Where are Canadian house prices going over the next 6 months?
Answer:
Everybody is an expert, but nobody knows, until after the fact.
Reality is that every area, town, province, hill or valley, will be affected by a number of issues, situations and events that will in one way or an other influence of real estate in that specific location, so in honesty, one can not possibly answer a question like yours and be accurate in all circumstances.
What you can do is take your location and look at the current market conditions and look at the current, short term and longterm economic and community growth and or declines. then have a look at what may directly and or indirectly influence your area, things like interest rates, employment in the larger territory, etc etc. and with that you may be able to predict reasonably accurate short term market direction.
In general, this should give you a pretty decent method by which method to figure out whre things are at and where they will be going. On Real Estate values, one would also like to review what is called the absorbtion rates and time frame.
this will show you how much real estate is available, how much is selling, how fast and what the trend lines are now and for the past. Then you can also review the current building applications within your area.
The reason why you want this information is that real estate is still very much a supply and demand business, if the supply is growing, which it is in most metropolitan areas, and the absorption of housing is slowing down, which it is, and the economic basics are declining (lay offs, economic problems, dramatic interst rate hikes) which is not the case now. One can predict what may happen over some time.
SO the short answer to your question is,
The values, will go up, they will stay the same, and they will go down, and then they will go up again.
Historically, over any 10 year period, you will find that real estate values will have been higher at the end of the 10 year period than they where at the beginning of the period.
So if you are trying to pick the best time to enter the market, the answer is NOW, don't worry about the short term issues, unless you are only going to be in the market for a very short time. Look at the longterm aspects of what your plans are and where you want to go with your real estate dreams, and chart a course accordingly, find a good team to work with(lawyer, realtor, accountant, mortgage broker, etc. etc. and do your home work, and take action.
Good luck and happy home hunting
They are going through the roof!! Buy a shack for over $300,000. A fixer upper can be $250,000 or more!
Not sure but I can tell you probably up
We are getting a house built we payed 164,000 for it and that was back in May/June and they are now up to 190,000 so yeah pretty crazy prices.. we live in Medicine Hat, Alberta, Canada
I live in Calgary and can honestly tell you that the housing prices are sky high right now and the city itself is booming
In southern Ontario, housing costs are going through the roof..
Not sure about Canada if your housing market is any thing like the US. they will be dropping throw the floor. Hear in the US the market is not fare and open and there has been a lot of disinformation to the buyers thus causing the bubble that is now breaking.
See what they did to are market and if they did the same up north the answer will be down and falling.
http://www.breakingbubble.com/index.htm.
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