What’s In Store for 2017?

Whether you’re planning to sell or buy a house or stay put, it’s good to know what’s on tap for the real estate market in the months ahead.

Here’s a snapshot of what the Canadian Real Estate Association (CREA http://tinyurl.com/hoh2hcu) expects during 2017.

Average Price Forecast        
  2016 Forecast 2016 Annual percentage change 2017 Forecast 2017 Annual percentage change
Canada 489,500 10.5 475,900 -2.8
British Columbia 688,300 8.1 634,900 -7.8
Alberta 393,700 0.1 390,600 -0.8
Saskatchewan 295,600 -0.6 292,000 -1.2
Manitoba 276,900 2.4 279,600 1.0
Ontario 535,700 15.1 541,300 1.0
Quebec* 282,100 2.5 287,800 2.0
New Brunswick 163,500 1.9 165,100 1.0
Nova Scotia 219,800 0.2 223,600 1.7
Prince Edward Island 179,800 11.6 176,900 -1.6
Newfoundland 257,000 -6.7 255,400 -0.6

*Provincial weighted average price for Quebec does not affect unweighted national average price calculations. Information on Quebec’s weighted average price calculation can be found at http://tinyurl.com/hfqwa9a

And if you’re interested in a more detailed prognosis, there are two reports worth taking a look at.

A recent RE/MAX Housing Market Outlook 2017 survey found that (http://tinyurl.com/j7w7k4u) for 53 percent of respondents, homeownership is a priority and that 47 percent intend to buy in the next five to 10 years. Also, 30 percent of Canadians look at a home purchase as an investment that will help to fund their retirement.

In addition, many Canadians would jump through extra hoops to buy a home.

Some would be willing to offer a room as a vacation rental on sites like Airbnb (15 percent), 22 percent would rent out a room, and 9 percent would buy with a roommate. And 33 percent say they’d purchase a home with a family member.

The report also provides a province-by-province outline what to expect in three categories: first-time buyers, condos and luxury homes.

In addition, it also looks at future trends. Here are some of them.

  • Hamilton/Burlington, Ontario – New mortgage rules introduced by the federal government may soften demand and affect both first-time and move-up buyers being able to afford a down payment.
  • Victoria, B.C. – The area is expected to see an increase in American buyers following the U.S. election in November.
  • Montreal, Quebec – A new direct flight from Shanghai to Montreal may lead to more real estate investments by Asians.
  • Quebec City – High inventory levels likely will keep the city a buyers’ market.
  • Charlottetown, Prince Edward Island – The low Canadian dollar may attract more American investors looking for recreational properties.

If your real estate interests are focused on the Greater Toronto Area (GTA), the Toronto Real Estate Board (TREB) Annual Market Year in Review & Outlook Report looks at what’s in store for 2017.

The Toronto market is expected to continue seeing high demand, low inventory, and rising prices.

TREB anticipates that the growth rate for the average selling price will be between 10 and 16 percent and forecasts an average selling price is $825,000.

Some report highlights:

  • Significant housing demand will come from first-time buyers, with 53 percent of likely buyers being first-timers in the GTA.
  • A majority of likely GTA home buyers will be focused on the City of Toronto, with 40 percent of respondents saying they intended to purchase in the city. Other popular locations: the Peel Region (16 percent), York (13 percent), Durham (9 percent), and Halton (7 percent).
  • Forty-eight percent of would-be buyers said they planned to buy a detached house.
  • New, more stringent mortgage lending guidelines that went into effect late in 2016 could sideline some home buyers temporarily or cause them to change the type or location of their future home.

See the complete report at: (http://tinyurl.com/hcxyzep)

What Not to Say to Caregivers

Anyone who has been a short- or long-term caregiver will recognize AARP’s suggestions about what not to say (“Taboo to Caregivers. 11 things you should never say,” http://tinyurl.com/zyt4nnl) to friends and family who are taking care of an ill person.

Some comments, regardless of how well-meaning they’re intended to be, are at the least unhelpful. At worst, they can be isolating, cutting, and painful to a caregiver.

Pay particular attention to number 8, concerning the comment, “Just let me know if you need anything.”

Caregivers do need things, but so often say, “No, no. I’m fine.” People tend to not want to trouble others. And sometimes the help they need seems like too grand a request.

Though it’s thoughtful to drop off food and flowers, take your helpfulness to a higher level by asking about the less obvious challenges someone faces.

If you’re great with spreadsheets, offer to track the onslaught of paperwork – insurance and disability forms and confusing bills, for example — that accompanies a health crisis.

Or ask about important one-time errands like taking the car for an oil change or going to the DMV to renew license plates.

Drop by to clean the kitchen, do a couple loads of laundry, and take care of deferred maintenance – a clogged sink or a HVAC tune-up. They’re all ways to relieve caregivers’ burdens.

Even better, offer to spend time with the patient to give the caregiver some time off.

Online Privacy? Maybe No Such Thing.

If you value your privacy and think you’ve taken all the right steps to protect yourself online, read “A Dead Simple Tool to Find Out What Facebook Knows About You,” http://tinyurl.com/zut5el2.

It may be a tad chilling and creepy to see just how much your online habits reveal about you.

 

couplebanner_horizontalRosemary Papp is a certified Seniors Real Estate Specialist®