The topic of conversation, whether standing in line at our Canadian icon, Tim Horton's, or meeting up with a client at the grocery store, always seems to start with 'How's the Market?' Of course, being a realtor, I am quick to realize they are referring to the 'Real Estate Market' (yes, that was some slight sarcasm on my part as I am fully aware of what they are referring to!). That crystal ball in my large purse is waiting in anticipation for me to show the future, what's coming for the market.
That being said, let me be real here, we all know no one, whether they are a stock broker, a macroeconomist, a realtor or an educated scholar, is able to tell you whether the market is going up or going down. What I CAN tell you is that, based on history of different markets, we can 'predict' what 'may' happen. Historically, we can look at home sales and the average price of homes and extrapolate what may be the numbers in the future. But, bear in mind that each market, and even more precisely than that, each neighbourhood within that market, is what the conversation should be about. Ask about your specific neighbourhood and what the sales have been, both number of homes and average sale price for homes similar to your own, so that you can understand how your investment has managed. What the market has been like in the Bronte area of Oakville will most likely be different than what the market has been in other areas of Oakville. The same goes for the different neighbourhoods in Mississauga, Toronto, Burlington, Hamilton, you probably get my point.
So, I put it out to you, to call me to ask about your neighbourhood, let's have a conversation on what is going on in the market as it relates to you, as this is really what is important to you. While according to The Canadian Real Estate Association on July 15, 2013, , the national average sale price rose 4.8% on a year-over-year basis in June, ask me to have that conversation about your local neighbourhood..