What prices should we watch this year? Everything is going to be more expensive!
We faced financial extinction in 2008 and bounced back. The average Toronto detached home approaches $622k. Sales continue unabated averaging 10% per year in financial gains per year since '95 breaking 100K units in the GTA.
The key seems to be consistency.
This could be coming to an end.
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Oil Prices have been falling, much to our delight at the gas pumps but now we realise that OIL and Gas related employment accounts for 25% of our economy. Increased expenses for everything we eat, as we suffer with exchange rate that is an eleven year low.
Brick-and-mortar stores still have value in the form of sales and brand experience, but if they’re not building a strong online presence in tandem, they’ll quickly find themselves out of the running.
Canadian Consumers are increasingly shopping online.
Mortgage Finance rules have changed requiring Larger downpayments and stricter lending guidelines. Those Millennials fortunate enought to have found a decent paying dependable job will some trouble qualifying for new mortgages; Those with contract work will find it a struggle.
With so much weakness in the domestic economic picture, uncertainty over oil prices and negativity in Canadian markets, year-end seems a good time for homeowners to focus on eliminating debt and consider finally working towards being debt free.
We All still see Canada as a safe haven for investment and immigration. People will continue to arrive and 95% want the Canadian dream of Home ownership.
It all simply comes down to consumer confidance...
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David Pylyp
Sales Representative
Accredited Senior Agent
Toronto Canada
RE/MAX Realty Specialists Inc., Brokerage
Mississauga, ON
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