With that confidence, Geha predicts real estate is being sold, and will continue to be sold and only partly because Canadians need housing and shelter.
Admittedly, many consumers are waiting for even lower housing prices, something he expects in the short run.
“We do see things improving the end of this year or early next year,” he said.
Geha said Realtors and brokers who have been in the industry at least 20 years have seen other up and down market trends. Some sellers will want to wait for improved prices, a fact of improving supply-demand conditions that also becomes a factor for home buyers.
He said the recent federal budget, with home-renovation assistance, and declining bank interest rates are good news for the real estate industry. With more than 90 per cent of Canadians still employed, the buying sector is relatively strong.
That will open real estate for new buyers, he said. Some may build or buy a new home and that generates economic activity. Others will buy an existing home, and that means the seller will likely have to seek alternate accommodation. That also usually means renovations or purchase of furniture and improvements that adds to the economy.
