â€˜Tis the season for trend watching. As we march through the last quarter of 2007, whether to sell now or in spring 2008 is on a lot of people’s mind. The forecasters oblige by offering up what they think the market will be like in 2008. Earlier, I had discussed the value of looking to forecasts. CMHC put their fortune teller caps on earlier to present their thoughts on the matter. Each of the major players in the real estate market usually weigh in at this time of year to tell you their thoughts.
This is what Re/Max thinks:
Markets in Eastern Canada continued to make headway, posting healthy increases on unit sales and average prices in spite of manufacturing woes. By year-end, some of the greatest percentage increases in unit sales will be reported in Ontario-Atlantic Canada markets like Kitchener-Waterloo (+13), Toronto (+10), St. John’s (+11), Halifax-Dartmouth (+12), and Saint John (+19).’
Toronto is the catch-all for the greater Toronto area. Durham Region is showing healthy gains, but not to the level that is seen in Toronto proper.
All system are go for 2008, given a continuation of low interest rates and economic well-being. Residential home sales in the GTA are expected to match 2007’s record performance, while average price climbs five percent to $390,600 by year-end. Inventory levels are expected to remain relatively tight, especially in high-demand areas, keeping upward pressure on prices. Demand is forecast to remain consistent across the board, from first-time buyers to more experienced move-up purchasers.’
I’ll throw in an asterisk for the small details. Durham Region, although part of the GTA, is a different market. It has seen some incremental gains this year. Our average price is has risen 3% so far this year. You can use that lens to interpret the rest of the information.