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Rapid price hikes
are not good for

real estate market |

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SO-CALLED ‘‘experts”’ are calling for significant-
ly higher rea] estate prices in many markets across

Canada this year.

You. would think that
would’ make those in the
business happy. Here’s one
who is not!

While some appreciation in
values is fine, too rapid an in-
crease could signal the end of
strong real estate markets.

By strong markets, we
mean those where owners can
sell their current property

quite easily and buy another
without worry.

Weak markets mean
owners have difficulty in sell-
ing and those who have to

——
——

Be Water Wise. Play it Safe.

By JAMIE JOHNSTON
Contributing Writer

move may lose money.

We are already seeing the
first signs of these effects: a
shortage of listings. People
are holding off putting their
house on the market in hopes
of getting more money a few
months later.

People who have to buy’

are then forced to bid up the
price on the few existing
listings in the market.

As prices rise, it means

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fe The Coractsin Red Cross Socety

buyers need larger mor-’

tgages. Fewer people then
qualify because. their incomes
aren’t big enough to afford
the payments.

In the end, the market
dries up and prices start. to
fall — something like
1981/82, although not so
severe as mortgage rates are
much lower now,

However, it’s not too fate
to avoid this scenario. If we

can just bring more listings to . §

the market zow -—- to balance
the buyers and svilers ~- then
current markets which have
been good for consumers and
real estate practitioners can
continue.

li - Friday, April 18, 1986 - North Shore News

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