Thursday, June 4, 2009

May Home Sales

The London Free Press reported that the London St. Thomas Association of Realtors sales figures for May were down 15%, from May of 2008. Joe Hough, president of LSTAR says that the market is down, but the overall trend is for stronger sales and recovery in prices with May’s average house price of $209,920 down just 1.2 %, compared to the first five months of 2008. Hough says the federal government incentives announced in the last budget, including the increase in the maximum withdrawal allowed under the Home Buyers’ Plan to $25,000, and the First Time Buyer Tax Credit, have helped spring sales. “The market is active. We are not hearing complaints from realtors,” said Hough. Dale Ripplinger, president of The Canadian Real Estate Association, says the market is getting a boost from lower prices, a loosening of the credit market and improved consumer confidence.

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