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Oh dear, this week in real estate news it looks like the general theme is that prices are going up next year.
According to Re/Max, 2011 will see the average Canadian housing price go up to $350,000; a 3% increase by the end of next year as reported this Canadian Business article.
This is evidenced in the price of real estate in Ottawa, which according to a new report rose to an all new high this year and will continue going up next year. A modest rise in prices is predicted for Toronto in 2011, at the pace of inflation.
In Calgary, housing starts in November were 33% lower compared to a year ago according to the Herald. However the increase in housing starts in Ontario was more than enough to offset declines in other parts of the nation. Economists are also predicting a brighter outlook for the real estate market within the GTA. And citing positive moves by the Bank of Canada, according to the British Columbia Real Estate Association, the one-year fixed mortgage rate is going to increase in 2011.
But are all these reports based on price averages truly reflective of the health of the national housing market? The Canadian Real Estate Association is looking into changing its existing system of assessing the status of the Canadian housing market.
In other assessment changes, it looks like value properties in Ontario may be out-dated and homeowners may be facing a rise in taxes or a decrease (ya right). As the Canadian public continues to keep their heads afloat from the hangover of recent industry trials and tribulations, it looks like mortgage brokers are seeing a boon as the need for services are increasing and changing; here are 7 trends outlined in a recent report by Deloitte.
Now let’s for a moment forget that prices are going up next year. In case any of you were wondering, here’s a look at LeBron James’ new 9 million+ Miami property. Just imagine what property taxes are for this little beauty.
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