1. Investors are Buying
The average residential sale price is projected to increase four per cent in 2015. With rising prices and limited inventory, potential buyers will need to be well prepared and informed when entering the housing market.
In the past, modest, but under-valued, homes sold for hundreds of thousands of dollars above asking price in some areas of the city and the effect was that buyers entered the market with no certainty about what kind of home they could afford. In turn, sellers came to the conclusion that their homes were all of sudden worth more than they actually were.
2. Time to Downsize
With the kids finishing University or perhaps getting ready to move out, maintaining that large family home may not be how you want to spend your time anymore. For many however the though of downsizing can be daunting. As a SRES® – Seniors Real Estate Specialist (SRES® Canada) focusing on the 50+ market I can definitely help.
3. Upgrade to a First-Class Neighborhood
More realistic pricing in 2014 has inspired confidence among buyers—a trend that is expected to continue in 2015.
4. Get More While you still Can
The recent municipal election has brought a feeling of stability to the city, which generally proves well for local real estate. With political stability and the city set to be showcased by the 2015 Pan AM Games, pent-up demand may result in strong price appreciation in the latter portion of 2015. The luxury market will continue to display strength, as wealthy buyers are comfortable absorbing any modest price fluctuations. However, as inventory for freehold homes continues to be at historic lows, the city is projected to be poised to have another strong year of price appreciation.