It’s that time of the year again and I thought it might be a great idea to start looking forward into 2016 and trying my hand at predicting what the real estate market this coming year will look like. That said, I’ve spent some time gazing into my crystal ball to come up with a few ideas on what might be coming for Ontario residents when it comes to mortgage rates trend specifics and mortgage rates forecast ideas.
First of all, everyone reading this can rest easy because prices will still go up next year—just not by as much as they have in the last decade. The last ten years has seen an average of a six percent rise over each year and experts have predicted 2016 will see a jump of only four percent.
Not the kind of good news you were looking for? Well, take heart because there are other pundits in the real estate field saying the talk of a housing bubble and corresponding price collapse just aren’t true. In fact, these positive thinkers see Toronto housing prices doubling in the next quarter century with a rising population and restrictions on land use driving the increases.
You might be wondering who’s going to buy these homes to keep the Ontario real estate ship on smooth waters in the coming year? If you are, that’s a good question and you shouldn’t be surprised to find the answer lies with the up and coming echo boomers. One of the more interesting predictions for 2016 has this group leaving rented downtown condos for the new and resale homes markets in the city and suburbs.
This is especially interesting since this prediction was made back in 2013 about the generation that’s nipping at the heels of their older contemporaries for the best in the GTA housing market.
Have a safe and Happy New Year.
