WHY NO ONE CAN PREDICT THE REAL ESTATE MARKET
- Kenneth Pazder
- Oct 16, 2020
- 2 min read
Updated: Feb 2, 2024
Canadian home prices have increased an average of 17% over the last year!
This is despite the pandemic, months long lockdowns, high unemployment, ballooning federal government debt and the possibility of a so-called “second wave.”
In my view, this is good news for Canadians, as home ownership has proven to be a valuable, stable investment for about 65% of people in this country for decades (in addition to putting a roof over their heads).
Evan Siddall, the outgoing head of Canada Mortgage and Housing Corporation (and former Goldman Sachs banker) recently predicted a drop in home prices of between 9% and 18% by next year.
So far, the market is proving that his predictive powers are the same as every other expert’s -namely, as good as flipping a coin.
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©Pazder Law Corporation (2020)
Questions? Call Kenneth Pazder or Melissa Valana (604-682-1509)
DISCLAIMER: The foregoing is not legal advice. It is for information purposes only. When undertaking a financially significant transaction such as a sale or purchase of real estate it is always recommended that you obtain professional advice to assist you to make the best decision. If you don’t know a good realtor, mortgage broker or banker, we can help you with that selection as well.
This article provides great insights into the unpredictability of the real estate market. With factors like interest rates and global events influencing trends, it's clear why no one can predict it accurately. For anyone searching for homes, it's essential to stay updated on Canadian real estate listings.