This Spring, Expect a Seller’s Market
We’ve talked recently about the buyer’s market that can be seen in the GTA, and even the outrageous ads luring buyers in to certain condo developments here in the city. But according to some market experts, this spring that’s going to turn around and we’ll see our buyer’s market turning into one that’s creeping over to the seller’s side of things.
“In the absence of some calamitous event or material increase in mortgage financing costs, we expect this positive momentum to characterize 2014,” says Phil Soper, president and chief executive at Royal LePage. “In fact, we expect a market tipped decidedly in favour of sellers for the first half of the year, after which we project a shift to a more balanced market.”
It was Royal LePage that shed light on the fact that the average price of homes in the country increased between 1.2 per cent and 3.8 per cent during the fourth quarter. They also say that those prices are expected to remain steady throughout the beginning of this year; and even more, they say there is no soft landing coming. In fact, there’s no landing of any kind on the way.
“Talk of a ‘soft landing’ for Canada’s real estate market in the new year is misguided,” Soper continues. “We expect no landing, no slowdown, and no correction in the near-term. Conditions are ripe for as strong a market as we saw in the post-recessionary rebound of the last decade.”
This, says Soper, is compounded by the fact that Royal LePage also doesn’t see any more intervention by the government, neither in the way of more mortgage rules or an increase in interest rates.
So sellers, don’t be discouraged just yet. After slugging through the buyer’s market due to overstock of inventory last year, it looks as though 2014 might just be your year!