One question I get asked most often is, “What do you think will happen this year?” We made it through a federal election and the wheels didn’t fall off the economy. This market had been going straight up for over 10 years now. When will it stop? Doesn’t look like it will be this year! There are 3 main conditions that will cause our market to remain strong while other areas seem to stagger.
- Our inventory levels are very low and should remain low. We won’t have a huge influx of new listings or see anything close to other areas around the world as far as “distressed properties” coming on the market. Buyers won’t be able to sit back to pick and choose.
- Mortgage interest rates are very low and should remain low for quite some time. Although we may see marginal increases over the next while, home ownership will remain very affordable.
Our economy is very strong and seems to be improving. Canada is a shining star in the world economy.