Brian Gogek Responds to Current Housing Market Trends in Canada

PHILADELPHIA, PA, May 30, 2013 (Press-News.org) Having swiftly navigated the residential real estate market during the recent years of economic uncertainty, broker Brian Gogek notes that there have been a wide range of concerns experienced by not only those in his industry, but consumers as well. Specifically, he explains that as housing purchases have remained below historical performances in recent months, many in the industry have had fears that a crash was looming. However, according to a recent article from The Globe and Mail, new information from the Bank of Nova Scotia is expected to help quell those worries.

The Globe and Mail reports, "Canada's housing market remains a concern, but doomsayers fearing a crash are in for a 'pleasant surprise,' Bank of Nova Scotia says in a new forecast." Specifically, currency strategists Camilla Sutton and Eric Theoret explained in the article, "We expect a GDP negative contraction in housing but not a collapse as interest rates are expected to remain low and immigration trends supportive. This should prove a pleasant surprise compared to what some have feared."

Brian Gogek responds, "Although mortgage restrictions have remained tight, the prices of homes have remained stable. This is an encouraging trend, considering that sales have not really picked up." Since the housing market does not appear to be approaching a crash, Gogek said there is still an ample time to get into the housing market.

"Those who have been waiting to sell their homes can be encouraged by the fact that there is a market of buyers out there, and that number may increase in the near future. With prices remaining steady, prospective sellers may not have to compromise on their closing offers," Brian Gogek comments. "And for buyers, the fact that interest rates have proven low is an encouraging sign. While it may still prove challenging to secure a great mortgage, those who are strategic about applying for financing can still find opportunity to get the home they want with a loan that is manageable."

Gogek also remains encouraged by the overall increase in financial responsibility among borrowers--a trend he believes may continue to bode well for future buyers. The Globe and Mail states, "According to the latest reading by Royal Bank of Canada, household credit climbed in March by 4.4 per cent from a year earlier. That's the same pace as a month earlier and well below the 5.6-percent rate of a year earlier. Looking at the first quarter as a whole, said RBC economist David Onyett-Jeffries, growth in mortgage debt was the slowest, on a year-over-year basis, since late 2001."

"There will always be concerns, whether new information that comes out either supports or contradicts market views. When it comes down to it, buying a home is still very feasible--and practical, if consumers make sure they take a careful, researched approach to the process," Brian Gogek concludes.

ABOUT:

Brian Gogek is a leading Canadian real estate broker who offers more than 25 years' worth of experience in facilitating purchases and sales of commercial and residential properties. Gogek's expansive knowledge in the field has led him to hold a high commitment to education, understanding market trends and producing exceptional levels of customer satisfaction. Not only is Gogek is a reliable broker for buyers and sellers of commercial and residential real estate, but he is also a strong resource that strives to keep his clients informed about every step of the process.