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My Real Estate observations and predictions for our local Mississauga, GTA and Canadian Real Estate market for 20082007 Real Estate Market Predicitons for the GTA


Specifically, if you are thinking of selling and/or buying a home in the next few months, this article will apply to you.

Blogging is defined as a website where postings about commentary or news are shown in reverse chronological order.  It's supposed to be personal writings that compel you to continue reading the story.  All too often my blog has contained plenty of facts and information and been short on my personal views, observations and opinions.  Part of this is due to time constraints, part to the fact that I am a logical engineer thinker and mostly because I am not much of a creative writer.  So here goes my shot at wowing you with my words of wisdom.

My current market thoughts and observations :

 
This is what I predicted that would happen in 2007
Read my entire post from 2007 predictions at this link:
http://www.mississauga4sale.com/newsletter/Toronto-GTA-Real-Estate-Market-Predictions-2007.htm
 

Historically, our real estate market in the Mississauga, Brampton and GTA peaks beginning about the end of the March break and ending about the end of April.  See the historical seasonal trends here.  Given the pent-up demand in our marketplace, the fact that listing inventories are down, we could see a shift of the spring market and our market may be very strong in early 2008.  I can see this happening, so if you are thinking of selling in the spring, you may be wise to get on the market earlier rather than later to capitalize on the early market strength.

Mark's Predictions for 2007

Conclusion that I draw from this and other sources and my predictions for 2008

Mark's Crystal Ball for 2008

This is what I predict for 2008 in real estate, interest rates and more!
  • I see that our marketplace in the GTA will see price increases just above inflation, in the range of 4-6%

    Update on January 7th, 2009: Still waiting for 2008 figures, but it appears our priced gained about 5.5% (lucky I guess!)

  • I believe that mortgage interest rates will come down in the beginning of the year and stay lower compared to today's rates and not increase again until just before the US election in the fall

    Update on January 7th, 2009: mortgage rates are lower, 2.7% is bank prime and rates are still looking to drop slightly in 2009

  • Rental vacancy rates will decrease, thus rental rates will increase about 7-10% or more this year.  A 'typical' 10 year old 3 bedroom townhome in Erin Mills currently rents for about $1400 to $1550 per month and this will increase by at least $100 per month by this time in 2008  This will only continue to make real estate investment properties more desirable and lucrative, it's time to buy another property if you can afford it!

    Update on January 7th, 2009: rentals are still very strong

  • The condo market will remain a strong part of our marketplace, due to affordability and lifestyle choices

    Update on January 7th, 2009: this is still very true

  • I believe that the US will be just begin to see the light at the end of the tunnel by the end of 2008, their sub-prime mortgage crisis will have peaked and they will be on the road to recovery

    Update on January 7th, 2009: there was a glimmer of hope duirng the holidays, the markets increased quite substantially during that period, again, only time will tell, but there is much hope with Obama being sworn into office later this month

  • A barrel of oil will have reached $120 per barrel sometime in 2008, mostly due to an international crisis and absurd speculation fueled by the pundits and the press

    Update on January 7th, 2009: I think the spot price was much higher, more like $140 but has now plummeted to just over $50 per barrel.

  • Along a similar vein to the last prediction, gasoline prices will peak at $1.20 per litre sometime in 2008 but will be $1.00 by year end.

    Update on January 7th, 2009: gasoline was 70.2 cents per litre after dropping to abou 67 to 68 cents per litre over the holidays in 2008

  • Gold will break $900 (and it does not matter whether it's US$ or CDN$ much anymore!) sometime in 2008 but settle to $735 by end of 2008

    Update on January 7th, 2009: gold broke $1000 but is now down to about $825 per ounce, problem is that the Canadian Dollar is only at about 82 cents, so gold is well over $1000 in terms of Canadian dollars

  • If the experts are now stating that 82% of all buyers begin their real estate search on the internet, I believe that it will be 90% by the end of 2008

    Update on January 7th, 2009: no stats yet, but we are all hearing that about 90% of people use the internet for their home search.

  • Watch out for following the emotions of the marketplace and stick to your long range goals

    Update on January 7th, 2009: this has always been the best method  in real estate to become independently wealthy

  • I believe that Mississauga will continue to be one of the top cities in Canada and the world to live in and that people will continue to choose Mississauga as one of their top choices of places to live in the GTA  Read about the psychology of ownership.  Real estate will always be an excellent investment especially if you get a firm hold on your finances and will continue to be the best long term investments in your future and your children's future that you can make!

    Update on January 7th, 2009: this is still true!

So, if you are thinking of selling and buying a homes this year, should you buy or sell first?  I've had many clients purchase before they sell.  I just want you to have all the information so you can make the best decision for yourself and your family.  You may read more about buying or selling first here

I wish you much success, good health and happiness in 2008 and always!  Powered by MarkArgentino

Read more about my 2008 predictions at my blog

Past Issues of TREB Market Watch for Toronto Real Estate

If you would like to discuss issues like this or other questions you may have, please email me at anytime .

Read what I predicted last year at this time!

I hope this helps a little to answer your questions and give you a little insight into my thoughts on 2008.  I will post this on my blog for others to see.  Any comments from you would be appreciated.

Mark's signature

 


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