What can we expect in the coming months of 2020?
Do we think there is a change forthcoming in our housing market that will have an effect on prices?
Ok, so, rolling into 2020 here and we see that we started with the same low inventory numbers we finished last year with, but our demand hasn’t dropped, specifically with first-time home buyers. What this means is that prices are still on the rise. Now, this isn’t anything new for us. We saw prices jump dramatically in 2016 and they’ve been on the rise ever since. Our supply hasn’t been able to catch up with demand and it doesn’t look like that’s going to change anytime soon.
Stats Report 👉 HERE
We’ve already seen the government attempt to curve the growth through things like the “stress-test” which was also put in place to help prevent a market crash; a foreign investor tax was added which seemed to cause a hiccup for a minute; there was a threat that interest rates were going to rise, which they did, ever so slightly, but they’re back down around the 3% mark, and really, nothing’s changed.
Now, I’m no economist so take this with a grain of salt. My prediction is that our housing market continues on this upward trajectory through 2020, and I don’t think I’m going out on much of a limb with that prediction. The Bank of Canada tends to follow the US FED when it comes to interest rates, though late last year the BOC did hold firm while the FED dropped. Basically, these things can change quickly and can be affected by a number of factors, but short of a global recession, or some unforeseen circumstance, it looks like housing will remain stable.
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I always have my finger on the pulse of what is happening with the Housing Market in Waterloo Region. It’s no different in 2020, but there is A LOT of interest in our local market. I will continue to be looking at our housing market, how things progressed last year, and what we can expect in the coming months so I can keep you up to date! 👍👍