(December 26, 2016
I love real estate, and so does everyone who is considering buying or selling. There is one question that I am asked daily… “Will house prices keep going up?”
The honest truth is that no one knows. I typically give my disclaimer and then give a bunch of statistical information on them and follow it with a summary of those statistics and how they may affect that individual. Unfortunately it’s not perfect, but people like the statistics. RE/MAX has sent a forecasting report that I’m sure some of you would be interested in reading.
The short answer is that as buyers adjust to the recent tightening of mortgage lending rules by the federal government, some sellers are expected to take their properties off the market toward the end of 2016 and relist them in the spring. In 2017, the average residential sale price is expected to increase modestly by approximately two per cent as buyers become accustomed to both the local and federal rule changes.
Please feel free to contact me for more information.