Home Sales Down according to CREA

The Canadian Real Estate Association just reported that home sales across Canada dropped 3.9% in 2010, less than the forecast, on stronger than expected activity in the forth quarter. Some 447,010 homes traded hands over the mls system in 2010. The annual average price for a home in Canada rose 5.8% to $339,030. CREA predicts the market to be stable in 2011, with prices starting to plateau in some of Canada's most active market areas.

Home sales stay the course in 2010

By Year End, 2010 had managed to outstrip 2009 by a modest 0.7% in terms of sales. A total of 8,128 homes exchanged hands in 2010 – 6,587 detached homes (up 0.4%) and 1,541 condos (up 2.1%), putting sales for last year on par with those of 2002 and 2003. “Both of those years were banner years for real estate,” says Richard Thyssen, 2010 President of the London and St. Thomas Association of REALTORS®. “Our Census Metropolitan Area took a hit with the Great Recession, but we bounced back. Holding our own over the past year is evidence that the sort of market stabilization that both the Canadian Real Estate Association and Canada Mortgage and Housing Corporation forecast in the autumn of 2010 is, indeed, taking place. “
A total of 381 homes exchanged hands last December – 301 detached homes and 80 condos, down 14.7% and 5.9% respectively from December 2009. However, to put these figures into perspective, December 2009 had the distinction of being the best December on record with 438 sales. “We were just coming out of the downturn,” explains Thyssen. “There was a lot of pent up demand that got met in December 2009, which accounts for the unusually high volume of sales.” The average number of sales during December over the past decade stands at 379. The average price for a home in the Association’s jurisdiction in 2010 rose 6.3% for detached homes to stand at $240,147, 7.9% for condos to stand at $171,098 , and 6.4% for total residential to stand at $227.056. The average sale price is calculated based on the total dollar

Merry Christmas

Hope everyone is having a Merry Christmas, from all of us at RE/MAX Bluewater and the Pedlar Family!

REALTORS Assist Local Charities

Two local agencies were the big winners today when London and St. Thomas Association of REALTORS® President Richard Thyssen announced the successful applicants for the 2010 round of grants from the REALTORS Care Foundation (RCF). London’s Unity Project for the Relief of Homelessness received a cheque for $6,620 towards the restoration of the shelter’s heritage porch and Ontario Block Parent® Program Inc. will receive one for $3,000 for an educational safety resource for young children called “WHO r u REALLY TALKING 2,” as well as child safety overall. On hand to receive the Unity Project’s cheque were Silvia Langer, Development Manager, and Chuck Lazenby, General Manager, of the Unity Project.
“The RCF acts on behalf of Ontario REALTORS® in funding shelter-related charities across the province,” explains Betty Doré, LSTAR’s Executive Vice-President and this year’s Foundation Board Chair. “Since 1999, we have given more than $2-million in grants to eligible organizations.”
“We’re very proud of the great work our Foundation does,” says Thyssen. “It’s one of the ways we can give back to our community . . . that we can improve our area’s quality of life. Occasions like this, when we can help committed agencies and organizations like Block Parents and the Unity Project reach their goals, are very gratifying, particularly in this holiday season.”
The Unity Project was in for one more surprise – a second cheque for $ 13,479.16 raised by LSTAR’s annual Christmas Party. “We continue to be impressed at what a positive impact the Unity Project has both at street level and in the broader community,” says Thyssen. “ It is deserving of support.”

RE/MAX Housing Market Outlook Report

Residential values expected to climb further in 2011 as housing sales stabilize in most major centres, says RE/MAX. Although improved economic fundamentals will have a positive impact on Canadian housing markets moving forward, the forecast for residential real estate sales remains static in most major centres in 2011, according to the RE/MAX Housing Market Outlook Report released today by RE/MAX.

"In terms of resale housing activity, what many are talking about as the new normal is actually a return to the traditional real estate cycle ," says Michael Polzler, Executive Vice President, Regional Director, RE/MAX Ontario-Atlantic Canada. "The past decade was truly unprecedented-never before have we experienced a run up that was as strong or lasted as long. As we have digressed from the typical pattern, people have forgotten what the usual healthy cycle looks like, but all the hallmarks are there. Ample inventory levels, steady demand, and moderate growth, both in terms of sales and prices, will characterize the market in 2011. While the pace may appear lackluster in comparison to what we've grown accustomed to, it underscores the principles of real estate 101: The market is cyclical. All boats rise and fall with the tide."

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Resale housing market on solid ground in November

National resale housing activity continues its return to normal levels, having risen in November 2010 for the fourth consecutive month, according to statistics released today by The Canadian Real Estate Association (CREA). Seasonally adjusted national home sales activity via the Multiple Listing Service® (MLS®) Systems of Canadian real estate Boards climbed 4.8 per cent in November 2010. Although this is well short of record level activity for the month of November posted a year ago, seasonally adjusted sales now stand 19.5 per cent above levels recorded in July,2010, when it reached this year’s low point.

The Winter is finally here in Lambton County

We have been socked in here for the past two days, with over 15 inches of the white stuff and strong winds blowing the snow every where. Lots of people are stranded in the area and in fact our administrator Shelley, has not made it home from work on Monday. Hope it will clear up soon.