There’s no question that 2015 was an amazing year for real estate in London, ON, but as good as last year was, we’re already looking to the current and future state of the real estate market in London to see how things are shaping up.
A recent Globe and Mail article summed up the CMHC predictions for 2016 and 2017. There’s already been some major shifts in the real estate market out West, namely Calgary and Saskatchewan, which just a few years ago enjoyed a stretch of positive years. The steady drop in oil prices has resulted in house prices softening and a few job losses, too. While the article predicts that 2016 and 2017 will see a bit of a cooling off period in certain areas of the country, it looks like there’s good news on the horizon for the local, London, Ontario real estate market.
The number of millennials leaving the nest is set to rise, as the economy improves, which means there will be an increase in the number of first-time home buyers looking to purchase their first home. The combination of an improving economy with the fact that carrying costs remain the lowest in years, will surely lead to more houses exchanging hands over the next few years.
On top of that action, the number of house sales is expected to rise by 3%, according to the CMHC report. In fact, existing home sales are expected to outpace the number of listings on the market, making it an attractive time for those of you looking to get top dollar for your home.
If you are a first-time home buyer in London, Ontario who is thinking about possibly branching off on your own and want to learn more about how to get approved for a mortgage, get in touch with us to set up a no-obligation appointment. We’ll walk you through the process from start to finish and make sure that you are well-positioned to take advantage of what seems will be a very active real estate market in London, Ontario over the next two years!
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Your London, Ontario Mortgage Brokers