The verdict is in: 2013 may not be a great year for brokers, but it won’t be the worst.
The RE/MAX Housing Market Outlook 2013 touts “moderation, not correction” ahead for 2013, a unsurprising projection given the impact lending rules had on the latter half of 2012.
“Despite all the negativity surrounding residential real estate, the sky is not falling,” said Gurinder Sandhu, executive VP and regional director of RE/MAX Ontario-Atlantic Canada. “Home sales have moderated, but remain within healthy levels.”
The report forecasts that 454,000 homes will change hands in 2013, falling one per cent from the 2012 national performance. Of less concern for brokers is that the average house price is by one percent, rising to $366,500.
Many markets are expected to remain on par with 2012 statistics, with particular strength noted in the West. The Greater Vancouver Area is expected to see the biggest pull back, after waning foreign investor interest crippled sales in late 2012.
Brokers can expect the most business from move-up buyers, with first-time homeowners moved to the sidelines for much of the year. That reflects late 2012.
"By mid-year," reads the report., "the third round of CMHC mortgage tightening had a noticeable impact on housing markets, pushing homeownership beyond the grasp of many first-time buyers.”
Still, brokers shouldn't despair/
According to RE/MAX Regional Executive VP for Western Canada Elton Ash, homeownership is still at the forefront of Canadian’s minds.
“There’s no denying the universal appeal of bricks and mortar," he said. "Canadians believe in homeownership. The stability of real estate over the long-term continues to fuel its appeal.”