So far, in 2017, our real estate market is moving right along at a healthy clip. Our average price, locally, is moving up and will probably land in the $250,000.00 range. This is still well below the provincial average of $450,000.00, and the national average of $500,000.00. If you remove the Toronto and Vancouver area’s average house prices, our national average would land further down around the $380,000- $400,000.00. So there is no danger of a house value bubble bust here, since we are well below the national average.
Nearly half of our local sales are under the $250,000.00 mark. This stat reflects that we have a steady supply of housing that is affordable. Although some homes may need a little upgrading or updating, this allows people to get a good start into the housing market and grow their equity, while still living cheaper than renting. It is also a strong foundation for a healthy real estate market. Locally the $250,000.00- $400,000.00 is where you will find the bidding wars going on. This is caused by a mixture of low interest rates, low inventory, and incoming buyers vs local move- up buyers competing for too few houses at this price point. In this price range, updated and “move in ready” homes bring the most dollars, sometimes way over value if emotions take over. Above the $400,000.00 price range the sales slow down, but are still steady, as more income and more of a down payment are required. I believe the best value locally for housing is in the $400,000.00 to $700,000.00 range. There are many older resale homes as well as brand new homes available for sale in this range, giving you more choices of types and locations. This price range is about the same as the national average , but in Sarnia-Lambton, this gives you more house , prime locations, and better weather than most parts of Canada. That’s why people are retiring and flowing here. This price point will also have the most increase in value, in my opinion, moving forward, as more and more affluent people relocate here with their inflated dollars, as they discover the many local attributes of our community. As always, a strong experienced realtor that has your best interest in mind is your best option when buying at any price point.
If you have any questions or topics you would like addressed, please call or text me at 519 383 2566 or email me.