are still seeing multiple offer situations when a home is properly priced. Although the number of sales is down from last year we are seeing continued growth in the average sale price. This is due to continued buyer demand and a lower inventory.
Over the years many consumers have tried to plan their home purchase on waiting for a buyer’s market, only to find that prices continued to rise therefore costing them more money.
Anytime is a good time to buy real estate. It is a long term investment in both your financial future and your lifestyle. Historically real estate values have always appreciated over the long haul, regardless of periodic downturns in the market.
Ann and I have always said that real estate is a very local market. You can’t take national statistics and apply them to your neighbourhood and your current housing situation. So before you start to panic on whether you should buy or sell take the time to talk to a local REALTOR® about what’s happening in your area.