Understanding Housing Predictions
Wednesday Aug 30th, 2017Share
We read about it in the papers, we hear about it on the radio, we talk about it around the water cooler and we watch it on our local news stations – housing predictions are everywhere. In fact, the national housing market is a topic of conversation no matter where you live in Canada – right here in Mississauga, to Vancouver, B.C. and all the way east to the Maritimes.
And, with housing predictions, come many questions. Will home prices go up? Will new mortgage rules cool home sales? Should we brace for a colossal crash? How is foreign investment impacting the market?
It can also be hard to know which predictions to take to heart and which to let go. But, as an experienced real estate professional, I can tell you one thing: take these forecasts and predictions with a grain of salt.
Well, for one, real estate is local. What is happening in Vancouver, Toronto or anywhere else in the country may not reflect what is happening in your current or desired neighbourhood. The real estate market in your specific area is unique – don’t discount that.
Secondly, is the future ever certain? If it was, life as we know it would be drastically different. But, it’s not. Experts make predictions based on historical and current trends, looking for clues to hypothesize what may happen next. They aren’t always right or accurate, and national (or even global) events can impact our current economy and the housing market in many ways. Take these predictions with a grain of salt, as you will never know what the future has in store.
Lastly, buying and selling are very personal choices. Side-by-side, no two people are alike – their reasons for buying or selling will be different, as will their budget, location, home type and size. There are also reasons for moving that go beyond seizing a hot market or getting out quick before getting burned – family changes and job relocations come to mind. And, while it’s important to consider the state of the real estate market before you buy or sell, at the end of the day, the best time to make a move is when it’s right for you.
If you are thinking of buying or selling in Mississauga or the Greater Toronto Area, or want an updated comparative market analysis report of your home, which shows active, pending and sold listings in your neighbourhood, let’s talk. Over the years, I’ve helped hundreds of buyers and sellers navigate our competitive real estate market and I’d love the opportunity to assist you as well.