2016 seems to be another bright year for the real estate market in Canada.
According to a previous report in Vancouver Sun, more people are expected to rent or buy properties in the suburban areas. Second, more investors are also expected to come from Asia, Europe and the United States as they take advantage of the lower Canadian Loonie. No one was said to have a decrease in property prices. And according to Barbara Yaffe, Vancouver is still considered "a bright shining star on many levels when it comes to real estate."
In addition, despite the negative effects that the declining oil prices have on Canadian regions dependent on oil production, Vancouver remains a good spot when it comes to real estate. Later this month another group of experts take another look at the things that can be expected to come in 2016.
As Vancouver Sun has also stated about more investments to come huge sales numbers and high prices can still be expected not only from foreign investors but also local, according to Money Sense. Moreover, it was reported that the markets in general can expect to see a slight mortgage rate increase, because of the U.S. Fed rate hike and the low Loonie but it was stated that it would not really be a big burden to the average buyer.
In addition, down payment changes and a few possible rate changes are expected and the market could cool off a bit but influx of sales is still expected to come in March and April, which historically, have been the busiest months when it comes to house buying, thus prices could increase to as much as 10 percent from December's sales prices.
Over all, according to Money Sense, one's personal financial health should first be checked before either buying or selling property.
