Real Estate Forecast 2019 - What You Need to Know

By: Rajiv Agnihotri

Real Estate Forecast 2019 - What You Need to Know

Tags: homes for sales GTA, condos for sales GTA, houses for sale GTA, real estate agent in Ontario

Undoubtedly, 2018 was no less than a roller coaster ride for the real estate market. At the beginning of the year, the home prices were shooting through the roof. With remarkably low mortgage rates, the year was indeed in the control of sellers. Though recently the growth of house prices has slowed down a bit, they are considered to be at its peak in the past eight years and the time is now more in favor of buyers rather than sellers.
 
The real estate forecast says house prices will go up by 2.2% nationally. In Ontario, prices will rise faster than in British Columbia.

Will these trends be constant How will be your housing experience in the New Year To get answers for all your queries, have a look at what the key housing market prediction says.

Real Estate Market in Canada

According to experts, Canada along with Australia both has sky-high housing rates and huge household debt levels. Since 1999, prices in Canada has elevated to 24% which is a much higher rate than that of Australia and US. Todd Schlanger, a senior investment expert at Vanguard Investments,

Canada, predicts that the growth of the Canadian economy will be continued in 2019, though at a more sluggish pace than in 2018.

Advice for Home Buyers

Experts’ prediction says house prices will be flat in the year 2019 in Toronto, with a limited supply of new homes in the city. The increased house rent could help sustain the demand for homes from buyers. In order to purchase a house in this expensive market, you need to check your budget first.

You are advised to be patient in this matter. Even if you feel the pressure of buying a new home after seeing your friends and competitors, do not rush into it as it would result in a zero financial sense.

Put down at least 10% on a 15-year-old fixed rate conventional loan, otherwise, you should not think of buying a home in Ontario at this point in time.

Moreover, a down payment, even less than 10% will ruin your budget with a huge burden of a monthly mortgage payment. If you are determined to buy a house, where you could stay for your lifetime and that too within your budget, you have the following options to consider
 
Advice for the Home Sellers

2019 is expected to be a favorable year for the home sellers as the number of homes sold last year is anticipated to rise, though at a slower rate. However, a lot of buyers are being priced out resulting in reduced offers for your homes.

That is why you need to be well aware of your competitors. In such a situation, when you have less number of offers, you would definitely want your home to be unique.

A professional real estate agent can help you in adding the right value to your property. You should not make a move until you get a suitable offer. In most of the cases, a less desperate man wins the game when it comes to negotiation.

Whether you are a buyer or a seller, joining hands with an efficient real estate agent helps you utilize all the benefits of the current trends in this market. Overall the forecast states that housing is all set for a slowdown, which is likely to create a healthy housing market in 2019.