Is Your Property Value Poised to Go Up?
Property markets are not national - they are regional, local and can even vary widely from neighbourhood to neighbourhood in the same city. That being said, there will always be hot real estate markets.
The following 12 questions will help you decide if your area and personal property values are poised to go up. The more "Yes" answers you get, the better the market will perform.
12 Key Questions:
1. Is your area's average income increasing faster than the provincial average?
2. Is your area's population growing faster than the provincial average?
3. Is your area creating jobs faster than the provincial average?
4. Does your area have more than one major employer?
5. Is real estate booming in the surrounding region more than where you're looking?
6. Will the property values benefit from a major new development nearby?
7. Has the local and provincial political leadership created a growth atmosphere?
8. Is the region's economic development office helpful and proactive?
9. Is the neighbourhood located in an area of renewal or gentrification?
10. Is there a major transportation improvement occurring nearby?
11. Is the area attractive to Baby Boomers?
12. Is there a short-term perceived problem (such as negative stories or short-term layoffs) that will disappear?
Overall, the Canadian economy and real estate are relatively well-positioned to withstand the economic storms that are battering property values in many other countries.
Source: Dominion Lending Centres www.dominionlending.ca