Where is the market headed? Everyone is going to give you a different prediction as to what’s happening with the real estate market and I can make a case for the fact that the markets going to crash and I can make a case for the fact that the market is going to do well.
I was just at an economic update that was held by the city of Oshawa and TD Canada Trust. That’s just one of the main banks and they believe that we’re in a consolidation phase right now for Canada and I agree. I think we’re going to go through some sort of a correction. We are very unique when it comes to Durham Region though. Durham is this nice little pocket of undervalued real estate when you look at all of the different areas around the GTA. You’ve got Peel, York, all of these different areas that are so overvalued compared to us. In addition to that we have a ton of government investments coming our way. The Metrolinx is expanding all the way to Bowmanville, you’ve got the 407 expansion and you’ve got all private sector companies really making heavy investments in Durham Region.
So over the next 5-10 years I truly do believe that the real estate in Durham Region is going to continue to grow. Our employment is strong, our population growth is strong. These are all fundamentals to having a long sustainable growth in the real estate industry in the particular area.
What’s going to happen in the next 3-6 months? I have no idea, but you shouldn’t be buying a home if you’re not willing to stay there at least 3-5 years. For a 3-5-year outlook, I would guess that we’re going to be doing okay, but again you never know. There could be a lot of things happening outside of our control, but when it comes to real estate demand values and what we offer I believe Durham Region is going to continue to see explosive growth and I won’t be surprised to see the average sales prices hits $700,000 in the next couple of years.
Click here for your free, online home evaluation.