REMAX real estate agent Tony Johal said the price of homes is not going to drop anytime in the forseeable future
The local housing market continues to build pressure — but that shouldn’t discourage you from trying to buy a new home.
That’s according to REMAX real estate agent Tony Johal, who said the price of homes is not going to drop anytime in the foreseeable future.
He said right now — Waterloo Region is an extended sellers market.
“Building up to spring, you’re always getting this rush of activity, but it seems as if our market overall is living through this rush, this crazy activity, these bidding wars for an extended period of time,” he said.
“So I may just have to say this is the new norm for now.”
Johal noted demand is being driven up largely by buyers looking to move from the GTA to Waterloo Region.
“You’re talking about 40-50 per cent of homes selling in our area, that are transacting to people who are moving from the GTA. Also not taken into consideration are the people moving in from other provinces. We’re getting people moving from out east. We’re getting people moving in from Quebec. All of them are moving to Waterloo Region.”
He noted it is also a good time to buy for people who are looking to purchase their first investment property.
“When we bring a lease listing to the market, the amount of attention and the amount of applications we can get on that one listing is phenomenal.
“So there is an incredible need for more landlords leasing out property because there are lots of tenants there looking for their next home.”