More words of wisdom for
2014. Go straight
to my 2014 Predictions
read what I said for 2011!
These are my observations of the current and future GTA and Mississauga Real Estate Marketplace.
Many continue to predict that the market will drop this year, not many are predicting a "market crash"
Many have been predicting we are in a bubble in the GTA for about the past 4 years or so. Certainly the market is overheated.
There are many reasons for this.
Lack of supply and low interest rates have pushed up prices to record highs and continue to push our market higher.
There continues to be uneasiness in the economy, especially the USA and global areas.
The US recovery has not been as stellar as predicted in 2013
The underlying economy doesn't support the rise in the market, we've drawn the people into the market due to low rates.
The condo market is the area that I see softening a little over the next couple of year, many new buildings coming on stream and this may create a bit of a glut of condos on the market - prices for condos are already softening. Once rates begin to rise, probably not until late next year, first time buyers will not be able to buy as much as they are now and the market should adjust somewhat.
This is what I see for the next 6 months or so:
Prices will continue to rise in the next few months due to high demand and low supply.
Rates will remain at about the same where they currently sit for the whole year - prime rate will be no higher than 3.25% by the middle of 2015 at the earliest!
I have been uneasy about the marketplace since about 2002 and we continue to see year over year price increases. The average price has increased for 17 years in a row, see the graph here and here, this makes me a little uneasy, but the fundamentals of the marketplace and the economy are far different compared to any time in the past.
I hope this helps you with your real estate decisions. You will have to make your own decision based upon your personal situation and how you feel about the marketplace, I know it's not easy.
Maybe you want an over the internet evaluation of your home just to give you an idea of your current value. We can do this with no obligation. Would you like a Complimentary & Quick Over-The-Net Home Evaluation ?
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.
I wish you much success, good health and happiness in 2011 and always!
Read more about my real estate market 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 are always welcome and would be appreciated.
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