October 3, 2011
My Assessment For The Real Estate Market for 2012
I just received an email mortgage rates update from a Mortgage Broker from Dominion Lending. Judging from the ultra low mortgage available to home buyers, the real estate market can be expected to be sustained and do reasonably well for 2012.
|Rates are subject to change without notice. *OAC E&OE
|Prime Rate is 3.00%
|Variable rate mortgages from as low as Prime - .30%
Recent Weeks' Real Estate Activities
Other than some townhomes and condos selling at a slower pace, older detached homes under $1,000,000 are attracting considerable buyers interest. Homes priced reasonably are selling well, though at price point some 3% to 5% lower than the peak months back in March and April, 2011.
It is difficult to see home prices making another new height anytime soon. The reason being the stock markets around the the world suffered heavy sell off, and investors and home buyers are more cautious about the future for real estate.
The poor economic outlook and trouble in the financial markets in US, EU, Asia and other part of the world will deter some buyers making their puchases. However, home prices will likely be maintained at current level as interest rates are not expected to spike up anytime soon.
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