Activity came in broadly in line with expectations across much of the country in the third quarter of 2011 with the exception of Ontario. Sales there came in stronger than anticipated in a number of regions over the summer, but were held aloft mostly by Toronto activity as the third quarter ended.

Stronger than anticipated sales in Ontario pushed up national activity in the third quarter, and prompted CREA to raise its annual sales forecast for 2011 from 0.9 per cent to a revised 1.4 per cent.

“The continuing strength of home sales activity in the face of ongoing financial market volatility speaks volumes about the confidence of Canadians in our housing market, said Gary Morse, CREA’s President. “Interest rates look like they’ll remain low at levels that are friendly to the housing market for some time to come, and that’s good news for Canadian home sales activity and the overall economy.”

CREA forecasts that national sales activity in 2012 will ease by 0.5 per cent to 451,200 units. This represents a small upward revision CREA’s previous 2012 sales forecast, and reflects expectations that Canadian interest rates will remain low until well into next year. Forecast sales for 2011 and 2012 remain roughly on par with the annual average for activity over the past ten years.

The national average price has evolved as CREA expected, with average home prices in Vancouver moderating compared to levels in the first half of the year. Vancouver sales of multi-million dollar properties have returned to more normal levels after having shattered a number of monthly records this spring.

CREA’s national average home price forecast for 2011 is little changed at $362,700, representing an annual increase of 7.0 per cent. In 2012, the national average price is forecast to hold even with the 2011.

“A number of factors will keep Canada’s housing market in check as interest rates remain low,” said Gregory Klump, CREA’s Chief Economist. “These include tightened mortgage regulations, high household debt levels, together with slower economic and job growth. That said, with global economic growth expected to remain fragile but positive, employment levels and income growth in Canada should remain supportive for the housing market.”

“Headline news about economic uncertainty has put only minor dents in consumer confidence. How confidence evolves depends on how global turmoil plays out over the coming months. Should global economic headwinds weigh more heavily than expected on Canadian economic prospects, the federal government and the Bank of Canada have made it clear they stand ready to take flexible and measured responses as appropriate. That’s encouraging from the standpoint of the Canadian economic and housing market prospects.” 

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I still have too many clients that are coming back to me and clearly they have used their homes as a line of credit. Consolidate "run" the  credit cards up again consolidate and the road to no where continues ! !  

As of this morning there are 561 Active Listing in Burlington which includes Condominiums. Inventorys are low and interest rates are  low. Give credit to the government right now who are consistently warning Canadian's  to pay down their personal debt.

Consumers most realize a $ 200,000 mortgage at 3% is approximately $ 948.42 amrt 25 years and should rates go up to 7% the payment jumps to $ 1413.55.

A home is a great investment but it is only one component of wealth building.

As of this morning there is a total of 767 active listings in Burlington. Its good to note a few short months ago we were around 400 if I recall. However staged homes and if  priced correctly still result in bidding wars or at least quick sales usually around 98% of asking price.

I have noticed Buyers are more cautious and the inventory is a sign of a more balanced market . Already some areas are starting to reflect a buyers market. The fall market will tell the story.  Some buyers and Sellers have some HST Jitters but the costs are minimal when you look at the size and scope of the transacation. ( But yes the HST is just another tax grab ).  

Carl

(June 4, 2010 – Hamilton, Ontario) The Greater Hamilton-Burlington area resale market reported a total of 1451 units sold in May, an increase of 8.8 per cent over May of last year, according to the Multiple Listing Service® (MLS®) statistics released by the REALTORS® Association of Hamilton-Burlington (RAHB).

When compared to April of this year, May’s total unit sales were down 5.5 per cent.

“The market is beginning to settle a bit,” said RAHB President Joe Ferrante. "We saw big highs in both the numbers of listings and sales in March and April, and now we are seeing how things will probably be continuing for the next few months.”

Residential properties sold during May totalled 1406, which included 1114 freehold properties and 292 condominiums.  Commercial sales for May, including industrial, farm, vacant land and business, totalled 45 units.

The average price of freehold residential properties sold in the month of May was $339,484, an increase of 8.5 per cent over the same month last year and an increase of just under one per cent over last month. 

In the condominium market, the average price of condominiums in May was $224,707, a decrease of three per cent compared to May, 2009 and a decrease of slightly more than two per cent from last month.  The average sale price reflects the dollar volume of residential sales divided by the number of total residential units sold.

May’s total average residential sale price increased six per cent over the same month in 2009.

The total number of units listed for sale during May was 2370, which is almost 33 per cent higher than were listed in the same month in 2009. 

“This is still a strong market by any measure,” added Ferrante, “and is performing pretty much as we expected.”

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

Established in 1921, the REALTORS® Association of Hamilton-Burlington (RAHB) represents more than 2,400 real estate brokers and sales representatives from Hamilton, Burlington, and outlying areas. Members of the association may use the REALTOR® trademark, which identifies them as real estate professionals who subscribe to a strict code of ethics. The association operates the local Multiple Listing Service® (MLS®) and provides ongoing professional education courses for its members. In addition, RAHB is an active participant in the Home Ownership Affordability Partnership (HOAP) and holds an annual auction in support of local charities. Advertisements of local MLS® property listings and information about the services provided by a REALTOR® can be found at www.REALTOR.ca. More information about RAHB is available at www.rahb.ca.                                         

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The January Sales were more normal results. December was booming and a slight dip was inevitable. Residential properties totalled 714  sales in total.

The average price of freehold residential properties sold in the month of January was $302,474, an increase of 10 per cent over the same month last year.Inventorys are very low especially in Oakville, Milton and Burlington.

 In the condominium market the average price of condominiums in January was $230,583, an increase of 10 per cent from January 2009.Some information for this article provided by the Hamilton,Burlington Real Estate Board.

Here is a brief summary from the Hamilton-Burlington real estate Board.

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. 
 WIll keep you posted !!  

Carl