Very rarely (OK never) can we predict the future, but here's one thing I know for sure: COVID had rocked our world.
Well duh... not exactly a profound or insightful statement, but as a REALTOR® I am invited into people's lives on a very personal level and I've seen first hand how this pandemic has affected them.
Babies are coming, home offices have become essential, many Canadians living in the US are returning, and sadly some split ups have resulted from months of stress and isolation. All of which require change, and the pace of the Real Estate Market is reflective of this.
So far we have seen as many sales in July as we did in October 2017, which was right on the verge of the crescendo we saw in 2018!
Here are a couple of points of certainty that I can speak to that allude to a future we can (somewhat) predict:
1. Interest Rates are the lowest they have ever been, and they are not going up for a very long time. Potentially 2023 is when they may start to rise, but for now they remain low are will likely drop again.
2. After 2 years of weak demand, Buyers were starting to come back to the marketplace in the early part of the year. Then COVID came along and that demand has increased dramatically.
3. During uncertain times developers tend to pull back so there will be a significant lag in new product coming to the market. This means we will be in a long term undersupplied market.
I feel like my message is on repeat, but the reality is the market is not dropping or crashing as some of the headlines suggest. I'm in the field and I see first hand what is happening and how rapidly the market has not only recovered, but escalated.
Money is cheap, the market is on the rise, it's a great time to invest in yourself, your home, your future.
If you have any questions about the market, or if you would like to discuss the process of buying or selling a home please let me know.I'm here to offer guidance and education so that you can make an informed decision about the next best steps for you.