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What will the 2013 real estate market be like?

Balanced marketEvery morning I read the news online. I have my Google Alerts and my RSS feeds set up to send me news that interests me – real estate is one of those things. This morning, these four headlines were in my feed:

 

What direction are home prices headed? Depends on who you ask

Real estate sales soften but no crash looming: experts

Housing Market Forecast: Royal LePage Says Downturn Will Be Mild

Bankers expect Canadian housing market faces a soft landing despite slowdown

 

The experts forecast a brief, mild dip in sales volume in the first half of this year but not a major downturn. Average prices for Canadian residential real-estate will rise a further 1% by the end of 2013, as some owners opt to delay selling their property until conditions improve.

Royal LePage’s president and chief executive, Phil Soper, said, “Our sturdy domestic economy and encouraging employment trends have emboldened sellers, and some have opted to let market conditions adjust before listing.”

Why are prices going up when sales volume is going down?

Home owners put off listing their properties, which keep inventory levels lower, and support home values.

How’s Kitchener Waterloo doing?

Kitchener Waterloo has the fourth best real estate market in Canada – up 11% change in total dollar value of home sales, November 2011 to November 2012. That little fact was from CREA – The Canadian Real Estate Association. If you like to look at data here’s a great source: CREA

 

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