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Home Prices In GTA To Rise in 2017?

Mortgage Broker Oakville – Loewen Group Mortgages

Do you recall seeing any “SOLD – Over Asking!” signs on lawns across town last year? You probably do, because sellers getting more than what their original asking price was is something that happened quite often in 2016.

As a mortgage broker Oakville, James Loewen and the team at Loewen Group Mortgages are always keeping a close eye on the Greater Toronto Area and Halton Region’s real estate market to better help their clients.

Per an article on TheStar.com, buying a home in Toronto and Oakville will not get any easier in the new year. Prices on homes are expected to jump by 8% in 2017 after experiencing a 17% increase in 2016. While the rise isn’t as steep as last year’s, it is still 6% more than what the national average expectation is.

Oakville saw the greatest jump in home prices in 2016 as prices hiked by more than 25% for an average sale price of $1.1 million. In 2017, however, home prices are anticipated to increase by another 5%.

Although home prices are predicted to go up even more this year, the same cannot be said for the number of homes sold. In fact, RE/MAX is predicting that the number of units sold will take a 5% decrease in 2017. Current homeowners looking to upgrade will drive the housing market in the GTA in 2017, the article states.

This is something that we may have to get used to seeing. Although the economy was solid, record lows were experienced in inventory for detached, semi-detached and townhouses last year. As the population continues to climb, interest rates remain low and prices rise, it is possible that the government will have more involvement.

For example, we’ve already seen new government regulations that have been introduced recently. At the beginning of November 2016, the government introduced stricter rules that made it more difficult for first-time home buyers to secure a mortgage. This was an attempt by the government to have more control over a market that has been experiencing rapid growth and to prevent the price of homes skyrocketing even more.

Both Vancouver and Toronto both saw booming real estate markets in 2016 with home prices that set numerous records. Should these increases continue at the pace they are currently at, a crash could be on the way. However, the government’s new rules should have a significant impact on this and reduce any chance of a downfall.

If you’re considering buying or selling a home in the area, it is strongly recommended that you contact a mortgage broker Oakville such as James Loewen. Along with the team at Loewen Group Mortgages, James can help his clients find the lowest rates and best mortgage that fits each client’s specific needs.

For more information, contact the team today!

Source: https://www.thestar.com/business/2016/12/08/gta-real-estate-forecast-sees-prices-rise-in-2017.html

 

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