Moving On in the New Year
The Canadian Real Estate Association (CREA) is forecasting a modest rebound in both national sales and the national average price this year. How might this affect your 2019 moving plans?
CREA expects national sales to edge up about 2 percent in 2019, but remain below annual levels recorded in 2014 through 2017. The national average price is forecast to rebound by 2.7 percent to $508,400, reflecting modest average price growth in several provinces."
Based on 2018 activity, CREA notes that while economic and demographic fundamentals remain supportive for housing demand in many parts of the country, policy headwinds have impacted homebuyer sentiment and access to mortgage financing in many housing markets. Further interest rate increases, combined with the recent federal mortgage stress test, are now expected to keep home sales activity in check.
This trend means that it's more important than ever for condo sellers to highlight all the virtues of their homes. For example, be sure to educate your listing agent on all the unique qualities not only of your own unit, but of the condo building itself, and the surrounding area. Your listing should include information on social activities and amenities within the building, neighbourhood schools, local restaurants, proximity to transit and shopping, and more. After all, when you buy a condo, you don't just buy the unit, you buy a community — activities, amenities, parks, stores, transportation and schools.
Please call today to find out key points to include in your listing, and how best to prepare your condo for an expedient sale at the best price.