Time once again to dust off my crystal ball. The real estate market has been quite strong through this summer, and many are asking Will This Continue?
My crystal ball is telling me that we are in for a good fall market.
The economic reports tell us that we are doing better than anticipated. The ‘experts’ say that we are in for a steady market for the balance of this year and through 2014. The lower Canadian Dollar is helping with exports, which in turn helps the economy.
As for real estate specifically, there continues to be a slower than usual supply of properties coming on the market, which leads to price increases. This also has lead to a larger than normal number of properties receiving competing offers, which in turn is driving up prices in certain areas.
The Bank of Canada has not increased our prime lending rate, which is holding our mortgage rates at all time low levels. This is great for the first time buyers, and also for the buyers looking to move up. The cost of housing has not been this affordable in quite a long time.
In the Hamilton area we are also fortunate to benefit from the fact our housing costs are lower than many of the surrounding areas, in particular Toronto. This has sent a number of buyers to our area, as they are able to purchase the home of their dreams for a fraction of the cost it would be in Toronto. Now if we could get the transit issues worked out, we would truly be off to the races.
To answer the question I posed, I think we are going to have a great fall harvest. If we could get a little more yield in the properties coming on to the market, I am sure we have enough consumers out there to buy them up.
For REALTORS®, now is the time to step up with the farming, and get the product to market!
For consumers, if you are thinking about moving, now IS the time to get your house on the market. Start by calling one of our Coldwell Banker Pinnacle Real Estate professionals, and find out what your home is worth. Remember, real estate is a local business, so find out what your specific area is doing, don’t just read the headlines.