National Sales Soften

Statistics released today by The Canadian Real Estate Association (CREA), reveal that national resale housing activity softened in April when compared to March 2011. Seasonally adjusted national home sales activity was down 4.4 per cent in April 2011 compared to the previous month. As expected, declines were largest in some of Canada’s more expensive and active markets, including Toronto, Vancouver, and the Fraser Valley.

Moving into Townsend Meadows

Loreen Collins receives the keys to her unit in Townsend Meadows from Jeannine Campbell. Loreen is moving from her lakefront home in Lake Valley Grove to her new unit in Block One and is excited about moving into the community.

Recreational Property Report from RE/MAX is on it's way!

Just finished talking to Eva Blay, from Point Blank Communications today regarding the first 4 months of activity here in the Grand Bend area. The full RE/MAX Recreational Report will be out in June but with over 50 areas reporting, Eva has to start now to collect the information. Our first 4 months has been slower with the snowy weather we have been having here in Southwestern Ontario, but as soon as the sun is out and the election is over I would expect our numbers will be comparable to last years for listings and sales. Sales so far are somewhat slower by 15% but the listings are up 30%, so there is a good supply of inventory now available. The starting price for a typical 3 bedroom winterized property is now $475,000, up from $425,000 last year with the highest sale of a lakefront in the past 6 months, over $1.5 million. We are expecting the market to get considerably better in the next 6 weeks as long as the rain stops and the farmers are happy campers!

Weather Dampens Real Estates Sales for April

The London Free Press reported that the cool, gloomy spring weather helped dampen the real estate market in the London area last month. The London and St. Thomas Association of Realtors (LSTAR) said 750 homes sold in April including 619 detached homes and 131 condos, 23.6% below the sales in the same month last year. LSTAR president Jack Lane noted that April 2010 set a sales record for the month and this years April sales were close to the long-term average. 'When you factor in the persistently poor weather that has plagued our region over the last few months, I think 2011 sales point to a healthy, vibrant market. I predict by year's end, our numbers will be down only marginally from those of 2010,' said Lane. The average price for all homes sold in the area jumped 5.5% last month to $242,111.

Detached-Home Starts leveling off in London

LONDON, May 9, 2011 New home starts were lower in the London Census Metropolitan Area1 (CMA) in April according to preliminary figures released today by Canada Mortgage and Housing Corporation (CMHC). Builders laid foundations for 133 homes compared to 224 in April 2010.  “While total new home construction in the London CMA moved lower, detached home starts leveled off,” said David Lan CMHC’s Senior Market Analyst for the London CMA. “On a year-over year basis, detached home starts were down by nine per cent in April compared to the 46 per cent in March 2011. Contrary to the trend elsewhere, starts were up in St.Thomas” added Lan.

First Time Buyers getting ahead of the Higher Interest Rates

Driven by the threat of higher interest rates down the road, first-time buyers are contributing to strong upward momentum in residential housing markets across the country, according to a report released by RE/MAX. The RE/MAX First-Time Buyers Report , highlighting trends and developments in nineteen major Canadian centres, found that low interest rates and balanced market conditions have provided significant impetus in 2011, particularly at lower price points. Just over 30 per cent of markets are reporting sales in excess of 2010 levels as a result, while almost 70 per cent have experienced an upswing in average price. Leading the country in terms of percentage increases in the number of homes sold are Western Canadian markets, including Saskatoon (up close to 15 per cent), Greater Vancouver (up close to 12 per cent), and Winnipeg (up just over 11 per cent). With an average price hike of close to 20 per cent year-to-date (February), Greater Vancouver continues to show unprecedented strength, followed by Hamilton-Burlington (eight per cent), Quebec City (seven per cent), Winnipeg (close to seven per cent), Greater Toronto (five per cent), and Greater Montreal (five per cent).

March Sales are Warming up!

The London Free Press just released this article about the London Market, saying the area real estate market showed some signs of improvement last month after a chilly winter. The London and St. Thomas Association of Realtors (LSTAR) said 647 detached homes and 162 condos sold last month for a total of 809. That's still down 5.8% from the same month last year but is an improvement over the last three months when sales were down 9-13% LSTAR president Jack Lane called the March numbers "solid." "Considering how much miserable weather we had in March, I think these numbers speak to the strength of our market and I expect this positive trend to continue throughout the year," he said. Lane noted the number of sales was just below the ten-year average sales for March of 813 homes.