As the snow starts falling, and the days pass... we realize that 2015 is almost here. Lets take a quick look ahead and what some of the major players are predicting and what it means for someone looking to make a move in the new year.
The Canada Mortgage and Housing Corporation is predicting:
- Increase of 1.4 per cent for sales price of new construction single detached homes.
- Decrease of 2 percent for new home starts
- Increase of 0.8 per cent for sales price of resale properties (both residential and condo)
- Increase of 1.8 per cent for average rent of two bedrooms
- An increase of 0.2 per cent for rental vacancy
- Decrease of 0.7 per cent of MLS sales (both residential and condo)
RE/MAX Ontario Atlantic is predicting:
- Increase of 1.6 per cent for average residential price
- Lots of inventory or "excellent selection" in the condominium market
- In 2014 sellers were optimistic and overpriced properties, which pushed days on market. This will impact 2015 with continued increased DOM and more selection for buyers, but will balance out with fewer housing starts.
- Nationwide residential sale price to increase by two to three per cent in 2015
Overall, while we will not see any crazy gains in price, we will see a slow and easy gain through 2015. More properties are and will be on the market, so sellers need to be more accurate with pricing (NOT OVERPRICED), and buyers will be able to have more selection. Again... Note that CMHC says there will be more listings, and fewer sales - it is more important than ever to have your property priced right, and marketed to its full potential!
If you have any questions about buying, selling, or the market in general - I would love to chat!