On Track to a Stabilized Housing Market!
As people return from summer vacation and look ahead to the fall housing market, they'll be greeted with positive news: A recent Canada Mortgage and Housing Corporation (CMHC) report confirmed that housing starts are forecast to stabilize in 2011 and 2012.
"Modest economic growth, in conjunction with relatively low mortgage rates, will continue to support demand for new homes in 2011 and 2012. Nonetheless, we are expecting new and existing housing markets to fall in line with demographic fundamentals, as changes to mortgage rules take hold," said Bob Dugan, Chief Economist for CMHC.
Existing home sales are expected to be in the range of 429,500 to 480,000 units in 2011, while the CMHC expects MLS® sales to move up in 2012, to somewhere in the range of 410,000 to 511,900 units.
The average MLS® price is expected to experience an overall increase this year, although as the existing home market balances out next year in 2012, growth in the average MLS® price in 2012 is expected to be more modest than in 2011.
If you're thinking of putting your home on the market, you'll want to find out specifics about the real estate climate in your area, and what you can do to ensure the highest sales price for your property. Similarly, if you're looking to buy, you'll need information on what's coming up for sale in your area of interest.
The first step to a successful property transaction starts with a phone call. Please call to talk about your unique real estate needs, today!