March Home Purchases Drop 15%
In March many cities across Canada saw a 15% drop in sales, especially across the GTA.
But what does this mean for luxury Oakville real estate? Does this mean that the prices are going to start dropping, or is Oakville in its own little bubble when it comes to these things? Here we’ll talk about what the new figures from CREA (Canadian Real Estate Association) mean for Oakville homes for sale and everything else, so let’s get started.
Home Purchases Drop
Compared with the boom year of 2012, home purchases dropped about 15.3% year over year this last March – but what does that mean? Does that mean “Home-ageddon” is finally on us? Do we have to worry about people selling their homes en masse or people not looking to buy? Probably not.
Last year was a big year for real estate, and while the market is softening up a little bit nationwide, this doesn’t mean that it’s all doom and gloom. The new real estate rules enacted last summer has played a major part in people’s purchasing decisions (and being able to qualify for a mortgage, which is estimated to affect 1 in 9 Canadians).
Home Sale Prices on the Rise
Sale prices are continuing to climb, despite the purchase numbers taking a small dip. That means the buyers that want to buy are motivated, and values are still going up. This is a good thing, especially for buyers – you won’t have to worry about your neighbours running a fire sale on their homes bringing down the value, but you’ll want to work with the right Oakville luxury realtor to make sure you’re reaching the right buyers for your property (us!).
Prices and Purchases in the GTA Remain Stable
Prices in the Greater Toronto Area, including Oakville, as well as home purchases are stable. But when you average out the whole of Canada, some markets aren’t doing so well. Maybe it was excessive speculation, maybe people are waiting to buy a home. No one knows for sure, but they do know that these things can bounce around a bit.
Is Now the Time to Buy and Sell?
If you’re thinking about buying or selling now, you should keep going. A small fluctuation shouldn’t get you down, and with appreciation rates keeping pace with demand, you’ll be able to get the right value for your home. The last thing you want to do is wait until home prices drop to buy – that’s when you’ll face fierce competition and higher interest rates.
Some of these market reports can be confusing, especially when you’re trying to relate the information to your situation. If you’re not sure what you should do, give us a call! One of our resident experts will be able to walk you through the process and puzzle out if now is the right time to buy or sell.
The Goodale Miller Team is based in Oakville, Ontario, specializing in luxury homes for sale, is Canada’s #1 Century 21 team for 8 years running. Visit us today at http://www.goodalemillerteam.com/
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