Market Insights from Dan Cooper
2018 has been a year of change for the real estate industry and it’s no surprise there are many questions to be answered.
We recently held a networking event in Oakville to meet clients and business owners in the community so we could do just that, answer all of your questions related to real estate, borrowing money, wills and estate planning, and how to make the most of the current economic climate. A lot of valuable information was shared that evening and we have summarized our top three market insights from Dan Cooper himself.
- It is abundantly clear that the 2018 real estate market differs significantly from 2017 and 2016, but how does this year compare to a decade ago? After reviewing the data the findings might surprise you. Averaging out the sales month-over-month, we can project 80,000+ sales in 2018, on par with 10 years ago. I believe we will have a stronger fall market and total sales should land closer to 85,000 by year end.
- The Canadian real estate market continues to bring us a lot of the same news and trends as previous months; shrinking sales, increasing months of inventory, talk of further Bank of Canada interest rate hikes and a concern about the real estate market in general. For most of us who have a large part of our wealth tucked away in bricks and mortar there is reason to be optimistic as prices continue to recover.
- September statistics show moderate increases compared to 2017 and September 2018 is the fourth consecutive month of increases on a year-over-year comparison due in part to consumer confidence and Buyer’s reappearing into the market. Housing in Oakville and Burlington remains a steady long-term investment. Our market continues to attract Buyers due to our safe communities, excellent schools, proximity to major highways and our small-town sense of community.
“The GTA is emerging from a housing correction that was triggered by a combination of eroding affordability and government intervention,” said Phil Soper, President and CEO, Royal LePage. “The introduction of the mortgage stress test in particular slowed activity in Toronto’s ‘905’, bringing lower prices to the over-heated suburban region. Quarter-over-quarter trends are pointing to the end of this correctional cycle and the beginning of a modest recovery in the region.”
As we return to a more balanced market our concern continues to be the lack of housing inventory to meet the growing demand. If you considered selling over the past year or two, now might just be the right time. Overall real estate looks really, really good!