By Matt Goulart
As Canada economy grew for the second month in a row in October, we have economists declaring once again the end to the Great Recession.
What has helped the economy grow, is the cold weather and a good real estate market.
The real estate market has helped give a good push from the beginning when the economy was just beginning to do well. At this point, the real estate market has helped stabilize the economy further, ensuring the fact that we are out of the recession.
We saw some concern that the unexpected and unsustainable nature of the two main sources, which are utilities and housing sales, however the overheating property market and recent real estate data showed that the property buying spree has continued in November.
Now with consumer confidence dropping slightly we might not see the buying spree continue in December as we have many households putting their money into holiday festivities, and the fact remains that purchasing a house is not always the top priority at the end of the year.
Now with us heading into the new year, we should be seeing people coming out and begin looking once again for their dream home.
We will also have seller’s coming out on the market as they feel more comfortable about the economy and feel confident that their house will be selling at the price they want.
Low mortgage rates will be a key factor in pushing the housing market sales higher, and even stabilizing the current levels we have seen.
I expect to see the current real estate market peak out in the next few months and then pick up in spring as homes can be showcased even better in warmer weather compared to the long winter months and at that point in time the economy is expected to be doing much better.
This does not go as far as to say that the market will cool down considerable, rather it will stay at a decent level, which is expected to still be higher than what was seen a year ago. Of course this is obvious seeing as at the beginning of 2009 we were deep into the great recession, with power of sales keeping the housing market afloat.
Buyer’s prepare for more inventory and keep on the lookout for your dream home as with more inventory can bring about more buyers and with that you have more competition. With that said, do not get emotionally attached to any homes right now, because you are sure to find similar if not better homes as we head deeper into 2010.
Matt Goulart is the Founder and Lead Consultant with Webstar Content. Matt can be reached at matt@webstarcontent.com or via their website at www.webstarcontent.com.
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2010 Real Estate Forecast
By Matt Goulart
As Canada economy grew for the second month in a row in October, we have economists declaring once again the end to the Great Recession.
What has helped the economy grow, is the cold weather and a good real estate market.
The real estate market has helped give a good push from the beginning when the economy was just beginning to do well. At this point, the real estate market has helped stabilize the economy further, ensuring the fact that we are out of the recession.
We saw some concern that the unexpected and unsustainable nature of the two main sources, which are utilities and housing sales, however the overheating property market and recent real estate data showed that the property buying spree has continued in November.
Now with consumer confidence dropping slightly we might not see the buying spree continue in December as we have many households putting their money into holiday festivities, and the fact remains that purchasing a house is not always the top priority at the end of the year.
Now with us heading into the new year, we should be seeing people coming out and begin looking once again for their dream home.
We will also have seller’s coming out on the market as they feel more comfortable about the economy and feel confident that their house will be selling at the price they want.
Low mortgage rates will be a key factor in pushing the housing market sales higher, and even stabilizing the current levels we have seen.
I expect to see the current real estate market peak out in the next few months and then pick up in spring as homes can be showcased even better in warmer weather compared to the long winter months and at that point in time the economy is expected to be doing much better.
This does not go as far as to say that the market will cool down considerable, rather it will stay at a decent level, which is expected to still be higher than what was seen a year ago. Of course this is obvious seeing as at the beginning of 2009 we were deep into the great recession, with power of sales keeping the housing market afloat.
Buyer’s prepare for more inventory and keep on the lookout for your dream home as with more inventory can bring about more buyers and with that you have more competition. With that said, do not get emotionally attached to any homes right now, because you are sure to find similar if not better homes as we head deeper into 2010.
Matt Goulart is the Founder and Lead Consultant with Webstar Content. Matt can be reached at matt@webstarcontent.com or via their website at www.webstarcontent.com.
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