January Market Update

January Market update for Burlington Hamilton:

December 478 units have been sold. A estimated decrease of 27% from last year. For 2008 we were down in sales approximately 12.7%. The average price of residential properties were $ 255,000. Condos have held up wll with a slightly lower decrease. The average price was approximately$ 179,000.The first quarter is expected to be tough, and many sellers are listing their propertys based on fall statistics, not recognizing these prices were set before the " meltdown" . The U.S and Canada are poised for major spending which hopefully will kick start the ecomony which especially in the manufacturing sector has grinded to a halt.

The Postive is it is a good time to purchase with low interest rates and more realistic prices on the market . Real Estate is a long term investment, and should be treated as such.