Posted 4.28.14 @ 9:25
Scotiabank analysts say that the real estate construction boom is over, but is it? With an aging housing market, it’s often a better move to just build a new home instead.
Either way, new housing starts (requests for permits for new construction) are expected to level off over the next decade - while projects that started in the last four years through now are expected to keep the construction market busy through the end of 2016.
But what does this mean for you? Does it mean it’s a bad time to buy a house? Should you just wait it out?
All Boom and No Bust
The real estate market, at least for conventional homes (the showcase and luxury home market tend not to be affected in the same way as the residential sector), has been booming for 3 years now. Prices across most Canadian cities outside of the Big 3 markets have begun to experience a slow down.
This means fewer homes coming on to the market for sale, a metered demand for new home construction. But with many Baby Boomers buying the home they always wanted and Millennials leaving the city, it’s keeping demand in a healthy range.
Not Enough Low-Rise Homes to Go ‘Round
There are over 42,000 condos in the GTA that should either finish completion this year or next year. That’s a lot of homes!
But most people don’t want to live in a condo. Sure, it’s nice and all, but who wants to live on the 10th floor and try to garden? What about your pets? Your kids, your grandkids?
For many of us, the traditional low-rise detached home represents everything that we know about the Canadian Dream of owning our own homes. The big yard, a staircase…
And while condos are great, they’re just lacking that thing we really want. We’re not even sure what that thing really is, but we know condos just don’t have it.
Most of our low-rise homes were built in the last housing boom of the 1970s - and while we can strive to make a home as energy efficient as we want it to be, it probably won’t be. For that very reason construction is expected to continue over through the end of the decade.
Great Time to Find a Condo
But if your vision of the Canadian Dream doesn’t include a voracious love for a home that hugs the ground, you’re in luck! Thousands of condos are out there, waiting for you to buy them; you can even find white box condos that are a steal of a deal.
Whatever you’re looking for, you need the right team on your side to make sure you’re getting the house, no,the home that you deserve.
Oakville has multi-million dollar mansions on the waterfront, penthouse condos and everything in between - and with the Goodale Miller Team on your side you’ll have all the help you need to find the home that’s right for you.