All in all, it was a good strong year for real estate in the Headwaters area…
and Canada wide. This is most likely due to:

• Demand for homes in our area; homeowners migrating northwest from the GTA into the headwaters.
  
  

• Interest rates have remained low with no major signs that the bank of Canada will increase them in the near future.
  
  

• Homeowners have accepted the new foreign buyer’s tax and the stress test introduced at the beginning of last year. It’s now a reality for purchases.
  These two factors slowed the market somewhat at the beginning of 2018 but I think the public has rebounded from their initial feelings of uneasiness and skepticism.
  
  

•  Prices still remain pretty reasonable, and buyer’s are not paying over market value in almost most cases, like what happened in 2017.
  
  

• We also have the introduction of the first time home buyer’s incentive, which the government would assist in downpayments in the area of 5% up to 10% for new construction. I don’t know how many people have taken advantage of this, as they might not like the government owning a share of their home, as well as the maximum home price allowed is in the area of $550,000 which won’t get you much especially in the GTA.
  
  

Orangeville this year compared to 2018, we’ve seen

• Average sale prices rise from $542,687 up to $563,446 which is an increase of 3.83%
• The number of homes listed this year was 833, up 5.84% from last year
• We’ve had 80 more sales this year in Orangeville, up from 508 to 588 which is an increase of 15.75%.
• Sale prices have risen at a healthy rate this year at 3.83%. Higher than the inflation rate for Canada which is just under 2%.
• Average days on market for a home this year was 25, so under a month. So homes are selling quite quickly especially in the price range under $700,000.
  
  

In Dufferin, which includes Shelburne, average sale prices have risen 4.06% up to $696,500 and the number of sales has also increased 14.32% (519 sales).

Caledon was similar, with an average price increase of 2.27%; avg price is $944,315, and the number of sales was up 15.25%.

Wellington including Erin, average sale prices were up 4.49%, and the number of sales increased 24.09% which is a substantial increase.

Inventory is low this time of year…but the buyers are still out there, and if they’re looking at this time of year, they don’t have much selection to choose from. Current Sellers with their homes on the market have the advantage of not a lot of competition.

It’s like picking up last minute Christmas gifts. You have to get something, and if the store only has 10 gifts on the shelf, you’re choosing one of them.

Next year, I can see the stats mimicking those of this year. The Royal LePage market survey forecast predicts prices are expected to rise 3.2% next year due to healthy buyer demand. Immigration plays a factor in this demand, and the fact that homebuyers who put home purchasing on hold at the beginning of 2018, started returning to the market in the second half of this year. Peak millennials in their mid 30’s have also shifted from their condos to freehold housing.

So it’s looking like another positive year in 2020. - Dave