Your Orangeville Real Estate Forecast
Being that the happenings in the Orangeville real estate markets are affected directly by the overall Canadian real estate, it is imperative to have a closer look at the state of the country’s real estate if you want to understand the direction taken by the market in Orangeville. There were many predictions about the industry in early 2015 and many experts had the opinion that the rise in the property market was nothing but a bubble which was meant to burst and see people lose their investments.
As opposed to all the predictions, the market went ahead to prove that the rising rates had nothing to do with a bubble when it recorded an all-time high in the market. Toronto and Vancouver specifically were the epicenters of all the actions with other areas like Saskatchewan and Alberta recording minor slides in sales compared to the rest of the regions, including Orangeville.
As we move into 2016, some pundits out there still believe that 2016 is the year for the bubble to burst. But such an opinion is expected, given that the year has just begun and everyone is allowed to come up with their own predictions. So generally, what is the outlook of the Orangeville real estate in 2016?
Continuation of the tale of three markets
Three different markets have always characterized the housing market in Canada. The high demand, together with limited supply of houses will continue to see the rates increase, especially in Toronto and Vancouver. Neighboring regions such as Orangeville are also expected to adopt a similar trend as they offer support to the market’s epicenter. For the rest of the country, the rates are expected to balance out leading to more steady prices.
More Foreign Investments
A lot of real estate foreign investors like investing in Canada due to the country’s stable regulatory environment. This ensures a lot of stability in the market, the kind of staple that foreigners need to pump in their money. Additionally, the low-interest rates in the country make it appealing to many investors who are not pleased with the high rates in equally competitive markets such as New York, Singapore, UK or London. Therefore, the influx of foreign investors in the real estate market is expected to continue, with areas such as Orangeville being affected as well.
What to expect as a seller in 2016
Most real estate markets in Canada, including Orangeville real estate, sellers will have to put up with a slower market and also forget about getting multiple offers. This is what is expected for those planning to sell single family, semi-detached and detached homes. Sellers with low rises in hot markets like Vancouver and Toronto, on the other hand can expect to see more of the bidding wars hence more escalation on the selling process as many people join the market.
For oil producing areas like Saskatoon and Calgary, if the prolonged low oil prices persist, then more job losses are expected. People are likely to lose their homes which in turn will weaken market rates in these regions. Sellers should have this in mind when putting up their properties for sale.