A look at real estate news across the continent will have most potential sellers feeling depressed, while buyers may believe it is the time to make some heavy investments in bargain property. Many potential speculators think that the time to scoop up several Haliburton cottages at discounted price is now, so that they can sell them for a huge profit when the economy picks back up.
The truth is that any news reports looking at real estate as a big picture will fail to paint an accurate picture of the situation in every market. The market trends are very different from one province to the next; places like Regina and Winnipeg are actually on the rise in terms of house prices. Within a province, markets can also vary. A home for sale in Mississauga, Halton Hills, Georgetown, and other smaller cities in Ontario will still likely sell for less than last year, but the price decrease will not be nearly as much as those seen in Toronto.
In fact, the local market trends for Georgetown and the rest of the Halton Hills region is different from one season to the next, let alone year to year. Many people are still looking to the region to escape the high prices of downtown Toronto real estate as well as the costs of living in Brampton and other areas. That means despite the fact that we hear no one is buying, there are still many people interested in property in Georgetown.
That's great news for sellers, of course, but it doesn't tell the whole story. During the winter months, sellers can expect homes to sit on the market for a greater length of time. Here in Georgetown, that tends to be around the two month mark. The reason for the increased amount of time is the same for Georgetown or Middlesex Ontario real estate; people are more reluctant to uproot when school is in and while the weather is bad.
While an increased market time might sound like bad news for sellers, it is in fact a bit of a hidden blessing. The fact that there are less buyers means that less houses are listed, and less stock actually means that people will pay more when they find a house they are interested in. So, winter actually means an increase in what you can expect for the average house in Georgetown.
And of course, for buyers Georgetown has a lot to recommend it. A look at what Toronto lofts are going for today, even with that price decrease, has a lot of first time buyers wondering if they can afford to get into the real estate market. However, condos and lofts in Georgetown are great starters, often for a third of the price of city units.