(even if you’re 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.
2. Make the right decision if you’re thinking about buying or selling later in the year. People move for many reasons; one of the most common is a change in family situation, such 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’ll help you decide whether you should turn your property into a rental.
3. Get the full economic picture. It’s no secret that real estate plays an important role in 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 overall market trends, learning more about the local market will help you understand the economic and market trends we’re experiencing here. We can tell you if we’re 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 area.
What do Canadians think of the housing market?
We’ve heard from the experts; now, what do Canadians think about the housing market?
When will housing prices fall?
54% Never; prices will 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% 0-5 years
21% 5-10 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
Want to learn more? Get in touch with Jeff King today.