Everyone Has An Opinion.
When it comes to real estate, right or wrong, everyone has an opinion.
They range from, prices will continue to rise but at a more moderate rate all the way to we are in a bubble that is about to burst.
Some feel we will see a consolidation of current values with very moderate increases while others see values dropping in “overheated” markets like Toronto and the surrounding GTA communities.
In a recent MoneySense article
Douglas Porter, chief economist at BMO Capital Markets is quoted “The Toronto market—and the many cities around it—are in a bubble,”
While the 2017 Global Housing and Mortgage Outlook report by FitchRatings would suggest “there is a heightened risk of a price correction in over-valued markets.” So a correction, yes. Housing bubble? Not quite.
Who Is Right And Who Is Wrong?
We will have to wait 10 months until the end of the year to see as only history can tell us with any certainty.
Cause and Effect
Here in Uxbridge, as in many heated markets across North America, a shortage of homes for sale last year continued to push prices even higher. As the number of listings dwindled from previous years and home sales rose slightly sales prices rose dramatically.