House prices will go down next year says Canadian Real Estate Association

dollar signHouse prices will fall next year, predicts the Canadian Real Estate Association (CREA), especially in BC and Ontario. CREA believes that the house prices are due for a demand driven downturn that will be brought on by higher interest rates and a currently overheated market. We are due for a correction.

As a homebuyer, what does this mean to you? Not much. What you lose on the swings, (higher interest rates) you make up on the merry-go-round (a predicted 1.5% decline in overall home prices).

As a home seller, it is currently a sellers market in Kitchener-Waterloo. It has been for all of 2010 (so far). If your thinking about moving, selling now would be a great idea, but then we’re going to have to find you somewhere to live, and that will be a bit of a challenge.

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