When you are considering getting involved in the real estate market, and all of the variables that can affect its rise or decline, it stands to good reason to get the best information available on where it may be heading.
“The fact I am a mortgage broker, as well as a Realtor, gives me some background to understand the relationship between mortgage rules and their effects on the real estate market,” he says. “I am able to take that information more into consideration than someone who is looking at a situation strictly from a real estate perspective.”
Evans says he is also constantly compiling information from economic and political news sources, as well as what he hears from industry insiders, clients and associates to formulate a clearer picture of future trends.
“I’m always receiving updates from our industry, and on top of that, I listen closely to what people say in the business. I am constantly thinking how this might affect the market, like the restrictions foreign-based clients may experience in accessing funds from their home country to finance a home purchase here.
“Plus, a mortgage broker doesn’t necessarily get access to detailed real estate statistics, so that gives me more data to model in my mind where things may be headed.”
That combination of information streams helped Evans predict the slowdown in the market that started in 2018.
So, what does he see happening in the short to mid-term for local real estate?
While the days of 30 per cent annual increases in valuations are not expected to return any time soon, Evans says a steady rise in prices is more likely.
“While the market has been relatively quiet, I still believe there’s significant interest in real estate,” he says. “It’s just that people haven’t been able to purchase what they wanted, or were waiting to see what happened in the market.
“And unless the government announces new policies related to real estate, I see a fairly steady market ahead,” Evans says, “with increases at least matching the rate of inflation, and maybe a little more, as realistic.”