Low mortgage rates and reasonable housing costs in Waterloo Region are on the way for 2011, according to analysts at the Canada Mortgage and Housing Corporation.
The CMHC held its annual outlook seminar in Kitchener on Tuesday, and analysts say 2011 promises to be much more stable after a roller coaster ride in 2010.
The real estate market in Waterloo Region is expected to see slow and steady growth throughout 2011, driven by low interest rates, population growth and a slightly better job market.
Erica McLerie, a CMHC senior market analyst, says "Mortgage rates aren't expected to rise very quickly, they may rise marginally in 2011."
On home prices, she adds, "they're going to be fairly stable in the next year or so, so what we're going to see is still a very affordable time for first time buyers and of course for move-up buyers to change homes."
In 2010 many buyers bought early, either to avoid the HST on some purchases, or over fears mortgage rates would rise. That led to a volatile market that cooled in the last half of the year.
Realtors are hoping that the predictions for 2011 will ring true.
Adrian Baas is with ReMax Twin Cities, he says things are "looking pretty good, steady prices, steady interest rates and steady sales."
Meanwhile developers aren't expecting major growth. Tim Blevins of Reid's Heritage Homes says "I'd expect this to be a time when we kind of regroup, re-focus on product."
The growth that does happen is expected to include more condominiums and townhomes rather than traditional detached houses.
