2016 will go down in the history books as a year of escalating prices caused by low supply and strong homebuyer demand, bringing more attention to the real estate market than ever before.
In Norfolk County, the average home price increased 11.7% in 2016, the number of homes sold rose by 3.06%, while the time that it to took to sell a home last year dropped from 82 to 67 days.
Other big real estate news in 2016 included:
- the introduction of new mortgage rules by the Federal Government on October 3 will made it more difficult to qualify for a loan; and
- the doubling of Ontario’s land transfer tax rebate for first time buyers.
Real estate will no doubt continue to be a popular topic of conversation in 2017. Will prices continue to rise? Will demand continue to outpace supply?
The best advice I recently heard was, “Don’t try to play the market or it the market will play you.”
If you’re thinking of buying or selling, all of our contact information is available on our website at www.EriesEdge.com.