Happy November Everyone!
We have seen a little bit of snow on the ground and are well on our way to wrapping up 2019. With that being said, great news for Royal Heritage Realty, we are opening our 4th office in January 2020 in Peterborough. We are excited to serve many and more clients out in the Kawartha Lakes area and beyond.
Now for the market: October 2019 has been pretty consistent and steady. Prices are up and so are the number of sales. We must keep in mind when the stats say prices are increased, that is Year of Year (YOY) and therefore we must keep in mind that while 2019 prices are higher, they are comparing them to 2018 and we all know 2017 was crazy high until April when the Government brought in the Foreign Buyers Tax. After that we saw a significant decrease in home sales and prices started to retract. But now 18 months has passed, the FBT is not weighing as heavily on people's minds and the market is starting to rebound. This graph by the Toronto Real Estate Board gives you a simple look at the past 3 years.
So looking at this you can clearly see the drop after April 2017 and how the market is rebounding back. The one thing we are seeing now is lack of inventory especially in the 500 to 700K market range. The panic has now resided and people are back looking to purchase a home and get out of renting. And the if the truth be told, no matter what happens in an economy, long term - real estate is always a wineer ! As long as you can weather the storm and carry your property through the tough times, you will more than likely come out ahead. Of course, there is always divorces, deaths, job losses etc., which may make that difficult but for the most part, real estate is a great investment. To further show you some numbers, check out this chart, compliments of Durham Real Estate Board.
As you can see here, over the past 10 years of HIstorical Stats, if you bought that property in 2008 and still have it, you stand to make a lot more money on your investment that say a GIC, and you can't live in a GIC.
So I just wanted to give you a brief synopsis of what is happening now and November and December will generally be quieter due to weather but people still have reasons to move in the winter months and with less inventory out there, that means less competition for you if selling.
I am also attaching the average sale prices for Durham Region here for October 2019. So as you can see the prices are slowing moving up again.
I hope I haven't bored you with all these numbers. I hope this helps you understand what has happened and what is happening in the market now. If you are thinking of making a move, I would love to meet up and chat one on one. Keep in mind, I do send out neighbourhood sales/solds so if you haven't signed up for that, please just send me a message with your address and I will set you up to get an email with the latest SOLD properties in your neighbourhood.
That being said, have a great weekend and enjoy the rest of November. Keep in touch !
Your friend in real estate.