Real Estate Climate in Canada
Current Real Estate Climate in Canada
Over the past few years Canada has experienced shifts between its markets in real estate. Recently and due to some regulations, Toronto and Vancouver are experiencing a slowdown and are recovering from price surges while anywhere west of Ontario will be in a good mood in the days to come.
In a post bubble era, the Canadian real estate market is trying to be back on its feet. With more immigrants settling down in Canada, housing markets are experiencing higher sales and prices. But don’t rush. I’m not talking about hotspots of Toronto or Vancouver.
September rates shows the recovery is on the right track. House sales and price had reasonable gains of 0.5 and 2.5 percent respectively. This should be music to the ears of real estate professionals across the nation.
Another player is the falling mortgage rates. Enforced in 2018, lower mortgage rates led to higher sales in a country which is the world’s 2nd overvalued property market.
Other notable provisions are feeble performances by oil rich regions in Canada in addition to Alberta and Saskatchewan. 2019 was the year that sales tumbled in these areas.
Yes you heard me. Nova Scotia is the new kid on the block. House flippers and foreign investors are focusing more on cheaper areas. As a result, sales rise and prices follow suit.
Despite the recovery, the surge of prices is unlikely to balance. Weakening the Canadian Dollar and lack of supply might be two key factors pushing the trend.
Nevertheless, one cannot exclude the lower mortgage rates pushing sales up and lifting price along with them.
As experts in CREA predict, sales will continue an upward trend for years on end. Rising population and the growing job market are suspected to be causing this in the future.
So here is the million dollar question. How can I be ready for a market facing potentially limited supplies and prices that are not likely to be corrected?
How Should I Prepare?
As a progressive real estate agent, you need to make sure you are up to date with the latest technologies approved by CREA.
Companies who switch to modern technologies are usually stronger in the competition.
Being one step ahead of yourself and competitors is the key to survive in distorted markets.
Your website is your ultimate business platform. It is the right place for making sure you follow the latest trends of technology.
Here is how you can build a converting website for your real estate business:
How to Create a Successful Real Estate Website: Website Creation (Part 1)
Once you have your website up and running, it’s time to generate leads. Here is a checklist which might help you out there:
Want to know how things are going below the Great Falls? Then check out the following articles:
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