Real Estate Observations for Summer 2010
A hot and sultry summer at last.
Our market place has continued to be very active since the Spring. The implementation of the HST, which took effect on July 1, 2010, seemed to precipitate a flurry of activity as buyers wanted transactions completed prior to this date. Perplexing, in that the HST is applicable on services and goods, but not (for the most part) resale real estate. This activity began in April and continued into June as our stronger 2010 Q2 over 2009 Q2 resulted in a 12.7% increase in unit sales. The dollar sales volume also increased in 2010 Q2 over the previous period last year by 29.45%. This can be attributed to a larger number of properties trading above $300,000. For example, as of June of 2009 54 properties in the 300k to 349k range changed hands; for the same period and price category in 2010, 100 properties were sold. The 400k to 600k price category saw close to double the amount of properties sold in Q2 2010 over the same period in 2009. Indeed, looking at the broader picture between 500k and the Million Dollar range 138% more sales were recorded in Q2 2010.
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Real Estate Observations for Spring 2010
What a mild winter. Spared the Winter's typical ravages, we enjoyed enough snow and temperatures to keep our slopes thriving; yet were not subjected to the usual succession of storms and sub zero days.
Warm would also describe our real estate market. As predicted in my last note, our number of sales and volume of real estate sold has increased dramatically over last year.
Comparing the first quarter of 2010 to 2009 we have seen overall unit sales increase by 65% and the dollar volume of these sales increase by 91%. Predominantly occurring in the month of March (its always amazing how the sun brings out the buyers), 51% of the sales were recorded in this month alone. What is really interesting is that sales in the 350K to 500k range, well over our average residential sale price of 300kish, increased by a whopping 172%. As such, in 2009 18 properties in this price range sold in the first quarter; 49 properties were sold in the same time frame in 2010. This price range is typically associated with seasonal or occasional use and denotes buyers from the GTA or other parts of the Province. Increasingly, however, as we continue to see more sales in ever higher price ranges, this is indicative of a wealthier retired demographic locating here permanently. Services and products now routinely available here, types of advertising (glossy magazines) and the fact that expensive automobiles are becoming common place support this theory.
We knew this was going to happen and as Martha used to say "its a good thing."
This trend will continue and along with it we will see the gentrification of Collingwood's older sections continue. Some beautiful restorations are underway now, the Tremont Building on St Paul Street being just one. Developments targeting the influx of retirees and seasonal users continue to abound as well and they have been selling well over the first quarter too. This is true as well in Wasaga Beach, where we saw unit sales increase by almost 60% in this time frame
So far, sales activity this year is, in my opinion, evincing the return of strength to our general economy. There are still signs of uncertainy. However, low interest rates and ominously, a growing comfort with debt, seems to be propelling our local markets to their highest levels ever.
The vast range and diversity of real estate for sale in the Georgian Triangle as well as the oft noted "quality of life" here will continue to drive interest in this area regardless of market conditions. As such, now is a good time to investigate. What are you waiting for?
Feel free to contact any one of our sales staff with your questions; we look forward to speaking with you.
Real Estate Observations for Winter 2010
February is typically known as "the dead of Winter". Here in the heart of the Georgian Triangle it is anything but "dead". Our towns are thriving with all types of winter sports and activities. The winter, to this point, has been kind...a good amount of snow and bearable temperatures. The number of people visiting this area on the weekends has been incredible; some of the busiest streets and venues I have seen since I first came here in the 1970's
All this bodes well for the general economy as well as the area's real estate industry.
2009 ended, by any account, an excellent year for real estate in the Georgian Triangle.
More Info..Real Estate Observations for Fall 2009
Are You Eligible for the Home Renovation Tax Credit???
The recently announced budget features a very useful tax credit for homeowners, The
Home Renovation Tax Credit (HRTC) . See below for the answer to some common
questions on how it will apply.
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Consumer Confidence is Critical to a Strong Real Estate Market
Although the differences may outweigh the similarities, there's at least one aspect of the current real estate market that we share with the U.S. Both countries are dealing with dramatic declines in consumer confidence, and that lack of confidence impacts the intent to make large purchases, such as housing.
Simply put, consumers have to gain confidence in housing if the market is to stay strong. Just reading 'doom and gloom' financial headlines is not a great way to judge the housing market. After all, people buy and sell homes for lifestyle reasons. Births, marriages, new jobs, retirement and other major life events are all market drivers. Even in times of economic uncertainty, homes will continue selling when they are well-prepared for sale and priced right. Following the advice of your local Coldwell Banker® sales representative, a full-service professional who knows market conditions and a home's competition, is critical in readying a home for sale.
There are many reasons why Canadians should feel confident about the real estate market. There are some strong economic fundamentals in place here in Canada, so we are not subject to the underlying causes that first started the problems in the U.S. Further, there are some several government initiatives that are intended to either stabilize or stimulate the housing market. Multiple interest rate cuts have resulted in some of the most affordable real estate that we've seen in years. So think positive, be confident, and capitalize on today's changing real estate landscape. With the help of your local Coldwell Banker® sales representative, you can take advantage of some great market opportunities, while other consumers sit on the sidelines with a wait-and-see approach.
Canada’s mortgage changes will impact buyers
There are some big changes coming into effect for the Canadian mortgage industry. In a move by the Government of Canada to strengthen and protect the Canadian housing market, changes went into effect on October 15, 2008 regarding how buyers qualify for mortgage loans. The changes may be good news for the housing industry and the Canadian economy as a whole, but if you're in the market to buy a home, you may find that these changes make it more difficult for you to qualify for a mortgage.
More Info..Darlene Anstey's Blog
Darlene Anstey is a Real Estate Broker with Coldwell Banker Trinity Realty Inc., Brokerage.
She is eager to help you find your new Home or sell your current one, & to help make your next move a hassle-free & happy experience!
Read Darlene's Blog!
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More Info..Thinking of Selling your Home?
What you need to know about selecting a Collingwood / Wasaga Beach Real Estate Company.
More Info..Cooling Canadian market still vastly different from U.S.
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Forecast calls for strong market to continue through next year
If you're one of the many Canadians planning a move within the next year or two, you can expect to see a continued strong market for resale homes. According to a new residential forecast prepared by The Canadian Real Estate Association (CREA), national MLS® sales activity will remain strong in 2008 despite trending lower from record-level activity last year.
More Info..Think twice about waiting to buy
Canada's resale housing prices have been increasing steadily for some years now and there's still no end in sight. In fact, the Canadian Real Estate Association (CREA) recently predicted that the average home price will increase to new record highs in every province both this year and next. According to CREA, the national average MLS® price is expected to rise from an average of $307,265 at the end of last year to $323,500 by the end of this year, and to $337,000 by 2009. That's an increase of almost $30,000 in just two years. If you're planning to buy a home that's at or above the national average, you'd better think twice if you were thinking that you'd wait to enter the market
More Info..Canada’s housing market more balanced in first quarter
March Message:
Closing Contacts
Services you need when closing your real estate deal. Read more..
Canadian Mortgage Rates
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Personal Retriever CanadaTM allows you to create your personalized portfolio of real estate information. Read more..
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Adult and Retirement Living Read more..