Realtors see Orangeville’s market stabilizing in near future

April 8, 2018   ·   0 Comments

THE CANADIAN REAL ESTATE ASSOCIATION this week announced that home sales in June declined to a seven-year low, down 11.4 percent from this time last year. An Orangeville realtor says the drop off is a direct result of the provincial government announcing earlier this year that they would be taking measures to try and slow down the market in Toronto.

By Jasen Obermeyer

Semis? Fully detached? Condos? Townhouses? Whatever you’re interested in, be on the look out, as Orangeville realtors predict the market in the coming future to be more balanced and consistent, especially for a first time buyer.

Buying a house, especially for a first timer, can be stressful, with multiple options to consider and factors influencing which house to purchase, what type, where, when, and for how much. Where does that fit into for the market in Orangeville this year?

“You’re not going to see crazy prices, our market has cooled,” said Jerry Gould, with Remax’s The Gould Team. He said in February, the average housing price was at $513,000, while in March it sold at $528,000, but prices for this year are “in more of a balance” than last year’s was. 

He described last year’s market as “a bit of an anomaly to us,” with houses going “way over asking price.”

John Walkinshaw, with Royal LePage, said one of the reasons for the increase in prices is due to a surge with the town boom. “We had significant gains that were happening quickly.” 

At the time of the interview, Mr. Walkinshaw said there are 67 listings in Orangeville, which includes everything, “That continues to maintain our price consistency, because there’s enough people that want to buy and still very few to buy.”

He added that now and the following months will be better for first time buyers than in the past few years, mainly due to houses being on the market longer at 20 to 30 days, “which gives a first time buyer time to actually digest the idea, maybe be pre approved legitimately,” and get financial conditions in place. Last year’s average market time was only three to five days.

That’s something Mr. Gould agrees with, as it’s “what we need, it’s a good market for buyers and sellers to work in.”

He added the government’s new mortgage rules and the banks’ stress test may have “shaken buyer confidence a bit,” making them somewhat reluctant to purchase that new home, but “once the buyers start becoming more confident with their mortgage rules, they will come out, and they will buy houses.”

Mr. Walkinshaw said housing prices will rise three to five per cent in the next 12 months, which is a more “normalized increase,” making the market more stable and consistent.

He predicts that Orangeville will have a steady growth, as confidence for buying a home will return, both those coming into town from mainly Brampton and Mississauga, and those already living in town. “People typically like to be in Orangeville.”

Mr. Gould explained that Orangeville is still affordable, and “always a great safe place to buy your first home,” pointing out to Dufferin County’s Homeownership Program, which can provide up to 10 per cent in down payment assistance to eligible applicants to assist them in purchasing a home to a maximum of $45,000.

“I think 2018 will be a great year for real estate,” he said. “It’s just a bit delayed, with the spring market being a bit later this year.”

Mr. Gould said that Dufferin County is “on everyone’s radar,” because of its proximity to Brampton and Toronto, and described Orangeville as the “jewel” of the county.

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