Very pleased to say we made the Top 1% of all agents in Canada for the ninth time in 2020. Now we’re ready for a brand new year!
Our subscribers and followers will be the judge, but I thought we did a pretty darn good job at predicting and explaining the real estate market through COVID, too.
Let’s celebrate all of that by making some real estate predictions for 2021!
Keep in mind that this is our best guess about what’s likely to happen, but of course nothing is guaranteed.
PRICES UP BY 7-8%
Over the last 10 years, Milton has AVERAGED 12.5% price growth every year. In November 2010, the average price was $409,386, and exactly ten years later, it was $921,143.
What we’re actually predicting is a slow down. But it won’t feel like it.
NO GOVERNMENT INTERVENTION
We’re not expecting the government to make any major adjustments to policy like they have in the last few years with stress tests, foreign buyer taxes, and the Fair Housing Act in 2017.
There are some discussions around helping first-time buyers with equity loans for downpayments, but we don’t expect that to be a game-changer for most.
INTEREST RATES REMAIN LOW
Part of the reason prices are so high is because mortgages are the lowest we’ve EVER seen. We’ve heard some clients getting rates between 1% and 1.6%.
OUTSIDE THE GREENBELT WILL HAVE HIGHER % GROWTH
Let’s add a diagram to this prediction.
This is all about lifestyle and the ability to work remotely. The hottest areas for real estate in 2020 were recreation homes, and lower-priced markets outside of the greenbelt. People are spreading out, and it’s showing in the numbers. This will likely continue throughout the next few years.
CREATIVE LIVING ARRANGEMENTS
We’ve begun to see this with “laneway homes” in Toronto, as an example. Seniors and younger families are feeling the pinch, and those that don’t venture further outside the greenbelt to live will begin coming up with co-ownership and shared accomodation solutions to live more affordably.
That’s all we’ve got for today.
Would love to hear your thoughts, and your predictions. What do YOU think will happen in 2021?