As one of the top performers at Forest Hill Real Estate Inc., I am often asked by people if this is the right time to buy or sell their home. Relying on the media for accurate information can be puzzling. They use scores of adjectives to portray the housing market: up, down, sideways, softening, weakening, strengthening, return to normal, and balanced. Reading the news today can make your real estate decision feel confusing.
Perhaps a few insights into the current market can help clarify things. Many of the same factors that made the last four years so outstanding for real estate are still present today. Interest rates today seem to have stabilized and remain low. Further, many sectors of the economy are still growing and show no signs of abating; and the investment community still sees real estate as a primary and important element of financial portfolios, as well as a place to call home.
Some market changes that we have experienced recently in Toronto and across Southern Ontario are in an increase in listing inventory, which, in turn causes a rise in the number of days a property is on the market. The great news is that buyers now have more product from which to choose, and are taking the extra time to make the “right” decision. While inventory and average days on market have increased, so has the average sales price. Although we are not experiencing the double digit appreciation of the past few years, we anticipate that prices will remain solid, based on market data we have collected and reviewed.
I am happy to report that the Canadian Dream of home ownership is still alive and well, as evidenced by a historically high home ownership rate nationwide. People continue to see their home as a Beautiful Investment. My hope is that you are one of them, and if you are not, that you will give us a call to help make your dream come true.
STEVE WAGMAN B.A.
