Yes, they’re changing their minds, again. 2013 was expected to fall apart and go out with a whimper, but instead we have one of the most active winter seasons we’ve seen in a very long time. What does this mean for you, what does this mean for us as realtors, and does this mean you’re going to pay more for a home next year than you did this year? Keep reading and find out!
Solid Prices, Solid Sales
Earlier this year, experts were predicting that 2014 was going to wash out – then again this time last year they were saying the exact same thing. Prices are expected to stabilize, while demand is expected to keep pace. There are only so many homes for sale after all (especially when it comes to luxury real estate) and with Canada’s real estate market captivating foreign interests, CREA expects the market to stay on an even keel.
“Well Balanced Load”
With demand expected to stay generally in the same place, with home prices expected to slow back down (at least with normal residential homes) to a more affordable measure, many experts are saying that 2014 is in store for a “well balanced load”.
It’s important to understand that “well balanced” may not mean better or worse prices. It just means that there will be enough inventory (homes for sale) to meet the demand of buyers that need to buy homes. If there isn’t enough demand, prices will drop – and if demand exceeds the amount of inventory available, prices will rise high.
458,000 Homes Sold Through CREA Realtors
It’s expected that this year 458,000 homes were sold through CREA members (for sale by owner and other non-CREA sales aren’t counted in these numbers). Next year it’s expected to grow to 465,000, if not more.
Average national home sale prices for 2013 is expected to top out at $382,000, while the cost of a home in the GTA is supposed to average out to around $534,000 this year alone – which is a pretty big leap, when you think about it. 2014 prices nationally are expected to end up around $391,000, while no predictions have really been made for prices across the GTA just yet.
November Slowed Down
November did slow down this year, which lead many industry experts to expect the prices to drop down through the rest of the year; in fact, the opposite happened. Activity jumped 5.9% above November 2012 levels, and the national sale price for homes went up 9.8% compared with last year. It’s expected that Alberta will see some of the highest home price gains at 3.4% in 2014, while the other provinces will remain steady.
While we can’t tell you exactly what prices will be next year, we can help you find a beautiful home that fits everything you need and avoids everything you don’t! Give us a call and find out what luxury homes in Oakville have to offer you this year, today!