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What real estate experts expect in 2016
– moneysense.ca
Q: What should we expect in 2016, when it comes to Canada’s housing and mortgage market? What advice or warnings would you give to buyers, sellers, current home owners and real estate investors?
Answer No. 1: 2016 is going to see more of the same. We have seen huge sales numbers and high prices for years now, and there’s nothing in the cards that will cause this to change. We might get a small mortgage rate hike, due to the U.S. Fed raising rates and our weak dollar, but it will be a small bump. And with rates as low as they are currently, it won’t mean much to the average buyer.
But buyers panic easily and the thought of higher mortgage rates combined with higher down payments (set to take effect on Feb. 15, 2016) might cause them to rush in to the market and cause a minor sales frenzy. We’ve seen it before and there is always a surge in sales in the months leading up to a major change.
For those buyers hoping for a bit of a slowdown, due to down payment changes and possible rate changes, keep in mind once the dust has settled on these events, we crash headlong into the spring market…
