Now that we are officially in the new year, what exactly does that mean for home buyers and sellers in 2019? Well, to help provide some clarity, your local Milton mortgage broker with Loewen Group Mortgages has listed the most current Canadian mortgage news update and what exactly it means for your future as a homeowner.
Housing Rates In 2019
Throughout 2018, prices have been decreasing on average throughout the entire country. This trend is expected to continue to occur well into 2019. With Milton mortgage rates considerably low right now, now is an excellent time to buy. However, the problem with currently low rates is that everyone is looking to buy right now and reap the benefits of these low prices. This means that there is an influx in buyers and not enough sellers.
Due to this decrease in home prices, experts are predicting that the number of units being sold will decrease because sellers will want to wait until the housing market rises so they can receive more money on their home.
Residential Activity Throughout The Country
As for specific areas throughout the country, prices are expected to drop in Vancouver over the next couple of years according to the Canadian Real Estate Association. This means they are expecting fewer houses will be put on the market for sale.
In the Greater Toronto Area, housing prices are expected to grow at a slow and steady ready, meaning that homes are being bought and sold in a healthy market. As for Calgary, housing rates should continue to fall throughout the new year, which will create a more competitive market for buyers.
The expected market statistics for Montreal are expected to follow similar trends of that in Toronto. This means that there will be steady growth in the housing market, as well as a rise in rates over time.
If you would like to receive more information on current Canadian mortgage rates and different news update for 2019, please contact the Loewen Group Mortgages team at 289-270-1586.