It's great to be involved in the Canadian real estate industry as we watch the market start to rebound, showing some of the best numbers in a while.
The number of Canadian homes sold went up 18%- the biggest year-over-year increase since early 2002, and the most homes sold countrywide - ever - in the third quarter of a year (July to September).
The Canadian Real Estate Association has just reported that 135,182 homes were sold countrywide in the third quarter, up 18 per cent from a year earlier and the most ever for the period.
Seasonally-adjusted national MLS home sales are at 127,941 homes in the third quarter, which sits at 45% above the low reached in the fourth quarter of 2008.
More than two-thirds of housing markets across Canada experienced as much as 34% increased activity in the third quarter over the second quarter of 2009 (April to June).
And there's been an increase in the short supply of homes on the market this past quarter, after a decline in house inventories from July 2008 to July 2009. But it hasn't been a big enough increase to send home prices spiking; there's only been a increase of 9.3% in average prices for MLS residential listings from spring 2009 to fall 2009.
These are encouraging statistics, to say the least. Rebounding consumer confidence as a result of an improving overall economic security, as well as continuing low interest rates, are responsible for the rebound in home sales.
It appears that the "bottom" of the real estate market in Canada has come and gone - and we are all rising up as the economy heals.
Americans Think of their Home as an ATM
Century21 Canada President Don Lawby was interviewed a few days ago by The Financial Post about how Canada's housing market is booming, while foreclosures still drag on the US.
Several reasons for this difference were examined, with the running theme of how much more conservative Canadian banks are when it comes to lending money, and how much more conservative Canadian consumers are when it comes to debt and living beyond their means. Americans see the value of their home more as an ATM than Canadians do.
Canada has benefited from having a more structured housing market. Don gives the banks in Canada a lot of credit for not creating products with low-interest payments upfront that give way to balloon payments. No-money-down loans have been banned by Ottawa for government-insured mortgages, and interest-only loans are rare in Canada.
How is the improving market affecting your decision to buy or sell a home? Let me know.
OAKVILLE REAL ESTATE MARKET STATS
Purple Bars represent 2009
Blue Bars represent 2008
The average sale price for a house in Oakville sits at it's highest level in the last 2 years at ($602,770), up from $465,651 last October and up from $568,494 last month (Sept.).
This is an excellent sign that the housing market is back on track and that house prices have completely rebounded from the dip they took in the beginning of the year.
The number of units sold in Oakville remained steady in October at 298, remaining on par with the 301 that sold last month, and up heavily from the 169 that sold last October. Again, this is a sign that our market is strong and very healthy.
MILTON REAL ESTATE MARKET STATS
Milton stats remain strong. The Average sale price for all of Milton was $353,042 for the month of October, down slightly from $368,174 last month and up slightly from $345,734 last October.
We have definitely seenMilton House prices rebound from the beginning of the year as well.
Number of units sold in Milton for October sit at 150. Up slightly from last month but up sharply from last October when only 78 units sold. Another sign that the market is hot and it is a great time to buy a house.
BURLINGTON REAL ESTATE MARKET STATS
Average sale prices in Burlington sit at $373,944, down slightly from last month at $390,380 but still at their third highest levels in the last 2 years! The average sale price for October '09 is up from last October at $322,088.
The number of unist sold in Burlington was 283. Down slightly from last month at 298 but up sharply from October last year at 217.
These are all signs of a market that has recovered!
If you have any questions about these stats or if you are thinking of buying or selling in the near future please give me a call and we can talk about how I can help you!
Click the link below to find out how a technical PRO markets and sells your home.
If your current Realtor isn't using these methods you aren't getting what you are paying for.
Call Barry today to "get connected" and lets use TODAY'S TECHNOLOGY to make sure your home sells FAST and FOR TOP DOLLAR!
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Rare 4 Bedroom 2 Storey Home for Sale on Sabel Street in Bronte - $475,000
Welcome to your next home! A RARE 4 bedroom, 2 storey in the sought after neighbourhood of Bronte.
This home has all kinds of character and sits on a beautiful, large, private, mature lot with extensive landscaping and stunning gardens. The home and the property have been lovingly maintained by the original owners. THIS IS A LOT OF HOUSE for the money. The home boasts 14 rooms including a large eat-in kitchen with sliding doors to a huge, beautifully landscaed backyard, separate dining room, main floor den, 2 large recrooms (one is a british pub style room) in the basement AND a workshop as well.
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Click here for more details on the property: http://www.century21.ca/property/ON/L6L_3V4/Oakville/Sabel_ST/196
Barry Quine - Sales Representative
Century 21 Miller Real Estate Ltd. - Brokerage
Visit my websites for up to date real estate information:
www.BarryQuine.com
www.Century21.ca/Barry.Quine
www.OakvilleRealEstateToday.com
Contact me TODAY!
905.399.1069
Barry.Quine@Century21.ca
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