Sep
08

Fall Market Predictions

Predictions are useless.

It’s time to enter the arena of making predictions that 9 times out of 10 fall flat on their face, but at least they start a discussion going (for better or for worse). I have been reading a lot of Realtor opinions lately on the direction of our housing market in the Fall 2017 (and beyond) and wanted to add my 2%, errr, 2 cents.

I know a lot of you like to read the newspaper, make comments on Facebook, watch your twitter feed by-the-minute, check out the evening news and generally talk housing in the dog park. How do I know this? Because I hear it, I get asked it, and I love it.  I am basically addicted to the topic.

My predictions for the next 3-6 months are as follows, then.

(And remember, I could be wrong, on all of them)

1. Contrary to what many people think, there will be some form of a foreign-buyer tax in Toronto implemented. Let’s face it – whether you voted for the Liberals or not, they are addicted to wasting money AND looking for new revenue sources. The BC Government did something really stupid. No, not implementing the tax, but doing so in such a reckless and self-serving manner. How so? They studied data for TWO MONTHS before telling everyone whether they are in a binding contract or not that they will now pay 15% extra. Oh and supposedly 90% of the BC citizens who were polled were in favour. I don’t know about you but if I polled 100 homeowners and asked:

“Would you be happy if the Government made changes to drop the value of your single-biggest asset”

I bet you $90 that 90% would not say YES. Polls suck, because they can be twisted like…

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