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Real Estate Outlook 2014: Impact on Condos for Sale in Ontario
The tempered state of the real estate market has been continuing since early 2013. As 2014 looms nearer, buyers are wondering what lies in store ahead. A slow and uncertain growth in employment is expected to be mirrored in a moderate increase in buying properties. Low-rise apartments and condos for sale in Ontario have seen a slight increase in the last quarter of 2013, with the notable exception of Toronto.
In Toronto, the increasing difference in supply and demand of Grimsby Ontario Real Estate properties, particularly condos, is causing people to drift off the market. A large number of new condo developments will soon hit the market, resulting in a severe over-abundance of condos for sale in a market already plagued by a large supply and demand gap. People intending to sell should be prepared to encounter low purchase rates. Potential buyers would be well-advised to wait on the sidelines during this period.
Housing prices have remained nearly constant throughout 2013, but are expected to shoot up by 2% in 2014, with the trend continuing in 2015. Sales are still expected to climb steadily throughout 2014 due to the combined effect of a sustained employment growth and extremely low interest rates on mortgage loans. Ever since the recession back in 2008, interest rates have stayed at rock-bottom. Buyers with good payback record can negotiate interest rates from 5% to as low as 3%!
With the steady growth in incomes, homeowners are encouraged to stay and buy, contributing to the slight increase in demand. This is ultimately expected to result in an increase in building of new properties, particularly condos. Continuing migration trends to Canada are also expected to contribute in the rising-demand trend for properties.
In 2013, sales of existing homes cooled down significantly, but are expected to rise back up in the coming year. The Canadian Mortgage and Housing Association (CMHC), predicts an increase of 5000 in the resale of existing homes, compared to 2012.
The rigid government regulations for real estate in 2012 had people concerned and many refrained from taking any action. According to real estate representatives, with the market staying steady since early 2013, people who were on the fence last time will probably buy this year.
New and upcoming towns like Grimsby are opening up attractive venues for real estate developers. A recent project offering luxury waterfront condos for sale is being planned in the small town.
For more information, please visit http://www.waterviewcondos.ca
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