That is the magic question! I do not think I need a crystal ball to tell us the answer to this question. Prices are going to continue to rise. Zillow estimates that prices will rise by 4% in 2018, but my “boots on the ground” approach estimates it will continue at a brisker pace probably in the range of 7-10% again in 2018.
We saw approx 8% appreciation for Cambridge Condos in 2017, and there are no signs of this coming to a halt. Our local market has been experiencing this trend for the last 8 years – there are simply not enough properties to satisfy the buyer demand in our area. Even though we see cranes in the ground and properties under renovation on practically every block, many of them are going to be rentals. I wonder about all of the new Luxury, Concierge Apartment buildings that are under construction in several key areas of the city. Will these new buildings reach 100% Occupancy? What I wish would happen, is that some of these buildings would convert to condominiums so that the buyer demand in the area could be satisfied. This is not on their agenda at the moment, so my best suggestion is that if you too want to call Cambridge home, don’t wait. You are going to have to get into the boxing ring with the rest of the buyers and give it your best shot. Happy to discuss winning strategies with you at any time!