We would like to address the media hype as it relates to rising interest rates and the real estate market in Milton.
First things first: will interest rates go up?The short answer must be yes.Right now, we are enjoying historically low interest rates and money is more accessible now than ever before.However, as reported, The Bank of Canada is expected to raise interest rates later this year.Will this have an impact on the market?Absolutely.But let’s take a realistic look at what’s driving the Milton market.
Recognize that real estate is such a locally-driven market and that making sweeping statements about real estate across the entire country can be very misleading.It’s important to recognize that the media has newspapers to sell and websites to update, so these doom and gloom articles need to be taken with a grain of salt.What is happening in Vancouver is not the same thing that’s happening in St John’s.Our message is to concentrate on your local real estate market and to listen to experienced professionals, not journalists.
Should everyone consider selling their homes to prepare for a crash, as CBC has suggested?No, not even close.
Over the next 7 years, another 50,000 people are projected to move to Milton in the Boyne survey development.By the year 2041, the population is projected to be around 350,000.That’s more than triple Milton’s current size.The proposed university campus will be a great addition to the town, along with an expanded and developed business park.These are the signs of a strong, healthy market.
We feel there will be a strong demand for Milton real estate in the next two and a half decades, supported by population growth and business, industrial, and education development.