There are many different ways to view the news that Chatham-Kent is on the verge of having its best month in home sales since 2008, but the one word that defines it best for us is “confidence.”
People buy homes for a variety of reasons; growing families need larger dwellings, empty nesters are downsizing and some folks just want a change.
As the largest purchase most people make, homes often require financing and this is where the confidence factor enters the picture.
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No one is going to make the largest single financial investment of their lives unless they are reasonably certain they can handle the financial obligations that go along with it.
Unlike the situation of almost a decade ago in the United States where sub-prime interest rates helped cause a recession, the Canadian banking system took a more cautious approach.
With the exception of the extremely overheated metropolitan markets of Toronto and Vancouver, Canadian real estate has been far more stable and remains a strong investment option.
The fact that Chatham-Kent is very favourable in terms of pricing and trends strong in quality of life, means the market should remain healthy into next year and beyond.
The issue of taxes, services and lifestyle are constantly evolving as the community strives to meet the needs of long-term residents as well as newcomers from urban areas.
It is the job of municipal council and staff to make sure that balance is maintained. Unrealistic expectation of large tax cuts or increases will do nothing but make next year’s budget session more cumbersome.
While we continue to seek foreign investment, officials will do well to remember that with nearly 1,200 units at an average price approaching $150,000, the residential real estate market alone is a $175 million business.
