Thursday, December 15, 2011

Home sales, prices climb in November says CREA.

The Canadian Real Estate Association says November sales of resale homes rose 6 per cent, while prices added 4.6 per cent year over year. The national body says seasonally adjusted sales were also up 0.5 per cent from October. It was the third straight month that national activity was up from the month before.
The national average price increased 4.6 per cent year over year to $360,396, the smallest jump since January. The number of newly listed homes was down 3.4 per cent from October to November.

Friday, December 9, 2011

REALTORS® and OPP launch Realty Watch

The London and St. Thomas Association of REALTORS® (LSTAR) and the Ontario Provincial Police have launched a new community policing program– Realty Watch.
“The program has two components,” says Sgt. Steve Montpetit, O.P.P. Provincial AMBER Alert Coordinator. “The first has to do with reporting suspicious activity. REALTORS® can report either directly to the police or through Crime Stoppers any suspicious activity they observe in the course of their day-to-day business . . . and that’s potentially very useful when you consider how much crime takes place during the day when people are away at work.”
“The second component of the Realty Watch Program has to do with responding to alerts,” Montpetit continues . “Both AMBER alerts, which go out in the case of child abduction cases , but other alerts as well, such as those that go out when people with a medical condition go missing. LSTAR has over 1,500 Members spread out over three counties linked together through an association-wide, internet-based communications system that allows them to receive alerts immediately. From a police perspective, that’s a lot of eyes on the ground.”
“Realty Watch is a concrete way REALTORS® can help improve the Quality of Life in our community,” says Jack Lane, LSTAR President. “In the course of doing our business, we’re out and about in neighbourhoods at all times of the day and night; provided we know what to look for, we might be able to provide useful information to the police, and that’s what Realty Watch is all about. As for the alerts, the broader the net the police can cast, the more likely we are to find people in trouble before it’s too late. “
Realty Watch was kicked off with an intensive training session, taught by Sgt. Montpetit and Sgt. Monica Harris, O.P.P. Provincial Crime Stoppers Coordinator and attended by over 134 REALTORS. Both Mark and myself attended this training session at the Real Estate Board.

Thursday, December 8, 2011

RE/MAX Market Outlook report says the Market will be balanced in 2012

Mississauga, ON (December 6, 2011) - Canadian residential real estate defied conventional logic and outperformed expectations in 2011, posting another solid year of housing activity virtually across the board. The trend is expected to carry forward into 2012 as Canadians continue to demonstrate their faith in home ownership, despite concerns over the European debt crisis and its impact on the global economy, according to a report released by RE/MAX.
The RE/MAX Housing Market Outlook 2012 examined trends and developments in 26 major markets across the country. Eighty-eight per cent (23/26) anticipated average price increases by year-end 2011 - with percentage hikes ranging from one to 16 per cent. The forecast for 2012 shows the upward trend moderating, but still ahead of 2011 figures. Overall home sales are expected to remain on par or ahead of last year's levels in 85 per cent (22/26) of markets in 2011 - including Saskatoon with a year-over-year percentage increase of 13 per cent and an eight per cent uptick in Calgary, Winnipeg, Hamilton-Burlington and Sudbury. Almost half of Canadian markets will match the 2011 performance, while the remainder should post increases ranging from one to five per cent next year.

London Condo Starts up this month!

LONDON, December 8, 2011 - New home starts were up in the London Census Metropolitan Area
(CMA) in November according to preliminary figures released today by Canada Mortgage and
Housing Corporation (CMHC). Builders laid foundations for 130 homes compared to 105 in November
2010.“Increased demand for townhomes homes raised new construction levels last month. Townhomes
offer a convenient lifestyle and are a more affordable option for buyers who want a new rather than an
existing home,” said Margot Stevenson, CMHC’s Senior Market Analyst.
Year-to-date, builders have started 1,082 single-detached homes compared to 1,388 in the first 11
months of 2010. Total starts are 19 per cent below last year for the same period.
As Canada's national housing agency, CMHC draws on more than 65 years of experience to help
Canadians access a variety of high quality, environmentally sustainable and affordable housing
solutions. CMHC also provides reliable, impartial and up-to-date housing market reports, analysis and
knowledge to support and assist consumers and the housing industry in making informed decisions.

Sunday, December 4, 2011

The Condo Market is soft!

Home sales in November 2011 dipped 7.1%, due in large part to a drop in condo sales. “Sales of detached homes were down only a marginal 1.8% from the previous November,” says Jack Lane, President of the London and St. Thomas Association of REALTORS®. “It was the condo market that was soft. Bear in mind, however, that condo sales for November 2010 were up 16.2% over November 2009, so the bar was set pretty high. The good news for condo sellers heading into an early Spring market is that there will be pent-up demand; the good news for buyers interested in condos is that there will be plenty of supply at a very reasonable price.” Overall Year-to-Date sales of all house types are down a modest 1.1% from last year. Listings were up 1.6% in November, at month-end the Association’s inventory of listings stood at 3,414, and the average price for a home (including condo sales) in the Association’s jurisdiction stands at $234,602, up 0.2% from the previous month. The year to day average price now stands at $232,819 which is up 4.1% over January 2011.
The news from St. Thomas was very positive. Fifty homes sold in London’s Sister City in November, up 22% from November 2010. The average price for a home in St. Thomas Year to Date stands at $185,303.