THE REAL ESTATE MARKET ALWAYS INTRIGUES US
By Shireen Preksta
Whether at the grocery store checkout or at Tim Horton's getting a coffee, the conversation in the room always reverts to Real Estate.
As a local Real Estate Broker/Owner for almost 30 years, the questions are usually the same: How is the market? When is the best time to sell? Is it a good time to buy? Do you think the mortgage rates are going to go up or down?
My answer is: The time is always now and rates are fair. Canada's real estate market is currently one of the healthiest markets in the world. Currently, interest rates or so low they might as well be free. Some of us have had the privilege of working in the real estate market when interest rates were 20 percent.
I constantly get asked, "Should I wait to buy? I hear prices will be coming down, this can't go on forever!" and I always tell clients," Think of real estate as a long term investment. Then you can hardly ever go wrong, as markets correct themselves over time."
Think of when your grandparents bought their first house. Then think of when your parents bought their first or second home. They did alright, and so will you and mostg investors in real estate. The golden rule to follow is time passed equals equity gained.
The Oakville, Milton and District Real Estate Board stated year-to-date sales went up by 4.8 per cent from last year. According to the report, which was released on October 3, 2012, year-to-date average prices are up approximately 11 per cent in Oakville and 8 per cent in Milton.
The Toronto Real Estate Board released their monthly resale housing figures in October, stating the average selling price in the Greater Toronto Area was $503,662; representing an increase of more than 8.5 per cent compared to last year.
Toronto Real Estate Board Senior Manager of Market Analysis Mr. Mercer forcasted, " Barring a major change to the consensus economic outlook, home price growth is expected to to continue through 2013. Based on inventory levels, price growth will be the strongest for low-rise home types, including single-detached and semi-detached houses and town homes."
We can all exhale as we are fairly optimistic about the real estate market in 2013 and it will be business as usual for most of Canada. Statistics are great, but none of us have a crystal ball to know what the market will do next year or what year the Leafs will win the Stanley Cup ( wouldn't that be nice?!)
Shireen Preksta is the Owner/Broker of Record of Century 21 Dreams Inc. She is also the Past Director and Chairperson of the Local Broker's Counciil and Past Chairperson of the Education Committee of the Oakville, Milton and District Real Estate Board. She can be reached at ( 416) 347