Currently living in Newmarket area, curious as to others thoughts on the market prices for real estate in this area.
Do you think prices will go down on real estate over the year and be at its lowests price in 2020 then climb back up?
What are everyone’s thoughts on Toronto market as well!
Speaking to the Toronto market, even though some of these points may effect other cities, I think there are many factors at play so it's difficult to really know. If the economic outlook continues to worry the bank of Canada, and interest rates remain where they are or even decrease, it may help keep prices steady. Also the amount of people entering the GTA isn't slowing so that may keep prices steady. Any potential government intervention to remove the stress test or increase the amortization period for CMHC insured mortgages would most likely increase demand. (Not that I see this happening).
On the flip side, an economic downturn won't look good as Canadians are holding record high amounts of debt. The mortgage stress test is making it extremely difficult for people to get financing for these properties which is why we've been seeing pressure on 1M+ properties while there has still been activity in the sub 1M category.
My personal prediction/gut feeling is we will see some declines in the Toronto area. How much? That I don't know.