Listings have increased by 15% since January of this year.
Here are the predictions for 2019
- The CREA predicts home sales to rebound slightly (2.1%) from 2018
- Royal LePage is expecting a 1.3% price gain
- Re/Max is slightly more optimistic, forecasting a 2% price increase in the Toronto region, compared to the 1.7% Canada-wide
- Toronto Star– Modest price gains expected in real estate in 2019
There is a 2% expected increase in the average residential sale price in 2019
Here are some interesting specifics…
- 52% of Canadians want to live closer to green spaces
- 47% of Canadians want better access to public amenities
- 35% of Canadians want to live closer to work
- 37% of Canadians want to live closer to public transit
- 35% of Canadians want to move to a different neighbourhood
- 59% of Canadians strongly disagree with living near a retail cannabis store
In addition, PM Justin Trudeau announced 1 million new immigrantswill be brought in over the next 3 years.
If you don’t own a house yet, now is the time to get into the market!
3 REASONS TO BUY NOW
- Interest Rates
- Rental Market
It is no surprise that millennial condo owners starting to have families are looking for more space. This could put pressure on suburban houses this year. “Due to the stress test and increasing interest rates, we are seeing more buyers in traditionally affordable regions in Ontario unable to enter the market. This is particularly true for first-time buyers and single Millennials, as evident in cities like Brampton, Kingston and Durham,” says Christopher Alexander, Executive Vice President and Regional Director, RE/MAX of Ontario-Atlantic Canada.
Having a hard time getting a mortgage due to the stress test? Our access to over 50 lenders makes it easier for first time home buyers to have their dream of buying a home become a reality. Many of our lenders do not have as strict guidelines to get a mortgage, compared to the big banks.
Call, text or email me anytime for more information!