Why learning about the real estate market matters...

Tuesday Oct 02nd, 2018

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Why learning about the real estate market matters…
(even if you are not currently in the market for a home)

 

  1. The health of the local market influences the value of your home. Higher home prices in your local area mean that your home may also be worth more. Since real estate is local and can vary from city to city --- even from neighbourhood to neighbourhood in some cases – the more you know about the market, the better equipped you are to understand the value of your home.

 

  1. Make the right decision if you are thinking about buying or selling late in the year. People move for many reasons; one of the most common is a change in family situation, suca as the birth of a child, aging parents moving in or adult children moving out. Staying up – to – date on the local market will help you better understand if it’s the right time to buy or sell. Also, if you find yourself wanting to upsize or downsize sometime in the future, it will help you decide whether you should turn your property into a rental.

 

  1. Get the full economic picture. It is no secret that real estate plays an important role of the health of the overall economy, but national statistics only give you a portion of the story. While staying up – to – date on national housing statistics is helpful for learning about the overall market trends, learning more about the local market will help you understand the economic and market trends we are experiencing here. We can tell you if we are experiencing a buyers’ market or sellers’ market, what local economic trends may impact future housing prices, and how your home compares to similar homes in the are.

What do Canadians think of the housing market?

 

We have heard from the experts; now, what do Canadians think about the housing market?

 

When will housing prices fall?

 

                     54% Never; prices will continue to continue to rise

                     20% In 3 to 5 years

                     16% in 1 to 2 years

 

When do Canadian homeowners plan to sell their homes?

 

                      27% Never, I don’t plan to sell my home

                      25% 0 to 5 years

                      21% 5 to 10 years

                      19% More than 10 years

 

Three financial reasons Canadians plan to sell:

 

                       23% To invest in a larger home

                        22% To cash out on the high price of their home before the prices fall

                        21% To finance retirement

 

                                                                                              Source CBC

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