2014 Market Stats & Gary’s Thoughts about the 2015 Market
The Parry Sound & Area Association of Realtors (PSAAR) MLS Statistics for December 2014 reflect a relatively stable real estate market in 2014. The number of units sold in 2014 in Parry Sound & area were down by 6%, while sales volumes were up by 1%. Year over year, our district has seen little significant change in the real estate market and I am anticipating that we will see another relatively stable market in 2015. Having said that, with the Bank of Canada dropping the trend-setting interest rate to .075, oil prices dropping below $50 a barrel US, and a declining looney, there is no doubt that these economic realities will be reflected in our cottage real estate market. It is likely that we will see lower mortgage rates in the near future. In 2014, there seemed to be an increased availability of affordable, entry level cottages on the market and with lower interest rates, this could be an additional boost for those wanting to enter the cottage country marketplace for the first time.
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Written by: Gary Phillips