About Ancaster's Meadowlands

Last month marks best September on record

(October 5, 2009 - Hamilton, Ontario) The Hamilton-Burlington area resale market reported a total of 1,216 units sold in September, indicating an increase of 20 per cent over the same month last year. The total unit sales for the first three quarters of 2009 are being reported at 2.6 per cent lower for the same period last year, while new units listed are 8.8 per cent lower for the year-to-date, according to Multiple Listing Service® (MLS®) statistics released by the REALTORS® Association of Hamilton-Burlington (RAHB).

"The third quarter of 2009 saw the most number of sales during that period since 2005," said Bruce King, RAHB President. "The September numbers continued the positive trend set in July, with sales and average price up, year over year. It also marked the most properties sold in the month of September, ever."

Residential properties sold during September totalled 1,162 which included 916 freehold properties and 246 condominiums. Commercial sales for September, including industrial, farm, vacant land and business, totalled 54 units.

The average price of freehold residential properties sold in the month of September was $324,868, an increase of six per cent over September last year. The average sale price reflects the dollar volume of residential sales divided by the number of total residential units sold.

In the condominium market the average price of condominiums in September was $229,462, an increase of 7.8 per cent over September 2008.

The total number of units listed for sale during September was 1,761, which is 3.9 per cent fewer than were listed in the same period in 2008, but 18 per cent more than were listed in August.

"As interest rates stay low and the economy begins to recover, I expect we will see continued stability in local property ownership, both as a life style choice and as a solid investment," added King. "The Hamilton-Burlington area real estate market is one of the healthiest in the country, and was last week rated the second-best place in Ontario to buy a house or invest in commercial property by the Real Estate Investment Network."

Unit sales reflect "all property types" including residential, condominiums, commercial property, farmland and sale of businesses.

courtesy 0f: RAHB, Realtors Association of Hamilton-Burlington

Visit www.LisaTollis.ca for more information about Real Estate & Listings in Ancaster-Hamilton-Burlington Ontario and All of the Surrounding Areas.

Lisa Tollis SRES.
Sales Representative
Seniors Real Estate Specialist
Royal LePage State Realty, Brokerage.
Hamilton Ontario
Office: 905 574 4600
Toll Free: 1 877 574 4601
www.LisaTollis.ca

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All information displayed is believed to be accurate but is not guaranteed and should be independently verified. No warranties or representations are made of any kind.

Many economists expect that the Bank of Canada will cut interest rates to a record low next week on January 20th to stimulate the economy. Its expected that the Bank of Canada will cut its rate by 0.50% to a record low of 1.00%. The Canadian Banks are expected to follow with a cut to their prime rates, which are currently sitting at 3.50%.

European Central Bank to cut its trendsetting interest rate to two per cent on Thursday.

Gina Burgio, Mortgage Agent
VERICO Designer Mortgages Inc.
Toll Free: 1-877-345-6265
Fax: 1-877-345-6256
Email: gina@ginaburgio.com

Each VERICO Broker is an independent owner operator.

Bank of Canada is expected to lower interest rates this Tuesday... many economists are forecasting a half-point chop to their bank rate to 1.75 per cent, the lowest since 1960.

Interbank funding spreads have narrowed by more than half since mid-October. This is making it possible for banks to pass on the central bank rate cut to customers in the form of lower prime rates.

Prime rates are the rates for loans to banks' best corporate borrowers and are the base for lending on everything from mortgages, lines of credit, consumer loans and car loans.

Gina Burgio, Mortgage Agent
VERICO Designer Mortgages Inc.
Toll Free: 1-877-345-6265
Fax: 1-877-345-6256
Email: gina@ginaburgio.com

Each VERICO Broker is an independent owner operator.

Bank of Canada governor Mark Carney said in a speech recently that the Canadian economy has deteriorated more quickly than he had anticipated, hinting strongly he will cut interest rates at the next meeting on December 9.

This is also the first time that the Bank of Canada has conceded that the Canadian economy could be headed for a recession. "Starting from flat growth in the first quarter of 2009 and the second quarter of 2009 ... recession is a possibility for Canada," commented Carney.

The technical definition of a recession is two or more consecutive quarters of negative economic growth. The Canadian economy contracted in the third quarter ended and is expected to contract again in the current quarter ended Dec. 31.

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Gina Burgio, Mortgage Agent
VERICO Designer Mortgages Inc.
Toll Free: 1-877-345-6265
Fax: 1-877-345-6256
Email: gina@ginaburgio.com
www.ginaburgio.com

Each VERICO Broker is an independent owner operator.