What can homeowners, buyers and sellers expect in 2017? Real estate experts have a positive outlook for 2017 and are predicting continued growth. “Opportunities in the Canadian market continue to be abundant but no two markets are the same,” says Frank Magliocco, partner and national real estate practice leader at PwC Canada.
Commenting on the U.S. market, National Association of Home Builders Chairman Ed Brady said, “Ongoing job growth, low mortgage rates and rising incomes are contributing to a firming housing market and economy.” He added, “Though some areas are recovering faster than others, the overall trend is positive.”
Here are three trends that are expected to have a significant impact on housing over the next 12 months:
On Thursday, June 23, 2016, 52% of Britons voted ‘yes’ to a referendum proposing that Britain withdraw from the European Union, an economic and political partnership of 28 European countries. Brexit, or Britain’s Exit from the EU, triggered uncertainty about future economic relations with the UK and EU, and sent shockwaves throughout the world.
Shortly after the results were revealed, David Cameron announced his intention to resign as Prime Minister, the British Pound dropped to its lowest level in 31 years, and UK stocks fell drastically as well.
Noting the importance of the UK to the global economy, the IMF has cut its forecasts for global growth and financial experts worldwide are predicting what effect the EU referendum will have on their own regional economies.
But how will Brexit affect the real estate markets in Canada and America?
A historic day for the Federal Reserve in late December raised short term interest rates for the first time since 2006, a sign that the Fed thinks the U.S. economy is doing well. But what does the hike mean for your mortgage and your pocketbook?